Many people may have heard of the Black Market, but Argentina has something called the Blue Market for its currency. The Blue Market in Argentina gives you an amazing rate on Argentinian currency and it is all perfectly legal! US Dollars are of much value in many countries, and Argentina is no exception.
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What exactly is the Blue Market?
The Blue Market in Argentina gives foreigners, especially Americans a better exchange rate. It gets its name from the blue strip on some of the newer Argentina currency. The blue market exists due to the constantly changing inflation rate in Argentina. It started due to some of the restrictions the government put on currency exchanges in order to keep the money in the country.
What is the going rate of conversion between US dollars and Argentinian Pesos?
$ 1 USD is about $180 Argentine Pesos (at the time this article was published).
The Blue Market rate when I went was approximately $ 1 USD is about $340 Argentine Pesos, essentially giving us a 50% discount. This made pretty much everything in Argentina insanely cheap (think $15 steak dinners including a bottle of delicious Argentine wine).
How Can I Get the Blue Market Rate?
There are a couple of different ways to get a blue market in Argentina rate, it just depends on how much time and effort you want to put in. Keep in mind that it is easier to pull money out of an ATM, but is it worth taking the time to get the blue market rate with the 50% discount.
Option 1: Wire Transfer with Western Union
In my opinion, using Western Union is the easiest and more convenient option to get the blue market in Argentina rate on Argentine Pesos. (Thank you to my husband who did all the research for this and made it easy!)
First, you will need to register for a free Western Union account which you can do on their app. Then, using a debit card or bank account you will initiate a wire transfer that can be collected at any branch location in Argentina. You can use a credit card but there will be additional fees added to the transaction making the effective exchange rate less favorable.
Once the wire transfer is confirmed you will receive a tracking number. The transfer is instantaneous, so you can pick it up minutes after it is completed if you prefer. To pick up your money, go to any Western Union branch and present your passport and tracking number. It’s important to remember though that many Western Unions are not open on Sundays and Holidays, so make sure to check hours before making your transfer.
Due to the convenience and favorable exchange rates, Western Unions typically have queue times between thirty minutes and an hour so I recommend getting there right when they open, or maybe even a little earlier.
If you want to skip to a shorter line, you can sign up for Fila Virtual. This is like a pre-approval identification process. Note that the site is in Spanish, so you will need to be able to read Spanish to sign up.
A few things to keep in mind. Your first transfer is free. After that, it may cost you about $20 to make the transfer. You can get around this if traveling with multiple people as you can take turns signing up for an account and pulling out money.
We pulled out about $150 per person for our time in Argentina (about 5 days) and had money left over. We also paid cash for everything and went out for a couple of nice dinners. Try to plan approximately how much you will want to spend so you know the correct amount to pull out.
Options 2: Use a Cambio
Another way to get the blue market rate in Argentina is to use a cambio to exchange your money. A Cambio is a money exchange. In Buenos Aires, you will see them on the street in many of the main areas. They wear a vest that says cambio and shouts out “Cambio! Cambio!” to let you know they are open to exchanging money.
The most popular area to exchange money is Calle Florida near Casa Rosada. You can approach the cambio and let them know you want to exchange money. Oftentimes, you will need to negotiate for your price so make sure to know the current blue market rate when doing this. It is helpful to talk to a few people to let them know you are serious about your rate.
Once you agree on a rate, they will take you to a building or room to change the money. For this option, you will need to make sure you have American dollars in good condition to exchange. Also, the higher the value of the bill, the better (aka bring $20s and $100s to exchange).
Options 3: Use Your US Issued Credit Card
I was told by our cooking class instructor that many US credit cards are also now giving you the blue market rate. I do not know if this is true or not, but you can check with your credit card company for more information. It looks like Visa and Mastercard holders will get a rate of $ 1 USD to 325 Argentine Pesos, but a 4% commission may be charged.
Final Thoughts on the Blue Market in Argentina
As a traveler who is always looking for new ways to save money, figuring out the blue market was worth the hassle. The bottom line is to convert your money to save money and avoid exchanging prior to your trip or using credit cards. Would you spend the time to get money off the blue market? Drop your thoughts below!
Want to save more money when traveling? These articles might interest you!
- Money Saving Travel Tips
- The Best Credit Cards for Travel
- How to Price Match a Hotel
- How to Guess a Priceline Express Deal
