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Dollars and Pesos

Money Issues

The official Argentine currency is the peso, made up of 100 centavos. Money is denominated in notes of 2, 5, 10, 20, 50, and 100 pesos; and coins of 1, 2, and 5 pesos, and 1, 5, 10, 25, and 50 centavos. At the time this book went to press, the exchange rate was about 3 pesos to the U.S. dollar, and just less than 6 pesos to the British pound.

Prices have fallen across the board with the peso's devaluation in 2001, and Argentina is still a terrific bargain for foreign visitors. Often prices are only half what they were before the economic crisis, especially for dining in restaurants. Hotels, however, are guilty of wildly fluctuating rates. In fact, in many cases, hotels are no longer the bargain they once were. Many 4- and 5-star hotels have returned to their pre-devaluation prices as the number of quality hotels has not kept up with demand as Argentina becomes one of the world's hottest travel destinations. As more and more Europeans (mostly from Western Europe) flock to Argentina, hotels are jacking up their prices since they know the euro is so strong. Prices tend to be cheaper outside of Buenos Aires.

Exchanging Money

It's a good idea to exchange at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home (though don't expect the exchange rate to be ideal), so you can avoid lines at airport ATMs. You can exchange money at your local American Express or Thomas Cook office or your bank. If you're far away from a bank with currency-exchange services, American Express offers travelers checks and foreign currency, though with a US$15 (£7.95) order fee and additional shipping costs, at www.americanexpress.com or tel. 800/807-6233.

The peso exchange rate is currently 3 pesos to the US dollar or almost 4 pesos to the euro. You can exchange at Banco de la Nación Argentina at the airport, but there are many safe places downtown where one can find better rates of exchange. Before you change your money check out rates and fees!

U.S. dollars are no longer as widely accepted in Buenos Aires as they were before and immediately after the December 2001 peso crisis. You can, however, still use them to pay in some business-class hotels, and at restaurants and businesses catering to tourists. Such places will often post their own daily exchange rate at the counter. (In fact, some ATMs in Buenos Aires dispense U.S. dollars as well as pesos.) For the vast majority of your purchases, however, you will need pesos. You can convert your currency in hotels, casas de cambio (money-exchange houses), some banks, and at the airport. Exchange American Express traveler's checks for pesos in Buenos Aires at American Express, Arenales 707 (tel. 11/4130-3135). It is sometimes difficult to exchange traveler's checks outside the center of Buenos Aires, so plan ahead to have a sufficient amount of pesos on day trips.

ATMs

The easiest and best way to get cash away from home is from an ATM (automated teller machine). The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on, then call or check online for ATM locations at your destination. Be sure you know your personal identification number (PIN) before you leave home, and be sure to find out your daily withdrawal limit before you depart. Also keep in mind that many banks impose a fee every time a card is used at a different bank's ATM, and that fee can be higher for international transactions (up to US$5/£2.65 or more) than domestic ones. On top of this, the bank from which you withdraw cash may charge its own fee. Ask your bank about international withdrawal fees.

ATMs are easy to access in Buenos Aires, but don't depend on finding them off the beaten path. Also, even if your bank allows a certain maximum daily amount to be withdrawn, usually in the range of US$500 (£265), local ATM limits may be significantly lower (as little as US$100 (£53), so plan ahead if you know you need large amounts of cash, or test various cash machines before an emergency. It is a good idea to let your bank know ahead of time that you will be using your ATM card overseas so they do not block transactions in an effort to prevent fraudulent transactions.

There are several Banelco or "Red Link" ATMs all over the city that can dispense cash in pesos. This is probably the best way to get pesos in your hand, as they are more convenient and the exchange rates are usually better. Fees depend on your hometown bank and so there are few hidden surprises because the ATM can switch to English. Sometimes the machines also dispense dollars for international bank cards that are members of the Cirrus and Visa Plus networks. Visitors from Brazil can find many Itau agencies all over the city. Remember: banks open from 10 to 3 pm., only on weekdays.

It is a bad idea to bring travelers' cheques to Argentina. Don't even think about buying them from Visa, as they are very difficult to change. Try to avoid Argentine banks as much as possible (try to deal with one and you will find out why). There are transactions that must be done in dollars or euros, such as apartment rentals. You can bring your ATM Card but bear in mind that there is a withdrawal limit set by the government. Some ATMs you can only take out 300 dollars at a time. Others can go up to 700. The Link network is best for getting out money. Also be persistent - your card may not open the door to some of the bank ATM machines outside bank hours. If after several attempts to get into a bank this way, give up and find another bank - eventually you will find a bank that will let you in, provided your card has the Cirrus feature or is a credit card.

Credit Cards

Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs but high fees make credit card cash advances a pricey way to get cash. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).

Traveler's Checks

Traveler's checks are something of an anachronism from the days before the ATM made cash accessible at any time. Traveler's checks used to be the only sound alternative to traveling with dangerously large amounts of cash. They were as reliable as currency, but could be replaced if lost or stolen. Within the Pampas and rural areas of Buenos Aires Province, traveler's checks are especially welcomed by many establishments.

You can buy traveler's checks at most banks. They are offered in U.S. denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.

The most popular traveler's checks are offered by American Express (tel. 800/807-6233 or tel. 800/221-7282 for card holders -- the latter number accepts collect calls, offers service in several foreign languages, and exempts AmEx gold and platinum cardholders from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).

Be sure to keep a record of the traveler's checks serial numbers separate from your checks, in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.

American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, useful if you're traveling to one country or to the euro zone; they're accepted at locations where dollar checks may not be.

Another option is the new prepaid traveler's check cards, reloadable cards that work much like debit cards but aren't linked to your checking account. The American Express Travelers Cheque Card, for example, requires a minimum deposit, sets a maximum balance, and has a one-time issuance fee of $14.95. You can withdraw money from an ATM (for a fee of $2.50 per transaction, not including bank fees), and the funds can be purchased in dollars, euros, or pounds. If you lose the card, your available funds will be refunded within 24 hours.

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Logistics 

Entry Requirements:
Citizens of the United States, Canada, the United Kingdom, Australia, New Zealand, and South Africa require only a passport to enter the country. No visa is needed for stays of 3 months or less.

Vaccinations:
Argentina requires no vaccinations to enter the country. Health wise, Argentina is a relatively safe country to travel in. For more details, a health guide is available below. Argentina Health Guide

Money:
Credit Cards and ATM machines are widely available in Buenos Aires and many other cities. It is recommended to bring a few hundred dollars cash to Argentina just in case you can't get money from ATM machines. It is significantly easier to use the ATM machines of US banks such as Citibank or HSBC than an Argentine bank. Currency Exchange offices are available in airports and town centers.

What to Bring:
There are no special items that you need to bring to Argentina. As long as you dress for the right season, you should travel comfortably in Argentina. Any personal items you may have forgotten can be purchased at pharmacies that are widely available.

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