Ways to Save Money in Argentina
There are a few things to remember while traveling in Argentina. First, Argentines don’t trust their own currency and it is difficult to withdraw cash from ATMs. ATM fees are also very expensive. So, you can use your debit card to make purchases. Also, you can use the Argentine peso to pay for local taxis. But beware of ATM fees, especially if you don’t have a local bank account.
Argentines aren’t trusting their own currency
The country’s economic woes have made it difficult for the Argentines to trust their own currency. The government relies heavily on its Central Bank to pay its creditors, which is why it isn’t able to sell its pesos to the international market. In 2001, Argentina defaulted on its debt, confiscating bank deposits and sending the country into a state of crisis. The unemployment rate is high, and Argentina is struggling with a debt problem.
Despite the tense situation, the Argentine dollar is still the most popular form of payment in the country. However, the peso is losing its value rapidly, with private bank deposits plummeting by about $1 billion in the last two months alone. This trend is also being observed in the country’s emerging-market neighbors, including Peru and Chile. Despite the deteriorating value of the peso against the US dollar, many Argentines don’t trust their own currency, preferring to store it in a safe deposit box or under their bed.
During Cristina Fernandez de Kirchner’s presidential term, Argentina was fraught with political turmoil and instability. She was embroiled in a fierce battle with Clarin, the country’s largest media conglomerate. Her husband, Nestor de Kirchner, was president before her, and together they formed a formidable political power couple. Together, they led the country through worsening economic conditions and a number of scandals involving the ruling Kirchner family.
The temporary currency rules have ignited anti-government news channels. Small protests have taken to the streets in Tucuman, Rosario, and Rosario. Though Argentina’s relationship with the US dollar is complex, it has not quenched the unease surrounding the peso. The government’s disastrous economic policies, including the corralito of 2001, have left many Argentines unable to trust their own currency.
Traveling with dollars is difficult
When traveling with dollars in Argentina, you’ll want to know what exchange rates are. The currency market in Argentina is extremely fragmented, and it can be difficult to get the best exchange rates. You can save yourself the trouble of visiting an exchange house and asking for rates. Instead, use Wise, a peer-to-peer electronic money transfer service, which uses the forex rate to conduct your transfer and pays you out in the local currency.
Currency exchange rates in Argentina are highly variable, and it’s best to stick with the US dollar rates when you can. The country’s recent economic crisis has resulted in a wide range of dollar rates. Whether you’re looking to exchange money for cash or to use an international credit card, knowing the rates before leaving is crucial. In Argentina, the peso has fallen in value, and the government has implemented policies to support it.
When changing money in Argentina, be sure to bring a cash money belt. Make sure the money belt is hidden and not on display. It is also best to exchange money in small denominations, as large bills lose value over time. It’s also better to avoid exchanging your dollars at “cuevas”, which are illegal exchange centers. You’ll never get a ticket for the transaction, so keep your cash in a safe place and avoid paying high exchange rates.
US dollars in small denominations are less valuable in Argentina than the wide-faced ones. It’s not uncommon for small-faced dollars to be refused by some “cuevas”. Although there’s no clear explanation for why, it’s generally best to avoid these in favor of large denomination notes. There are ATMs throughout the country that give U.S. dollars. You can also try an electronic money transfer service to get a better rate. However, traveling with dollars in Argentina is not easy – you may have to rely on cash.
ATM fees are expensive
Using an ATM in Argentina can be costly. Although bank fees for ATM withdrawals are low in most countries, they can add up quickly. Using an ATM outside of your bank’s system can cost as much as 3 percent of the transaction value, or more. To avoid being charged fees, keep a few cash reserves with you while you travel. Depending on the bank, fees may be as high as 20 pesos or more per transaction.
Unless you have a local bank account in Argentina, you should use an ATM. While ATMs are readily available in most cities, withdrawal limits are low, and they can be insufficient, especially during national holidays. Also, foreign tourists who don’t reside in Argentina can no longer pay for tourism-related services in Pesos. These tourists will need to use their foreign bank cards or credit cards or cash from their accounts. In some cases, they may also be able to use a credit card or pay with a cheque from a foreign account.
While Argentina is generally cheaper than other countries, it’s still important to carry cash in case of emergency. Many stores and restaurants don’t accept credit cards, and many claim that the system is offline. Credit card companies charge a 3-6% fee to the merchant, as well as a foreign currency conversion fee. In addition, sales taxes in Argentina are 21%. It’s best to carry cash during your trip if you have a low cash balance. If you don’t have enough cash, carry USD or some other small denominations for emergencies.
Another issue is the cost of ATM fees. In December 2018, ATM fees in Argentina averaged between $6 USD and $11 USD per transaction. To avoid these fees, many travelers bring cash in Argentina. Some banks offer debit cards with no foreign bank transaction fees. These cards are also great for travelers who are willing to carry a little extra cash in case they need cash for something. It’s also important to bring cash with you, as many ATMs are closed on Sundays.
Getting around with debit cards
If you plan to use a debit card in Argentina, you’ll need to make sure it has a zero foreign transaction fee. Major banks and credit card companies offer cards that don’t charge foreign transaction fees, but this can add up quickly if you’re traveling for an extended period. Also, many ATMs charge high commissions and accept a limited range of cards. You’ll need to avoid using your card for transactions in restaurants and shops.
Cash is still king in Argentina. Many places will only accept cash (called efectivo in Spanish) and will require you to use it when you pay. However, there are a number of ways to get cash in Argentina, including ATM withdrawals and money exchange. There are two banking systems in Argentina, but most foreign credit and debit cards are compatible with both. If you’re planning on using your card at the ATM, make sure to bring your local ID card.
Debit cards work well for cash withdrawals, but be aware of the fees. In some ATMs in Argentina, you’ll be charged a fee of up to $11 per transaction. That’s why many travelers take cash with them. If you want to avoid the fee, consider using a prepaid travel card. This will enable you to make purchases and payments throughout Argentina. This will also ensure you don’t have to worry about ATM fees or foreign currency conversion.
The Argentine peso is the country’s currency. Prices are usually quoted in US dollars. Nevertheless, you should be aware of the risks of scams while in Argentina. One popular scam involves a person spilling a substance on the victim and offering to clean it up for them. In such a scenario, you should push back and shout “thief!,” “policia!” or “help!” to avoid falling victim to these scams.
Getting around with prepaid travel cards
If you’re visiting Argentina, one option for avoiding currency exchange fees is to use prepaid travel cards. Although major credit card companies and banks have prepaid cards, these often charge a fee for international transactions. These fees can really add up if you’re traveling for more than a few days. Luckily, there are several options available. Choosing between prepaid cards or a debit card depends on your personal preferences and budget.
The SUBE card is the most popular prepaid travel card in Argentina, but you should also consider using other methods of payment. Cash payment is very common in Argentina, and some stores still offer a cash payment option. In other places, debit and credit cards are accepted. In Buenos Aires, you can purchase your SUBE travel card in kiosks. If you need to top up your card, you can pay at most subte stations, national lottery outlets, and some kioskos with automatic terminals.
You can also use your prepaid travel card in Argentina to make calls. It’s best to buy a SIM card from the official stores. You’ll need to provide your passport information to register the SIM card. If you bought your SIM card at a kiosk, make sure to activate it at the service center or social media page. You can also buy a prepaid travel card for internet use. Make sure to activate the card before traveling, as it will prevent any unwanted charges.
Another option for prepaid travel cards in Argentina is the Claro card. This card is widely accepted in Buenos Aires. However, you may have a difficult time finding an ATM that accepts this card. Despite this option, you should still carry cash for smaller expenses. Some rural shops and family-owned restaurants may only accept cash. In addition, you should avoid ATM fees because many of them may not accept credit cards.