Argentina, hermoso país, dinero difícil

Argentina and money history

Argentina has been one of the wealthiest countries in the world per capita, thanks to its very fertile land. In particular the Pampas brought in lots of money in the early 20th century. Due to bad politics and military government it still managed to create lots of debt. It even defaulted several times.

Due to its insecurity, inflation has been really high. Between 2020 and 2024 it has been as high as 280% per year or 25% per month. This means that a cup of coffee may cost $2 in 2020, $5.60 in 2021, $15.60 in 2022 and $44.00 in 2023. Money, including your savings, really devaluates fast. You really want to look for a way to keep your hard-earning cash for example by buying other currency. The black market for USD and EUR was significant.

The current president Javier Milei is an economist and trying to change the state of the country by cutting government expenses and making the Argentinian Peso more attractive. It may still take a few years till the country is healthy, but it is already showing results.

Payments with Blue Dollar, Blue Euro, ATMs and Banks

The Black Market for the USD and EUR was thriving till mid-2024. Now it has almost disappeared. The many money exchangers in Calle Florida, Buenos Aires, still try to buy your cash dollars, but in 2025 do not offer more than $1.05 per dollar. It used to be $1.40 or more.

Unfortunately this means, that we cannot save money and travel cheaper, just by bringing cash into the country and converting it to Peso locally. We pay the full price, just like anybody else.

Now it does not really make a difference how to pay. Major credit and debit cards (VISA, MasterCard, Maestro) are widely accepted, but personally I would use my card only for trusted hotels and restaurants in a foreign country.

Withdrawing money from ATMs can be difficult because many ATMs just don’t have any money. If they do have money, you may be allowed to withdraw only the equivalent of USD 100 or 200 per day. Cost per withdrawal can be as much as 10%. We recommend Scotia Bank and Banco de Santander, with low or no fees. Cambios (offices to change money) may also face money shortages. If they would have money, you may get your Peso in small nominations… 100 USD would result in 100 notes of 1 USD…
Getting your hands on peso may therefore not be as easy as you may like and expect. A possible solution is to over-pay the restaurant where you eat with Dollars, Euros or Credit Card and get the extra back in Peso.

Be aware, that outside of Argentina nobody is interested in buying Argentinian peso, not even in Chile or Brasil.

Cost of Travel

Argentina is large county and the major tourist destinations are in the far corners of the country. To see all of it on a single trip, you probably have to fly several times.

Aerolineas Argentinas is the most reliable company for inland flights. They allow only 15kg of main luggage, but 10kg extra for cabin luggage… FlyBondi is the cheapest, but most unreliable airline. They appear to cancel a lot of flights at short notice.

Buses are very viable options between nearby locations, for example between El Calafate and Ushuaia (recommended!), or Salta and Iguazu Falls, or Mendoza and Santiago de Chile. Buses in Argentina and Chile are very comfortable.

All national parks have an entrance fee that varies between USD 25 and 50 per person, per day. Extensions are available, at a reduced cost. It doesn’t seem like much, but adds up. This is just the entrance fee, not the tour inside the park.

Example. A simple walking tour on your own in El Chalten (Patagonia) with 2 adults might cost you USD 90 for one day, without a guide, excluding food and drinks. Yes, looking at Mt Fitzroy comes at a price.