Getting blue dollar exchange rate safelly in Argentina.
May be you are already travelling to Argentina or planning to travel down here. The news for you is that the government will take your dollars for a lot less than the market value. So there are two roads when spending money in Argentina. You would want the best road to max out the value of your money.
A little history. Our big brains politicians made a “CEPO”, a clamp on foreign money exchange. We Argentinian citizens are allowed to buy only 200 USD monthly with a 65% tax on that.
The official rate is mostly 50% less than the blue rate. You can check this in the Ambito Financiero newspaper. Informal rate, means blue rate.
So you wouldn’t be able to withdraw USD from ATMs. Also ATMs let you withdraw very little Pesos, of course at the official exchange rate, and they will charge a big commission, usually you will finish paying 10% for the withdrawal at official rate, and you will have to do that daily. Yes, that’s a theft.
Also when you spend with your credit or debit card you are doing it at the official rate, that’s a theft also. You could enjoy everything 30% more!
How con you do it the most intelligent way? First, if you are not already travelling, you should bring 100 USD bills (smaller bills are not fungible, you will get a worst exchange rate. When walking around downtown you will find people asking you for exchange. Shouting “Cambio, Cambio…” Yes they are like human ATMs that will exchange your foreign currency at the blue rate. Just be careful, keep aware of your security and take a closer look for counterfeited bills.
If you are already travelling and you can´t bring USD bills with you, or you are not comfortable going around with cash. You can use bitcoin for transferring international funds across borders with out being controlled or scammed by our government. But how?
Easy, very easy. Just open and account in an exchange. An exchange will sell you bitcoin for your local currency. Keep your local currency until you agree a closing price deal with your bitcoin buyer, to avoid volatility. Just buy your bitcoin before closing the deal with him.
For the US, just use coinbase.
In Europe, use Bitpanda.
To find local buyers, use Paxful or Localbitcoins.
Another fantastic, in this case, decentralized Exchange is HodlHodl very interesting concept and the last frontier at uncensorable bitcoin exchange. Give it a try.
A bitcoin ATM is located downtown, there you will have the opportunity to meet a local bitcoiner.
This are the prices of bitcoin at the main exchanges in Argentina, so you have an idea of price to close a deal.
All links include a referral code, it helps keeping me writing.
Let me know in your comments below how easy or what problems you have with this strategy.
If you want a deeper knowledge, have some fun and get insider tips, you can book this Airbnb experience that shows you our local crazy economy, how to understand how things work down here, and of course, the basics of bitcoin.
Ok that’s all for now!!! Have a great holiday and enjoy this wonderful country.