Exchanging Money in Argentina: A Guide for Travellers
If you’re planning a trip to Argentina in 2025, understanding the peso-dollar exchange landscape is key to stretching your travel budget. Argentina’s currency situation has seen significant changes recently, impacting how international travellers should handle their foreign currency. As an Argentinian living overseas, that visits my homeland quite often, I can assure you this system is complicated even for locals, so I completely understand how overwhelming it might feel to travellers.
Here’s the latest on exchanging your dollars (or euros) for Argentine pesos, including tips on cuevas, banks, ATMs, and the peso-dollar gap.
Why is exchanging money in Argentina a travel experience in itself? Isn’t swapping cash something you just do at an airport or a currency exchange kiosk? Well, not in Argentina.
For decades, Argentina’s economy has been caught in an inflationary whirlwind. Think of it like a rollercoaster ride that only goes up—fast. Successive governments turned to printing pesos to patch up budget deficits, flooding the economy with local currency. The result? Prices for everything—from your morning coffee to a cab ride—skyrocketed, while the value of those colourful pesos plummeted.
Argentines, no strangers to economic turmoil, found their solution: US dollars. Reliable, stable, and most importantly, not subject to the peso’s freefall. But there was a catch. The demand for dollars skyrocketed, while the supply stayed frustratingly scarce. Economics 101 kicked in: high demand, low supply, and voilà—the US dollar (and any other foreign currency) measured in pesos became pricier by the day.
This exchange rate chaos created a unique opportunity for tourists, your foreign currency suddenly wielded much more buying power. But here’s the twist: Argentina’s government wasn’t thrilled about citizens getting rid of their pesos to acquire and hoard dollars. To stem the flow, strict controls were introduced, especially during the 2000s and 2020s. Locals were limited to buying just $200 USD per month through official channels, often at an official rate far below market value.
This gave rise to an informal foreign exchange market, creating two key exchange rates:
1. The Official Rate – Offered by banks and official institutions, but heavily restricted.
2. The Blue Dollar Rate (Dólar Blue) – Traded on the informal, parallel market, where Argentines could buy dollars freely, often at a rate significantly higher than the official one, reflecting true market demand.
The Latest on Argentina’s Currency Scene
In April 2025, Argentina overhauled its exchange rate regime, dismantling strict capital controls that had pegged the peso since 2019. The peso now floats within a band of 1,000 to 1,400 pesos per dollar, a shift backed by a $20 billion IMF loan. The gap between the official exchange rate and the parallel “blue dollar” rate has narrowed significantly, now trading at virtually the same price, compared to 28% earlier in 2025. This means the financial advantage of seeking unofficial rates has diminished, but opportunities to maximize your exchange still exist.
Are 'Cuevas' Still a Thing?
Once upon a time, if you wanted to exchange money in Argentina, the word cueva (clandestine exchange house) and arbolitos (street changers yelling “cambio, cambio” or “change!”) were practically synonyms for the blue dollar market. Places like Calle Florida in Buenos Aires buzzed with the hustle of these unofficial money exchanges. It was chaotic, colourful, and quintessentially Argentine.
But times have changed.
As of June 2025, the cuevas and arbolitos aren’t as prevalent as they once were. The relaxation of capital controls—commonly referred to as el cepo—has cooled the demand for the dólar blue. In Buenos Aires’ financial district, reports suggest a noticeable drop in these off-the-books transactions.
That said, the cuevas haven’t disappeared entirely. They’re still in business for those who want slightly better rates, prefer dealing in physical cash, or simply want to avoid the red tape of formal banking. While their role in the currency exchange ecosystem isn’t as critical as before, you might still stumble across them in tourist hotspots or well-worn local haunts.
For travellers, though, the landscape has shifted. Official channels now offer rates that are competitive enough to make the once-thriving cuevas feel a little less necessary.
How to Maximise Your Foreign Currency in Argentina
1. Bring Crisp U.S. Dollars
💵 Why It Matters:
U.S. dollars remain the gold standard for exchange in Argentina. Post-2013, crisp $50 or $100 bills fetch the best rates, whether you’re using official or informal channels.
💡 Pro Tip:
Steer clear of torn, marked, or older notes—they’re often rejected or traded at a discount. Euros are an option too but typically offer less favourable rates.
2. Consider Western Union
🌐 How It Works:
Use Western Union’s app or website to send money to yourself from your home account. Then pick up pesos at a local branch—preferably in Buenos Aires, where branches are abundant.
✨ Why It’s Great:
Western Union often matches or even beats the blue dollar rate, and it’s a safer option than lugging around wads of cash. Just check for fees (your first transfer may be free) and confirm the branch has cash, especially for smaller transactions under $500 USD.
⚠️ Heads-Up:
Outside Buenos Aires, branches are fewer and queues longer, so plan accordingly.
3. Explore the Blue Dollar (With Care)
💸 How to Access It:
Though less critical now, some cuevas (clandestine exchange houses) and arbolitos (street changers) still offer slightly better rates. Check daily rates on sites like bluedollar.net or La Nación before heading to hotspots like Calle Florida.
🚨 Play It Safe:
The blue dollar market operates in a legal grey zone. Always count your pesos carefully, inspect notes for counterfeits, and avoid secluded spots to ensure your safety.
4. Use Credit and Debit Cards
💳 Why They’re Back in Play:
Thanks to Argentina’s “tourist dollar” (or MEP rate), foreign Visa and Mastercard transactions now convert at rates close to the official exchange. They’re perfect for hotels, restaurants, and tours.
📌 Things to Check:
Look out for foreign transaction fees (usually 1–3% from your bank). While cards are convenient, cash still rules for small vendors, taxis, and tips (10% is the norm, paid in ARS).
5. Avoid ATMs
🏦 Why It’s Not Worth It:
Even with relaxed currency controls, ATMs in Argentina come with sky-high fees, low withdrawal limits, and subpar exchange rates. Use them only as a last resort.
Quick Tips for Navigating the Exchange Maze
To make the most of your money:
- Mix Methods: Combine card payments for big expenses (hotels, flights) with cash from banks or Western Union for daily costs.
- Stay Informed: Rates fluctuate daily. Check online sites like DolarHoy or local papers like La Nacion for updates.
- Safety First: Store cash in a money belt, split funds between your hotel safe and person, and use taxis in busy areas when exchanging.
- Spend Wisely: Argentina’s costs in USD have risen, but deals on steak, wine, and sights like Iguazu Falls remain. Leverage competitive rates to enjoy more.
Final Thoughts
The end of currency controls marks a new era for exchanging money in Argentina. The blue dollar lingers as a legacy of past policies, but its edge has dulled as official rates align closer to the market. Unlike the restrictive days of the past, the new government reforms offer travellers flexibility. By bringing USD, using secure channels, and staying updated, you can maximise your budget and focus on Argentina’s wonders. Safe travels.
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