Feb
11
2013

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Dollar Restrictions Argentina & Dollar-Peso Exchange Buenos Aires

Dollar Restrictions Argentina


Dollar-Peso Exchange for Tourists in Buenos Aires

Tourists will NOT easily find dollars in Buenos Aires.

Tourists try and cannot legally buy dollars in Buenos Aires even though you find information on the internet and via official websites that state otherwise.

Many clients of Buenos Aires Stay Apartments have tried to buy dollars, particularly those who signed longer term rental contracts and agreed to pay their rent in dollars – legally buying dollars with pesos at official rates is made near impossible.

Please remember that it is illegal to trade in dollars outside of  licensed businesses and it is illegal to trade dollars at the ”blue rate” of exchange. The phrase blue rate in Argentina means black market – do not be fooled.

If tourists  have good local contacts, it might be possible to buy dollars from Argentines or their brokers, but expect to pay 7.8 to 8 pesos for each dollar and most financial institutions in Uruguay, a fix we advised last year, do not want pesos at official rates.

If you rent an apartment quoted in dollars or need to pay dollars for purchases when you stay in Buenos Aires this is not a problem if you plan ahead. We suggest you bring dollars (cash) with you or clients of Buenos Aires Stay can send dollars bank- to-bank and collect dollars from our office in Montevideo. Travelers can legally enter Argentina with USD 10,000 in cash.

Or, take a look at services like:

www.argenper.com.ar – you get dollars.

www.xoom.com - you get pesos – 7.3 (ish).

Blue rate dollar to peso exchange reached 8 pesos mid-January!

You may have read about ‘’official’’ and ‘’blue’’ rates of exchange in Argentina.

What is the ‘’blue rate’’ and how do tourists find the best exchange for their dollars?

The Central Bank is managing peso devaluation against the dollar and the official exchange rate is approximately 4.9 pesos to the dollar (8 February 2012).

However, outside of Central Bank control is an informal market where brokers will pay 6.8 to 7 pesos plus for each dollar you sell.  However, using unofficial exchange, the ‘’black market’’, is both illegal and can be dangerous.

There is no doubt that economic factors, like 25% inflation each year and increases in peso money supply of around 40% annually over the last few years have taken their toll on the Argentine economy and significantly devalued the peso.  The official exchange rate, managed by the Central Bank, is thought to overvalue the peso against the dollar by 25-30%.

Tourists wandering the streets of Buenos Aires are often offered over 7 pesos for their dollars, whilst official exchange at licensed and legal Casa de Cambios is poor.  Yesterday, we saw 4.7 pesos being offered for one dollar on Florida Street.

DO NOT use shady looking characters in doorways offering dollar to peso exchange in Buenos Aires  – if you do, you are looking for trouble!

Tourists are at risk when using unofficial exchange  – offering the blue rate or better than official rates to tourists would give a much needed boost to Argentina’s tourist industry and create a safer environment for tourists – the government must act.

Controls cannot stop the black market, restrictions make it stronger – so protecting tourists should be a number one priority. You cannot blame hard up vacationers for trying to get the best value exchange, but they are often conned and sometimes hurt.

Tourist should use caution when trying to find the best exchange rates for the their dollars in Buenos Aires – remember – all that glitters is not gold – ask yourself, is this too good to be true.

If you want more information on what’s happening in Argentina and dollar to peso or peso to dollar exchange both legally and safely contact us for more information:

admin [at] buenosairesstay.com

Safe Dollar-Peso Exchange for Tourists Buenos Aires

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