I first visited Argentina in 2010 and fell in love with it. It is a fascinating country with great food and kind people. It’s also an incredible bargain right now.
Financial woes due to loose monetary policy is nothing new in Argentina, but has once again become a growing problem. The result is a weak Argentine peso, making travel affordable even with inflation.
With the re-introduction of strict new capital controls on the export of hard currency, like USD, the so-called “blue market” is once again flourishing. But unlike going to abandoned open-air markets to covertly exchange money, like I did in Uzbekistan, the black market currency exchange is bit easier.
In the past, department stores and restaurants would gladly take your USD at a far more favorable exchange rate than the official government price. As recently as 2015, the difference between the official exchange rate and the black market rate was 50%. It’s closer to 10% now, though it will likely rise if the hard money controls remain in effect.
As of today, the official rate is 56 Argentine Peso to 1 United States Dollar while the black market rate is about 62 to 1. That’s a great opportunity for cost savings.
When thinking about your next vacation destination, consider your USD or EUR will go much further now than in the last few years. And it may get even better.
CONCLUSION
As the winter turns into spring, now is one of the most beautiful times of year to visit Argentina. From Salta to Igauzu Falls, Buenos Aires to Patagonia, there is something for everyone. And while I hope for economic stability for all Argentines, it is particularly good time to visit with the peso so weak.
Matthew,
Mind sharing where the picture was taken? So beautiful…
That’s a stock photo from Patagonia.
How do you recommend exchanging currency? Most places I visit I simply withdraw cash from ATMs at a reasonable rate, but I get the feeling I might want to take US currency in-country with me?
Look for the “Cambios” rather than ATMs. You may have to negotiate to secure a slightly better rate.
Hotels are the biggest expense, yet they still price high in USD. How do we leverage this currency advantage to get the Park Hyatt in Buenos Aires cheaper? A steak dinner in Buenos Aires was already cheap, wine was already cheap.
I visited Buenos Aires for the first time in May 2019 and loved the entire experience – the city itself, the culture, the people, the food. An additional cost-saving aspect of the trip was that if you pay for your hotel stay with a credit card issued outside Argentina, the hotel tax is waived. This is done at checkout so there is no additional paperwork, or waiting for the credit – the tax just never appears on your bill.
The best way to explore argentina is by riding a porsche 928 all the way to the patagonia.
Only the 911 is the real deal
At 56 to 62 (10%), I probably wouldn’t bother with the blue rate, especially given the risk of counterfeit notes. Also, leaving the country, if you get more cash than you need, you’ll just lose more than you saved changing it back — this happened to me back in 2013. But, in any event, agree with you that it’s a fantastic country to visit, especially Buenos Aires — a city with French architecture and Italian way-of-life.
Argentina is a great place. Great food, great wine and beautiful places to visit. People is a mix. They go from very nice to the most arrogant you can find in South America. Most still believe they are the Swiss of Latin America. As many countries in Latin America the devastating economy caused mainly by very corrupted Government brings a great opportunity for foreign people to visit the country. However, that also brings many problems since the population will be under stress, protest a lot and that makes the place not so safe. Also, as it happened before in Argentina and other Latin American countries that went through the same situation businesses increase prices in local currency to try to compensate for the devaluation. I think best way to get local money is to go to a bank ATM otherwise you will be scammed at hotels and restaurants. Another thing to be aware is that taxi drivers love to scam tourists. As long as you be aware if all the above Argentina is a great place to visit.