Exchanging Currency

A brief history of the USD exchange rate since May 2007 (when I came to live here), based mainly on postings in this thread.

May 2007 - 3.10.

May 2008 - 3.24.

May 2009 - 3.75.

May 2010 - 3.90.

May 2011 - 4.15.

Oct 2011 - 4.37 - Government imposes restrictions on buying dollars, the cuevas are shut down and we start talking more and more about the 'blue' dollar. (At this point the difference between the official and 'blue' rate is about 20 centavos).

May 2012 - 4.92 - After a brief, holiday induced blip up to 5.05 in mid-Jan.

Jun 2012 - 5.50 - The cuevas are shut down again.

Sep 2012 - 6.15 - Jul / Aug / Sep was crazy time. Blips at 6.50 in Jul, before dropping back down to 6.15.

Oct 2012 - 6.20.

Nov 2012 - 6.30.

Dec 2012 - 6.40.

Jan 2013 - 7.50.

Feb 2013 - 7.60.

Mar 2013 - 8.20 - Government demands a drop in the blue dollar rate. Drops very briefly to 8.10 and then starts to rocket!

Apr 2013 - 8.97.

02 May 2013 - 9.30.

03 May 2013 - 9.40.

08 May 2013 - 9.80 - There are reports of 10+, but nobody reliable appears to have been lucky enough to actually exchange at those dizzy heights.

13 May 2013 - 9.00 - 'blanqueo' becomes a dirty word and a government amnesty is introduced to allow 'dirty' USD to be repatriated.

17 May 2013 - 8.70.

20 May 2013 - 8.60.

21 May 2013 - 8.40.

30 May 2013 - 8.70.

04 Jun 2013 - 8.50.

05 Jun 2013 - 8.35.

[QUOTE=Poker;434003]The government of Argentina plays a major role in this blue market and for example; two, or three weeks ago shut it down for several days. Once it reached 10 pesos per Dollar, they sold millions of Government Dollars to bring it back down to the 8.5 area.[/QUOTE]You mean they sold the dollars to the cueva execs? Not that I am doubting you, but do you have a source for this? To me it seems that the mechanisms behind the drop in price have generally been regarded as a mystery, and I'd like more information on it.

It is a common knowledge that most countries that experience black market foreign exchange system, do so with the government knowledge and the government manipulates it as an integral part of foriegn exchange policy.

In the first place there is a policeman in front of the exchange house. Second, if you and me know the address of the exchange house, so is the government.

Third I talked to one of the guys at the store after the recent slide from 10+ to 8.5 and asked him what happened. His answer; "its all the government".

Fourth; the presidenta issued an official statement on Thursday that everyone who changes pesos for Dollars will lose. Then on Friday she closed the exchange houses.

And the Peso was reaching 14 or 15 in Colonia, Uruguay. So when they opened the blue markets again on Tuesday and Wed the government just sold millions of Dollars and started the process of bringing it back to what is acceptable to them.

In Argentina they have a big tax on Credit Cards purchases abroad and almost all non essential imports are either very expensive, or not allowed.

Being semi Communist, the president tries all the methods that failed so many times before. As a result while almost all of the better economies in South America experienced gains against the Dollar, Argentina is on a never ending path of devaluations and inflation.

I'm coming to Buenos Aires next week and I'm confused. I see exchange rates in this thread in the 8+ range. When I look at online currency converters I see.

1,000.00 USD = 5,299.00 ARS.

US Dollar ↔ Argentine Peso.

1 USD = 5.29900 ARS 1 ARS = 0.188715 USD.

The difference is the official rate you see on the currency exchanges of 5.2 and the "blue dollar" rate of 8+ you get from the local "black market" exchanges in the country.

Bellow is an article published the other day in the Buenos aires Herald. It is according to well placed sources coming as a direct results of the Argentinian Government.

Failure to control the so called Blue Market through other means (ie; selling the Government Dollars into the blue market trying to lower the Dollar).

Friday, June 7, 2013.

Fears of gov't control paralyze dollar informal market.

The dollar informal market was paralyzed today with no transactions registered amid fears of controls from the government. Meanwhile, the US dollar remained unchanged today at exchange offices at a selling price of 5.31 pesos after rising two cents this week.

The black market dollar ended two cents up at 8.57 pesos.

[QUOTE=Doppelganger;434026]The difference is the official rate you see on the currency exchanges of 5.2 and the "blue dollar" rate of 8+ you get from the local "black market" exchanges in the country.[/QUOTE]Thanks. So is there a "safe way" to get Blue Market currency. How do I find these places. I assume I would also need "hard currency" "large denomination US bills" I.e. $20 $50 $100.

[QUOTE=Sorcerer;434028]Thanks. So is there a "safe way" to get Blue Market currency. How do I find these places. I assume I would also need "hard currency" "large denomination US bills" I.e. $20 $50 $100.[/QUOTE]You want to bring $100 bills. You will get a lower rate for 20's and 50's. If you look through this thread you will find several places listed. The place on Florida & Lavalle with the Western Union sign is popular. If you are nervous about going yourself the first time try and make a friend with someone who lives there. Check the section where people are requesting things from the USA. Someone might take time out of their day to meet up with you and take you to one for a jar of peanut butter. Check your bills before you leave (watermark, reflective silver strip) to make sure they don't slip you some counterfeits. It's all pretty painless.

[QUOTE=Kamikaze;434031]You want to bring $100 bills. You will get a lower rate for 20's and 50's. If you look through this thread you will find several places listed. The place on Florida & Lavalle with the Western Union sign is popular. If you are nervous about going yourself the first time try and make a friend with someone who lives there. Check the section where people are requesting things from the USA. Someone might take time out of their day to meet up with you and take you to one for a jar of peanut butter. Check your bills before you leave (watermark, reflective silver strip) to make sure they don't slip you some counterfeits. It's all pretty painless.[/QUOTE]Also try to bring clean bills, many places will try to discount dirty, old or written on bills.

[QUOTE=Kamikaze;434031]You want to bring $100 bills. You will get a lower rate for 20's and 50's. If you look through this thread you will find several places listed. The place on Florida & Lavalle with the Western Union sign is popular. If you are nervous about going yourself the first time try and make a friend with someone who lives there. Check the section where people are requesting things from the USA. Someone might take time out of their day to meet up with you and take you to one for a jar of peanut butter. Check your bills before you leave (watermark, reflective silver strip) to make sure they don't slip you some counterfeits. It's all pretty painless.[/QUOTE]I would be glad to take him there. I go about 4 times a week anyway for myself and a lot of the other guys.

One large jar of Peanut Butter is what it will cost him. American Peter Pan or Jif. Smooth.

Scorcerer, PM me if you'd like any help down here.

Thanks,

TL.

I'll pack some PB in my carry-on and call once I get my hotel info and exact schedule.

BTW. If I "overbuy" LOCAL currency. Is there any problem changing back to DOLLARS at the airport when I go home?

[QUOTE=TejanoLibre;434033]I would be glad to take him there. I go about 4 times a week anyway for myself and a lot of the other guys.

One large jar of Peanut Butter is what it will cost him. American Peter Pan or Jif. Smooth.

Scorcerer, PM me if you'd like any help down here.

Thanks,

TL.[/QUOTE]

[QUOTE=Sorcerer;434037]I'll pack some PB in my carry-on and call once I get my hotel info and exact schedule.

BTW. If I "overbuy" LOCAL currency. Is there any problem changing back to DOLLARS at the airport when I go home?[/QUOTE]REALLY BAD IDEA!

They may not accept, take back or exchange pesos for dollars and if they do the exchange rate will kill you!

Maybe buy your pesos at the official rate at the least! Sell you dollars at 10 to 1 ?

Help me out guys!

I'm here all the time but a lot of these Boys travel in and out of this country often so they know a lot more about it.

Your best bet is to meet up and we can exchange a normal amount and after that if you see that you may run out of pesos you can exchange again on your own if you'd like.

Better to run out of pesos!

Thanks,

TL.

[QUOTE=TejanoLibre;434038]REALLY BAD IDEA!

They may not accept, take back or exchange pesos for dollars and if they do the exchange rate will kill you!

Maybe buy your pesos at the official rate at the least! Sell you dollars at 10 to 1 ?

Help me out guys!

I'm here all the time but a lot of these Boys travel in and out of this country often so they know a lot more about it.

Your best bet is to meet up and we can exchange a normal amount and after that if you see that you may run out of pesos you can exchange again on your own if you'd like.

Better to run out of pesos!

Thanks,

TL.[/QUOTE]I don't believe any one outside of Argentina would trade pesos for dollars. The currency is worthless. Just buy in small amounts and throw away any that's left over. By this time next year there might even be a new currency. So maybe save a little bit as a keep sake? Hell, I still have cruzieros, drachmas and marks! I am thinking of using them as decoration.

If you have extra pesos. At the Airport they will NOT, let me repeat, They will NOT, exchanging it back to Dollars. Even if you want 20 pesos to 1 dollars.

Unfortunately, learned it the hard way.. And I had to spend all my left over pesos at duty free in EZE.. And buy stuff I didn't want!!

[QUOTE=Gandolf50;434039]I don't believe any one outside of Argentina would trade pesos for dollars. The currency is worthless. Just buy in small amounts and throw away any that's left over. By this time next year there might even be a new currency. So maybe save a little bit as a keep sake? Hell, I still have cruzieros, drachmas and marks! I am thinking of using them as decoration.[/QUOTE]

[QUOTE=Kurty;434040]If you have extra pesos. At the Airport they will NOT, let me repeat, They will NOT, exchanging it back to Dollars. Even if you want 20 pesos to 1 dollars.
Unfortunately, learned it the hard way.. And I had to spend all my left over pesos at duty free in EZE.. And buy stuff I didn't want!![/QUOTE]Thanks for the info. Since I'll be carrying small amounts of local currency do they have ATMs for a quick refill if I need.

ALSO. Since the dollar is so valuable, is it possible to negotiate prices with the ladies in DOLLARS?

[QUOTE=Sorcerer;434041]Thanks for the info. Since I'll be carrying small amounts of local currency do they have ATMs for a quick refill if I need.

ALSO. Since the dollar is so valuable, is it possible to negotiate prices with the ladies in DOLLARS?[/QUOTE]I'm just curious, are you taking the time to read anything that's ever been posted here? Every question you have asked has been talked about, deconstructed from every possible angle, and a consensus reached by the brotherhood.[LIST]Bring whatever money you need in cash, clean unmarked 50 and 100 dollar bills only[/LIST][LIST]Bring TL and I some peanut butter and we will take you by they hand and help you exchange money, you will recoup your PB investment many times over with the better rate we will get you, let alone not getting robbed on the way out (I'm also running out of clabbergirl baking powder, the onion rings were worth it but I need more)[/LIST][LIST]Feel free to use your ATM card if you don't mind getting a 30% lower rate plus paying international usage fees[/LIST][LIST]Carefully figure your burn rate the last three days you are here to have no left over pesos, they are worthless outside of Argentina[/LIST][LIST]Never, ever, under any circumstances negotiate with chicas in dollars, not only will you pay more but then, in accordance with the laws of chica land, so will every extranjero that comes after you[/LIST]I'm not normally a RTTF kind of guy but all of this stuff has been said many, many, many times before.

[QUOTE=Sorcerer;434041]Thanks for the info. Since I'll be carrying small amounts of local currency do they have ATMs for a quick refill if I need.

ALSO. Since the dollar is so valuable, is it possible to negotiate prices with the ladies in DOLLARS?[/QUOTE]This needs to be emphasized.

NEVER, EVER, under any circumstances negotiate with chicas in dollars.

The cambio at the end of the hall in the gallaria near Florida and Cordoba (next to the big cell store) is totally off my list. I used to change there because they were competitive and had a nice secure place for larger transactions but in accordance with Argentine Econ 101 have abused the relationship to the point where it's time to terminate it. Today they tried to give me 7.6 and I got 8 on 100 at my chino across from the Acapulco Resto on Lavalle. I didn't do any shopping on the 8 rate as I had other shit to do, they may be on the way out as well.

Loyalty programs just don't exist here.

From this morning's BsAs Herald:

Monday, June 10,2013.

US dollar steady; black market paralyzed.

While the US dollar rate at exchange offices was unchanged at a selling price of 5.631 pesos, transactions in the informal market were paralyzed on fears of government controls after Domestic Trade Secretary Guillermo Moreno's threats.

Moreno held meetings last Friday with exchange offices representatives and asked them to hold the "blue" dollar between a six to seven pesos rate.

Exchange brokers told reporters they preferred halting transactions for a few days to having their businesses closed or raided by government inspectors.

[QUOTE=DaddyRulz;434044]The cambio at the end of the hall in the gallaria near Florida and Cordoba (next to the big cell store) is totally off my list. I used to change there because they were competitive and had a nice secure place for larger transactions but in accordance with Argentine Econ 101 have abused the relationship to the point where it's time to terminate it. Today they tried to give me 7.6 and I got 8 on 100 at my chino across from the Acapulco Resto on Lavalle. I didn't do any shopping on the 8 rate as I had other shit to do, they may be on the way out as well.

Loyalty programs just don't exist here.[/QUOTE]I need to make 1000 US $ change on Wednesday. Is that the rate? 8 pesos? You can't get more?

[QUOTE=Kurty;434046]I need to make 1000 US $ change on Wednesday. Is that the rate? 8 pesos? You can't get more?[/QUOTE]I didn't have time to shop it but based on recent experience that's about what I was going to get today. I may need to reshop though. I think the current trend is going to be down while they burn through all the new drug and graft money. Mondays and Fridays are always a little worse though.

[QUOTE=Kurty;434046]I need to make 1000 US $ change on Wednesday. Is that the rate? 8 pesos? You can't get more?[/QUOTE]I can give you 8$ Send me a private message if interested. In Recoleta.

Greetings Everyone,

Today at approximately 4 pm a friend of mine exchanged $1,000 USD for pesos at $8.10.

Just before he left to exchange his cash, the popular local exchange rate websites were reporting the following Blue Dollar exchange rates:

[url=http://www.lanacion.com.ar/dolar-hoy-t1369]La Nacion[/url] = $8.57 venta

[url=http://www.ambito.com/economia/mercados/monedas/dolar/]Ambito.com[/url] = $8.57 venta

[url=http://www.dolarpeso.com/index.php?c=AR]DolarPeso.com[/url] = $8.57 venta

[url=http://dolarblue.net/]DolarBlue.net[/url] = $8.57 venta

----------------------------------------------------------

Average Rate = $8.57

Rate Actually Received = $8.10

Discount from Average Rate = -5.48% (x .945)

You're welcome.

Jackson

Thanks everyone for the great currency information.

I have been out of Argentina for almost 2 years.

I arrive to BA on 6-July, which is a Saturday. Are the cuevas open on weekends?

I will be spending some time in the provinces, such as Mar del Plata. Are there abundant cuevas there?

Do restaurants, hotels, others accept US $ at the current blue rate? I have never paid for anything there in USD since 2001, but this seems like a very different situation.

Thanks,

Moore.

[QUOTE=Moore;434083]Thanks everyone for the great currency information.

I have been out of Argentina for almost 2 years.

I arrive to BA on 6-July, which is a Saturday. Are the cuevas open on weekends?

I will be spending some time in the provinces, such as Mar del Plata. Are there abundant cuevas there?

Do restaurants, hotels, others accept US $ at the current blue rate? I have never paid for anything there in USD since 2001, but this seems like a very different situation.

Thanks,

Moore.[/QUOTE]Yeah Moore they are open on the weekend but the rate is significantly lower Saturday and Sunday. I can't speak on Mar del Plata but Corrientes had ZERO cambios. You can however use Xoom in most of those places. Don't bother trying to pay in dollars, change to Pesos and use them. The rate on dollars at restos and shops remains terrible.

Welcome back,

DR.

The one time I needed to change USD in Mardel I went for a wander from my hotel and found a jewellery store, within a block, that changed at the blue rate. Directly opposite the Casino Central on the same block with with the coffee-shop on the corner that sells spectacular cakes.

Hotels will happily take your dollars. At the OFFICIAL rate!

[QUOTE=DavieW;434087]The one time I needed to change USD in Mardel I went for a wander from my hotel and found a jewellery store, within a block, that changed at the blue rate. Directly opposite the Casino Central on the same block with with the coffee-shop on the corner that sells spectacular cakes.

Hotels will happily take your dollars. At the OFFICIAL rate![/QUOTE]I would like to suggest that a VISITOR to BA change more blue dollars than he thinks he will need when going out of the city or before the weekend. If you have some pesos left over before going home, you can take a slight haircut by offering them on this forum to a gringo who lives here and can use the pesos. I saw a recent traveler offer 2000 pesos at 10 to 1 when the blue rate was about 8.5 to 1. I do not know how many PM offers he had, but I do know of at least two offers to exchange from frequent posters on this forum who live in BA. If you do the math, that is a better alternative than the OFFICIAL rate or the rates offered by hotels, shops, restos, ATMs, etc. As other posters have said, pesos are worthless outside of Argentina, and you cannot change back to dollars at EZE or AEP.

To give you an idea of how worthless pesos are in another country, an Argentine truck driver recently tried to pay for fuel in Chile with pesos, and the pesos would not be accepted, at any exchange rate.

Tres3.

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Was 8.15 at the Western Union on Lavalle. The place is 10 minutes walk from my office.

Just across the street from my place, there's a local travel agency / souvenir shop. They quoted 8.00.

[QUOTE=Joe23;434091]Was 8.15 at the Western Union on Lavalle. The place is 10 minutes walk from my office.

Just across the street from my place, there's a local travel agency / souvenir shop. They quoted 8.00.[/QUOTE]That seems to be the norm. I got 8.10 today and supposedly that was .10 more then they were paying every one else. The funny thing is, just like 3 months ago I was ecstatic to get 8 to 1. Now I'm bitching that I am only getting 8.10!

[QUOTE=Tres3;434088] If you have some pesos left over before going home, you can take a slight haircut by offering them on this forum to a gringo who lives here and can use the pesos. I saw a recent traveler offer 2000 pesos at 10 to 1 when the blue rate was about 8.5 to 1. I do not know how many PM offers he had, but I do know of at least two offers to exchange from frequent posters on this forum who live in BA.
[/QUOTE]I offered them at 10 because I got them at that price a few days before. Now had the uptrend continued, and my offer might have looked too poor. The 2000 pesos left were due to the fact that I found a cheaper ticker to Europe than expected thanks to an online service (7 k instead of 10 k)...I wouldn't encourage anybody to convert more than needed precisely because the peso is worthless as a saving vehicule.

Walked around Lavalle and Florida looking for "cambio" on Thursday and the rates were a bit depressing.

One idiot offered 7.40 and the next guy hit us at 7.70 while explaining that it was a National Holiday, that most places were closed and that they had all agreed to the 7.70 rate.

The money was not mine and it was only 500 dollars so we ended up at the Asian Lady's Leather Shop and she paid 7.85 .

Not sure if that's what DR would have received from her but it was good enough at that moment.

TL.

Does anyone know whether Scalabrini Ortiz / Cervino is open on Saturday? If not, are there any places in Palermo where I could change dollars for pesos on a Saturday? I'm not sure if I'll make it through this weekend...

Thanks in advance!

Had to change USD2k today and my usual agent was closed, so had to take my chances out on the street. Offered 7.7 all along Florida, but was always heading for "Western Union" at Florida / Lavalle.

They started at 7.8, but I made the young guy tap his boss on the shoulder because I knew he'd recognize me, even though I haven't changed there regularly for 18 months. He immediately went to 7.9. I said I couldn't take less than 8 and he asked if I had clean 100's. I told him I had all new consecutive numbered bills and he gave me 8.0.

That's actually the first time in 6+ years that I've personally been asked about the denomination and condition of my bills and it's made a difference!


e2a: FYI....the blue dollar websites linked on the front page here were all saying 8.05 before I ventured out.

DW, don't you think maybe it being Friday had something to do with the low ball rates. Going into the weekend?

The rate has been around 7.9 to 7.95 all week. I changed today at my regular place and got 7.95. I believe everyone is waiting to see what happens next week when the new monetary regs. Take effect. Moreno is trying to drive the rate back to 6-7 pesos to the dollar. Personally, I do not think the bonds for dollars program will work and the rate will clime again as winter progresses and we get closer to the elections. The INDEC stats are meaningless. The reason for the increase in retail sales volume is inflation not increased economic activity.

[QUOTE=Doppelganger;434222]DW, don't you think maybe it being Friday had something to do with the low ball rates. Going into the weekend?[/QUOTE]I didn't think they were low, given recent history!

Anyone know where I can change some euros in Mar. Del plata? Thanks.

I changed USD (US Dollars) to ARS (Argentine Pesos) at a small little shop on Florida. Called "Florida City" and is located at Florida 360, local 32 (shop 32) in the Galeria Colon. I got 7.90 ARS to the USD. I used clean $100 bills with no marks, cuts, tape or "Hello Kitty" stamps. I learned throughout the world that the exchange houses are very particular when it comes to USD $100 bills. Most that I went to will not accept USD that have any type of marks, in short they want "Clean and Perfect" bills. The elderly man was quite friendly and honest. I will return.

What is the latest rate?

Daddy's "Secret Asian" woman gave me 8 to 1 on Friday because they were small bills under 50 .

Maybe offered 8.25 to 1 for 50's and 100's? Did not pay attention to her since it did not matter at the moment.

The short fuck with the limp that works the street for her tried too cut his Euro Trash clients in front of me after I had waited 15 minutes for the woman to return with pesos.

Thanks,

I see her fairly often so I would like to know what the real deal is.