Argentina is a stunning country with lots to offer to everyone who decides to visit. If you already booked your plane ticket to Buenos Aires, you are probably excited to jump around the different regions and explore.
Whether that is checking out the vibrant neighborhoods of the capital, putting your boots on to hike the Andes mountains in Patagonia, or getting ready to drink a few glasses of the famous Malbec wine in Mendoza – you need to learn how to exchange your money into pesos safely and efficiently.
1- Take into account the multiple exchange rates
Due to the crazy high inflation in the past few years, the Argentinian government has placed a restriction on people buying foreign currency. Therefore, getting your hands on dollars, euros, or pounds is incredibly difficult for locals and businesses that operate domestically.
This demand has led to the ‘de-facto’ acceptance of the unofficial exchange rate called ‘dolar blue’. Meaning that because more people want to buy dollars than there are people selling them, it’s worth more than double the value the government has set for it.
If you exchange money outside of Argentina, in a local bank office, or just use your foreign debit card, you will likely get the official exchange rate (at the moment 1 USD = 200 pesos).
While if you use Western Union you are guaranteed to get the blue rate of the dollar
(1 USD = 376 pesos). Nearly double the official one.
This is why some digital nomads who have lived in Argentina for a while say that if you use Western Union you can double your cash as a foreigner.
If you use Western Union it is easy to exchange money all the time without worrying if you will get scammed with the rate or charged the official rate.
TIP: Always check the exchange rate of the day on https://www.dolarhoy.com/cotizacion-dolar-blue
2- Low commission fees and high exchange cap
Let’s look at the alternatives of Western Union. If you ask in one of the many digital nomad groups how to exchange money without using WU, you will hear about the famous ‘cuevas’ located around the small center of Buenos Aires. These small exchange offices are run by independent contractors who offer to sell you pesos or dollars based on their own exchange rate.
The benefit of using them is that you can get their Whatsapp number and exchange money without having to wait in line, or whenever you really need some extra cash to spend on a night out. However, many of them are known to have robbed people in their homes, on the street, and inside the ‘cuevas’ themselves. Of course – you can have someone recommend you a contractor – however that might not really be an option if you have just arrived in the city and don’t know anyone.
The other option is going directly to a designated exchange house somewhere in the city, but you will be extremely limited by the amount of cash they have available. Considering the economic situation in Argentina and the average salary – that will not be enough for you to exchange more than 200 USD at once. Moreover, the commission fee for most of these offices is rather high for the service you are getting and the money that you are exchanging.
TIP: Go to the WU office on Montevideo and Cordoba if you want to get a big sum of money out in one go. This is their main office and they will always have cash.
Compared with Western Union, the first time you do a transaction with them – you pay 0% in fees. For every transaction, after that, you will be charged a fee that will depend on the country you are sending money from. For example, someone from the USA will not be paying the same fees as someone sending money from Spain. However, if you exchange more than 100 USD, you are going to pay around 2-3% in fees.
On top of that, you can send yourself up to 2000 USD per month without having to prove the source of your income or having to do a background identity check. No other service in Argentina will give you this advantage.
3- Convenience
Most likely you will be able to find a Western Union office close to you’re staying in Buenos Aires or next to your hostel in most cities in Argentina.
TIP: go to any office around 10 AM and 12 PM to avoid the lines and to make sure that they haven’t run out of cash because of other foreigners also exchanging money.
You can use the WU app to send money to yourself from your bank account in your home country. Each transaction can be done in a matter of seconds with you also knowing how much cash you are going to get in pesos.
Not only that, but you don’t have to worry about your security once you enter a WU office, you know exactly who is giving you the money, you have a customer service number you can use in case of an emergency and you can also check out all the details on the app.
There are for sure many ways to get your hands on the Argentine peso. However, you should focus more on creating your memories, interacting with the locals, and having a good time in the country. The best way to avoid any headaches is by going to the Western Union office closest to you and simply sending the amount of cash you need through their app.
