Take advantage of the most favorable exchange rate in years — and use cash to save even more
By Ramsey Qubein
Argentina is a beautiful country with lots to see, taste, sip, and explore. But what it offers in wonderful tourist experiences, it lacks in economic stability. The Argentine peso has fluctuated heavily over the years (it has lost nearly 90% of its value compared to the U.S. dollar in recent years). While this can make life difficult for those earning local wages, it represents a bonanza for international tourists. The U.S. dollar can give you pampa-size savings in this fascinating South American country, depending on how you spend your money.
If you get the best exchange rate and pay in the local currency in cash (more on this in a moment), you can save…wait for it…more than 43%! Yes, you read that right. That’s how strong your dollar is in Argentina right now.
Here’s how to score a heck of a deal in Argentina.
Go Blue (as in Blue Market)
Since the currency devaluation has led to a mistrust in banks, locals prefer cash, which is more reliable. The first tip is to carry cash so that you can get the best peso rate rather than the bank exchange rates.
How? By using the local exchange rate known as the “blue market,” which provides a far more favorable exchange value than what you will get from a bank or an ATM. It is said to have gotten its name from the blue strip that now appears in newer $100 bills.
How much better is the blue market rate? Consider that the bank exchange rate, at press time, is equal to about 200 Argentine pesos per dollar. On the blue market, however, you can get as much as 372 pesos per dollar — or a whopping 86% more!
To get the most value from your dollars, bring large, crisp U.S. currency bills ($100 bills will yield more than smaller bills) to exchange locally and skip the airport money exchange. Be sure to use the latest edition of the $100 bill, too (with the big, not small, Ben Franklin portrait), if you want to get the most pesos in exchange. Bizarre as it sounds, it actually matters.
While not officially sanctioned, the blue market exchange houses operate in the open. To find a trustworthy one, ask your hotel or Airbnb host.
Another way to access the blue dollar rate is via Western Union. It offers a rate at or slightly above the blue rate. Keep in mind that Western Union charges a fee, but typically, your first transfer is fee-free, so go big. Otherwise, you can try to find a promo code to remove the fees.
Try to avoid ATMs for foreign exchange at all costs. They give you pesos at the official government exchange rate and charge withdrawal commissions on top of that.
Here are some top ideas for getting the most Argentinian bang for your American buck.
Credit Card Windfall
In an effort to boost tourism dollars in Argentina, the government recently allowed MasterCard and Visa to offer travelers an exchange rate that vastly increases their purchasing power. This rate fluctuates but can be just 5%-10% short of the blue dollar rate and far better than the government’s official exchange rate. This rate went into effect in December 2022.
So if you don’t have enough cash to pay for something, whip out your U.S. MasterCard or Visa credit card instead.
Save a Bundle on Hotel Expenses
Hotels in Argentina can vary in their pricing. Many of the finest luxury hotels straddle the line between bargain and traditional prices so as not to box out the local market. But it all comes down to how you pay if you want to score big deals.
If you don’t have enough cash, you’ll want to pay for your hotel stay with a U.S. MasterCard or Visa card but in Argentine pesos (never select to pay in U.S. dollars). Using your U.S. credit card will also save you the 21% value added tax, since foreigners do not pay the local tax on hotel stays. (You may be asked to fill out a form at the hotel.)
You can also pay in cash — yes, some travelers actually hand over hefty stacks of pesos to pay their hotel bill — and save even more. That $800 hotel stay at the Palacio Duhau Park Hyatt Buenos Aires or Four Seasons Buenos Aires could be less than half after the local tax and blue rate comes into play. While your hotel may advertise the room rate in U.S. dollars, if you pay in local currency, you can score a major discount.
Never pre-pay for a hotel room in Argentina as these rates can be charged in U.S. dollars and forego the tremendous in-country savings.
Eat, Drink, and Be Merry — for Less
If dining out is a favorite pastime, this is the country where wining and dining can become an Olympic sport for American tourists. Just don’t forget to ask for the bill in Argentine pesos. Many local restaurants are happy to charge you in local currency but accept the equivalent of the cost in (more stable) U.S. currency, effectively halving your expense.
Have an Affordable Adventure
Argentina is home to a significant part of the Andes Mountains, which offer world-class hiking, skiing, bungee jumping, and more. You can even visit the Argentine side of the magnificent Iguazu Falls at half the cost (or less) of what you might pay if you pre-booked in the U.S. Just remember to pay the bill while in Argentina (never pre-pay) and ask for the bill in pesos to pay with a U.S. Visa or Mastercard. Even better, ask for the blue exchange rate in U.S. dollars, and pay in cash.
Pick up Local Goods
While most luxury goods typically have an international base price, it is possible to tap into deals on local goods like artwork and chic leather goods, such as handbags and shoes. Since many of these items are priced for the local market, be sure to shop in stores where the locals shop, away from tourist areas. When paying in U.S. dollars, ask for the blue exchange rate to take advantage of the best deals.
Business Class Fares
Buenos Aires is famous for low flash Business Class fares. You can see previous fare alerts here, here, here, and here. Keep an eye on FCF fare alerts for flash deals to Buenos Aires; in the meantime here's what fares were at time of press here and here and below.
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Ramsey Qubein is a freelance travel journalist whose work has appeared in Conde Nast Traveler, Travel + Leisure, Robb Report, Afar, Forbes.com, and CNBC.com, among others. He flies about 450,000 miles per year, has traveled to 166 countries, and completed a Master’s Degree with a thesis on the evolution of brands in the airline industry.