Argentina Money Guide: Essentials

Understanding the Argentine Peso (ARS)

The Official Currency and Its Symbol

The official currency of Argentina is the Argentine Peso, identified by the international currency code ARS. When you see prices listed, you’ll encounter a symbol that can cause a bit of confusion: $. While it looks identical to the US dollar sign, it is used locally to denote pesos.

As a rule of thumb, assume any price tagged with the $ symbol is in Argentine Pesos, especially in cafes, shops, and restaurants. In contexts where US dollars are accepted, such as for high-end hotel bookings or specific tours, prices will typically be clarified with USD, U$S, or explicitly stated as “dólares”. Always clarify if you are unsure, but within the day-to-day economy, the $ sign means pesos.

Common Banknotes and Coins

Due to the country’s economic climate, you will primarily handle large-denomination banknotes. The bills you will use most frequently are:

• 1000 pesos
• 2000 pesos
• 5000 pesos
• 10000 pesos

While smaller banknotes (500, 200, 100 pesos) are still in circulation, their value is minimal, and they are often used for very small transactions or as change. Coins are rarely used and have almost no practical value, so don’t be surprised if you never encounter them during your trip.

The Impact of High Inflation

Argentina experiences a high rate of inflation, which has a direct and noticeable impact on daily life and travel. In simple terms, this means the value of the Argentine Peso can decrease rapidly, and the prices of goods and services can rise over short periods. You might notice that the cost of a coffee or a meal changes from one week to the next.

For travelers, this economic reality is why carrying large stacks of cash is common and why the government frequently issues new banknotes with higher denominations. Understanding this dynamic is key to navigating the country’s unique monetary landscape and making the most of your travel budget. For more on this, explore our guide to the history of Argentina.

The Two Exchange Rates: Official vs. The “Dólar Blue”

One of the most crucial aspects of managing your money in Argentina is understanding that not all exchange rates are created equal. You will quickly encounter two distinct values for your foreign currency: the official government rate and the much-discussed “Dólar Blue.” Navigating this dual system is the key to maximizing your travel budget. Understanding the best things to do in Argentina will also help you plan your spending.

What is the Dólar Blue?

The Dólar Blue, or “blue dollar,” is the unofficial, parallel market exchange rate. While it operates outside of official banks and government channels, it is a widely accepted and deeply ingrained part of the local economy. It reflects what people are willing to pay for foreign currency on the open market.

For travelers, the most important takeaway is that the Dólar Blue offers significantly more Argentine pesos (ARS) for your money than the official rate. The difference in value is not minor; it can often be substantial, meaning your foreign currency has far greater purchasing power when exchanged at this parallel rate. This is especially important when considering visa and entry requirements to visit Patagonia or other regions.

Why the Blue Dollar Exists

The existence of a parallel currency market can seem strange, but it has straightforward roots. For a traveler, the key reason to understand is that it’s a direct response to government-imposed currency controls. These regulations historically limited the ability of Argentine citizens and businesses to buy foreign currency, such as US dollars, through official means.

This restriction created immense local demand for a stable foreign currency, leading to the birth of an informal market to meet that need. The Dólar Blue, therefore, is a market-driven rate that many Argentines feel more accurately reflects the peso’s value against currencies like the US dollar.

How to Check the Current Blue Rate

The Dólar Blue rate is not static; it fluctuates daily, and sometimes even multiple times within the same day, based on economic sentiment and demand. Before you exchange money, it is essential to check the current rate to ensure you receive a fair value. This is a crucial piece of information for anyone planning a backpacking trip through Patagonia.

Argentines monitor this rate closely, and you can do the same using reputable local financial news websites. The most common and reliable sources are:

• dolarhoy.com
• ambito.com

When you visit these sites, you will see several exchange rates listed. Look for the one labeled “Dólar Blue” or “Dólar Informal.” You will typically find a “compra” (buy) price and a “venta” (sell) price. The rate that applies to you, as someone selling foreign currency to get pesos, is the “compra” rate.

Getting Cash: Your Best Options Ranked

While digital payments are growing, cash remains essential for many transactions in Argentina. Navigating how to get pesos can seem complex, but with the right strategy, you can maximize your spending power. Here are your options, ranked from most to least advantageous.

Option 1: Bringing Foreign Currency to Exchange

For decades, this has been the most common and effective way for travelers to get the best value for their money. By bringing foreign currency and exchanging it on the parallel market, you gain access to the highly favorable “dólar blue” rate, significantly stretching your budget.

The most sought-after currency is the US Dollar (USD), followed by the Euro (EUR). To ensure a smooth transaction and the best possible rate, keep these points in mind:

• Bill Condition Matters: Bring new, crisp, and unmarked banknotes. Worn, torn, or written-on bills may be rejected or exchanged at a lower rate.
• High Denominations are Preferred: Larger bills, particularly $100 USD notes, consistently receive a better exchange rate than smaller denominations like $20s or $50s. The “big face” blue-striped US $100 bills are often preferred.

You can exchange money at informal exchange houses known as cuevas. While common, always be discreet and aware of your surroundings. For more on the financial landscape, check out our guide to the gastronomy of Argentina, which often goes hand-in-hand with local currency insights.

Option 2: Using a Wire Service like Western Union

A modern, safe, and increasingly popular alternative is using a wire service to send money to yourself. The process is straightforward: you use an app or website like Western Union in your home country to send a transfer, and then you visit a local branch in Argentina to pick up the amount in cash pesos.

This method offers several key advantages. The exchange rate offered is typically very close to the “dólar blue” rate, making it financially attractive. It is also a secure and legal transaction, removing the uncertainty of dealing with informal money changers. The primary drawback can be the logistics; popular pickup locations, especially in Buenos Aires, can have long queues, so it’s wise to plan ahead and go during off-peak hours if possible.

Option 3 (Last Resort): Withdrawing from ATMs

Withdrawing cash from a local ATM should be considered an emergency option only. While convenient, it is by far the most expensive way to get pesos due to a combination of unfavorable factors.

Here are the primary reasons to avoid ATMs:

• Poor Exchange Rate: ATM withdrawals use the official exchange rate, which is significantly lower than the parallel or MEP rates. You will receive far fewer pesos for your money.
• Low Withdrawal Limits: Local banks impose very low limits on how much cash you can withdraw per transaction, often just a few thousand pesos.
• Excessive Fees: You will likely be charged a high fee by the local Argentine bank for the transaction, in addition to any fees your own bank charges for international withdrawals. These combined fees can make it an exceptionally costly way to get a small amount of cash.

Using Cards and Digital Payments

The “Tourist Dollar” (MEP Rate) for Cards

For years, using foreign bank cards in Argentina was financially unwise due to the poor official exchange rate. However, a significant change has made plastic a traveler’s friend again. A system known as the “tourist dollar” or Dólar MEP rate now applies to purchases made with foreign-issued credit and debit cards.

This crucial mechanism ensures that when you use your Visa or Mastercard, the transaction is converted at a preferential exchange rate that is very close to the unofficial “dólar blue” rate. This single change makes using your card for larger expenses not only convenient but also economically sensible. The conversion is typically applied automatically by the payment processor; you might see an initial charge at the official rate on your online statement, which is then adjusted to the better rate a few days later. While it’s generally seamless, checking with your card provider before you travel is always a good practice. Understanding these financial nuances is crucial when planning your trip to the best places to visit in Argentina.

Credit and Debit Card Acceptance

While the favorable exchange rate makes card usage attractive, acceptance can be inconsistent. It’s best to know when you can rely on your card and when you’ll need to have cash on hand.

• Cards are commonly accepted at: Most hotels, larger restaurants and chain cafes, major supermarkets, tour agencies, airports, and established shops in urban centers like Buenos Aires, Córdoba, and Mendoza.
• You will still need cash for: Taxis, smaller local eateries (bodegones), artisan markets, neighborhood convenience stores (kioscos), street food vendors, and many businesses in smaller towns or rural areas. It is also essential for leaving tips.

Digital Wallets: Mercado Pago

As you travel through Argentina, you will inevitably see QR codes for Mercado Pago displayed everywhere. This is the country’s dominant digital wallet and payment application, used for everything from paying for coffee to splitting a bill among friends. While it is a central part of the local economy, its utility for tourists is limited. Setting up and funding a Mercado Pago account typically requires an Argentine national ID (DNI) and a local bank account, making it inaccessible for most visitors. It’s useful to recognize the name and logo, but you should not expect to use it for your own payments.

Tipping Etiquette in Argentina

Tipping, known locally as “propina,” is a customary way to show appreciation for good service in Argentina, but the rules are not always as rigid as in other countries. While it is generally appreciated, it’s not always obligatory. The most important thing to remember is that tips are almost exclusively given in cash.

In Restaurants and Cafes

For good service at a sit-down restaurant or cafe, leaving a tip of around 10% of the bill is the standard practice. This is considered a generous and appropriate amount to acknowledge attentive service. You won’t typically find a service charge added to your bill, so the decision to tip, and how much, is up to you.

The most critical rule to remember is that tips must almost always be left in cash pesos. Even if you pay your bill with a credit or debit card, the system is not set up to add a tip to the card transaction. It’s wise to always carry some smaller bills specifically for this purpose. Simply leave the cash on the table or in the bill folder when you leave.

For Taxis and Ride-Sharing

Tipping etiquette differs between traditional taxis and modern ride-sharing services.

• Taxis: A formal tip isn’t usually expected. It is common practice, however, to round up the fare to the nearest convenient number. For example, if your fare is 1850 pesos, you might hand the driver 2000 pesos and tell them to keep the change (“quédese con el vuelto”).
• Ride-sharing apps: Services like Uber or Cabify have a tipping function built directly into the app. You can easily add a tip after your ride is complete, making it a simple and cashless process.

In Hotels and for Tour Guides

Acknowledging personal service in hotels and on tours is a thoughtful gesture.

• Hotel Staff: For porters who assist with your luggage, a small cash tip per bag is appreciated. It is also kind to leave a small amount of cash for the housekeeping staff at the end of your stay.
• Tour Guides: For a guide who has provided an excellent tour, a more substantial tip is customary and often expected, especially for private or multi-day excursions. The amount should reflect the quality, duration, and personal attention of the tour. This is a situation where your appreciation can make a real difference.

Everyday Costs and Budgeting

Due to the economic climate, prices in Argentina can be quite fluid. However, for travelers with foreign currency, the country often feels remarkably affordable. The key is understanding what things generally cost and how to best pay for them. Below are some sample prices to help you budget, but always remember they are subject to change.

Sample Prices for Common Items

These estimates, converted to a more stable currency like the US dollar, can provide a helpful reference point for your travel planning. The actual cost in Argentine Pesos will fluctuate with the daily exchange rate.

• A cup of coffee (café con leche): Expect to pay the equivalent of $2 – $3 USD in a nice city cafe.
• A bottle of water (600ml): Typically under $1 USD from a kiosk or supermarket.
• A dozen empanadas: A classic and delicious cheap meal, a dozen will usually cost between $8 – $12 USD from a local shop.
• A steak dinner at a mid-range “parrilla”: A fantastic steak dinner with sides at a quality steakhouse can range from $20 – $35 USD per person.
• A glass of Malbec wine: Enjoying a glass of excellent local wine in a restaurant is very affordable, often costing just $3 – $5 USD.
• A ride on the “Subte” (Buenos Aires subway): Public transport is heavily subsidized and very inexpensive, with a single ride costing well under $0.50 USD.

Cash vs. Card: A Practical Strategy

Navigating payments in Argentina is not about choosing one method over the other, but rather about using each for what it does best. Adopting a hybrid approach ensures you get the best value and are prepared for any situation.

• Use your card for large, formal purchases. For hotels, plane tickets, car rentals, major supermarket chains, and upscale restaurants, your foreign credit or debit card is ideal. You will benefit from the favorable MEP rate without the need to carry large wads of cash, and these establishments almost always have reliable payment terminals.
• Use cash for everything else. Cash is essential for the daily rhythm of life in Argentina. You will need it for tipping, paying for taxis, buying from smaller local shops, grabbing a snack from a street vendor, or browsing artisan markets. Many smaller businesses, especially outside of major city centers, operate on a cash-only basis.

Essential Money Safety Tips

While Argentina is generally safe for travelers, it’s wise to be prepared and mindful of your finances. A little awareness goes a long way in ensuring your trip is smooth and trouble-free. Here are some key tips to keep your money secure.

How to Spot Counterfeit Bills (Pesos)

Receiving a counterfeit banknote is an unfortunate possibility, particularly in busy tourist areas or when taking taxis. While fakes are often of poor quality, they can catch you off guard. Take a moment to inspect larger bills (1000 pesos and up) when you receive them as change.

• Check the Watermark: Hold the bill up to the light. You should see a faint, multi-tonal image of the historical figure or animal featured on the note. On genuine bills, this image is detailed and clear, not a flat, one-dimensional outline.
• Feel the Texture: Argentine pesos are printed on a specific type of cotton paper that has a distinct feel, unlike regular printer paper. The main portrait and the numbers should also have a slightly raised texture (intaglio printing) that you can feel with your fingertips.
• Look for the Security Thread: All larger denomination notes have a security thread woven into the paper. It appears as a solid, continuous line when held to the light and often has a shimmering or color-shifting effect.

A useful tactic is to pay for small items, like a coffee or a bottle of water, with a larger bill you know is authentic (e.g., from a currency exchange or Western Union). The change you receive is very likely to be genuine.

Carrying Cash Securely

Given the cash-centric nature of parts of the Argentine economy, you may find yourself carrying more bills than you’re used to. Common sense and standard travel practices are your best defense. For more on navigating finances, check out our guide to the Gastronomy of Argentina which also touches on local economies.

• Divide and Conquer: Never carry all of your cash in one place. Keep a small amount for daily expenses in an easily accessible wallet and store the rest in a more secure location, like a hotel safe or a hidden money belt.
• Use a Money Belt: For larger sums of cash or important documents, a money belt or a secure pouch worn under your clothes is an excellent way to keep valuables out of sight and out of reach of pickpockets.
• Be Discreet: When exchanging money at a cueva or paying for goods, avoid flashing large wads of cash. Be mindful of your surroundings and handle your money discreetly.

The “Mustard Scam” and Other Distractions

In bustling cities like Buenos Aires, be aware of distraction-based theft tactics. These are not violent but rely on confusing you for a brief moment to steal your belongings. The goal is not to make you fearful, but simply to keep you alert in crowded places. For tips on navigating these busy environments, consider our guide to the Best Things to do in Argentina.

A classic example is the “mustard scam” (or bird poo scam), where someone “accidentally” squirts a substance on you. A seemingly helpful stranger will then rush over to help you clean up, and in the confusion, an accomplice may pick your pocket or make off with your bag. If this happens, firmly say no to any help, walk away, and find a private place like a restroom to clean yourself up. The key takeaway is to be wary of any sudden, strange commotion directed at you in a public space.