Author: Diego – Discover Baires
Posted: June 24, 2022
Due to the constant devaluation of the Argentine peso, our national currency, Argentines can´t save money in local currency. We are forced to look for alternatives for saving money. In the year 2020 the inflation rate was 36%, in 2021 it was 51%, and by the end of 2022 it could reach 70%. As you can see in this annual series, inflation is accelerating very fast. Among the alternatives for Argentines, crypto assets, real estate market and gold stand out, but the dollar continues to be the preferred option for savings. Argentines savings are mainly in dollars, but due to mistaken policies of the National Government, our country does not have enough reserves to provide the Argentines with the dollars they require. As a consequence of this lack of dollars, today we have two different rates: on the one hand, the so-called “official dollar” which is the dollar regulated and controlled by the National Government, and on the other hand, the “free dollar” also known as the “blue dollar” which is freely traded according to the fluctuations of the exchange market (but which is always higher than the official rate). The difference between the “official dollar” rate and the “free dollar” rate is currently very high, almost double.
Upon your arrival at the airport you will find a bank inside the terminal, it is a branch of the “Banco de la Nación Argentina” (Argentine National Bank), where you can change your money. But you should keep in mind that banks always use the official rate which is low. If you want to get some pesos, I recommend changing the minimum possible amount at the airport. You will also find ATMs inside the terminal where you can withdraw local currency. Personally, I do not recommend that you change a lot of money since most restaurants and shops in Buenos Aires accept payments by debit and credit cards. And in many places they accept payments with dollars in cash according to the “free dollar” exchange rate. I recommend you to take both cards and cash with you and ask before paying what is the exchange rate, and depending on the answer see which payment method is the most convenient for you. The other possibility is to look for a place in Buenos Aires where they change money at the “free dollar” exchange rate, but in this case you have to be very careful. Remember that it is an illegal operation without support and you would be taking many risks, in case you decide to take that risk, make sure that it is a place and a person you can trust.
I hope this information helps you understand the complicated current situation regarding the exchange market these days in Argentina, so you can be prepared and evaluate in advance which is the most appropriate way to make your payments during your stay in Argentina.