Hello! I’m Naomi and I spent six months in Argentina for my student exchange. Throughout my time in Argentina I had to learn new ways of accessing my money. I want to share several options for paying, taking out cash, and other tips to help your exchange go smoothly!
ATM withdrawal:
ATMs are one of the most common ways to take out money in the US, but they are not very reliable in Argentina. Many ATMs will reject foreign cards, even if they are VISA or Mastercard, and sometimes even eat cards and never give them back. In addition to these issues, all ATMs in Argentina charge very high taxes when withdrawing money and limit the money you are allowed to take out at a time. For example, at a local ATM in my town I could take out a maximum of 40,000 ar pesos ($40) with an added 10% tax.
In general, ATMs will work if you need quick cash, but with some risk and an uncomfortable tax and exchange rate. In my experience, I would not rely on them as your main source of cash.
Credit and Debit Cards:
Using credit or debit cards is probably the easiest method of paying, but there are some drawbacks.
To start, most credit cards do have high fees. This is usually a 10% tax, however it can be higher depending on the store. On the other hand, credit cards usually have optimal exchange rates, which often means you pay less than the value of the item.
Debit cards are similar, but usually have lower fees. Despite this, oftentimes issues arise when using international debit cards in Argentina. Some machines will not accept them, others will charge you in quotes with high taxes, and you run the risk of having your debit card information stolen. Because of these drawbacks, it is often better to use a credit card despite higher fees.
Overall, credit and debit cards can be a great option, especially in bigger towns. In my experience, it is possible to get by in most towns with just a credit and debit card. That being said, it is always good to have cash.
Western Union:
This is the best option I encountered for taking out cash. Western Union is an international company that allows someone else to send you money from a different country. You can even go online in the country and send yourself the money to an in-country Western Union. For example, my parents were able to send me money from the US, and I could receive that money in Argentina almost immediately.
This was convenient for me because Western Union locations are very common. For example, there were two locations in my small town. In addition, the exchange rate is good and you can send large amounts of money with low fees.
The one drawback for me was that you have to be 18 to send or receive money. Because I was not 18, I had to ask my host mom to receive the money for me. We had to use her name and legal documents instead of it being sent to just me. You could also use your local coordinator for this too.
Exchanging Foreign Currency to Pesos:
Another option, to get cash is by exchanging foreign currency into pesos in Argentina. Also to note, if you do bring foreign currency, I would highly recommend bringing American dollars only. Dollars have the highest value here and most exchange rates are built around dollars. There are three ways to do this that I know of; I will explain each one.
First, you can change dollars to pesos at a National Bank. I never chose to do this, because I heard from locals that the exchange rate is not optimal. The money you are exchanging will also be taxed, and you can only exchange a small amount of cash at a time.
The second option I have heard of is selling your dollars for pesos. According to locals, people will commonly do this on the streets or in their homes. They also say you get a good exchange rate. I never did this either because it is technically illegal. In addition, it is easy to get scammed as a foreigner especially when your host family has never handled situations with foreign money before.
The last option I have heard of is exchanging your dollars at Western Union. If you show up to any Western Union location they will change your dollars to pesos at a good exchange rate with a small fee. There is also no limit to the amount of money you can exchange at a certain time. I have heard you can do this even if you are under 18.
Other Tips and Info:
There are a couple of other tips and information I want to share:
- Bring a fair amount of foreign cash and if possible US dollars (500+)
- Have a credit and debit card
- Hide your cash well
- Know that the highest bill in Argentina is only 10,000 pesos ($10)
To wrap up, there are a lot of challenges in taking cash out and using cards in Argentina. With this information, you should be more than prepared to deal with it all. The best thing is to have a plan for how you will pay for things and the rest will work itself out.
Good luck!
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