In this post I’ll be writing about money in Argentina. It is based on advice I’ve been given and my own personal experience from travelling here. Before arriving to Argentina I know I was nervous and slightly worried about what worked best money wise.
It was a bit of an unknown factor that I didn’t want to muck up and end up paying highly for it later down the line (especially as I’m travelling on a budget!). I hope this post gives an insight into the money situation in Argentina and helps others going to make money decisions that work for them as well as some peace of mind.
Part of getting ready for any trip is sorting out how to pay for your trip when abroad. It’s normally a case of heading to a bureau de change and buying however much of the currency you need. This strategy certainly works for euros and dollars!
For further afield destinations with less mainstream currencies it’s not always as easy. This was definitely the case for Argentina as Argentinean pesos are not readily available to buy in the UK. Plus, even if you manage to order some the exchange rate is normally not favourable. For my peace of mind I always like to arrive to my destination country with a small amount of currency. It just makes me feel better! This time around however I didn’t have that option.
I read quite a few blogs for advice and learnt the following which has since been reinforced and added to from my time in Argentina:
US dollars
US dollars are a very useful currency to have. If like me and you like to arrive to a place with the appropriate currency, then be sure to take dollars with you. I paid in dollars for my transfer from the airport. Moreover, dollars are also easily exchanged at currency exchanges in the street. If you’re looking to avoid using ATM’s (because of their high transaction fees) and paying by card, bring dollars!
The ATM situation
ATM’s in Argentina charge a high transaction fee per withdrawal (it’s about 10%) and there is a max withdrawal limit of ARG$4000 (approx £80) per go which is hardly anything. I tried withdrawing higher quantities from several banks in Buenos Aires but to no success. I’ve heard in smaller places the withdrawal limit can be less so I shall see as I go.
Tip: If you’re with a group of people who are paying cash, you can volunteer to pay the bill by card and collect the cash. You get cash and avoid the fees! It doesn’t work all the time but it’s a good option to have.
Using a card
If you’re going to use a card to travel make sure you get one which doesn’t charge you to withdraw money or to pay by card. With the ATM transaction fees as they are you don’t want your bank at home to charge you another fee too. I signed up to Starling Bank before I came out and so far the card is great – no withdrawal or paying by card charges.
Similar to Starling is Monzo, another popular online bank. I went with Starling simply because it had a higher withdrawal limit per day.
It is also worth checking whether your bank covers ATM fees. Some do which means you can claim back the costs you’ve accrued from withdrawing money.
Paying by card
The benefits of my Starling card made paying by card my preferred payment method. In Buenos Aires I was constantly on the look out for signs in shop and restaurant windows saying cards were accepted. Where possible I choose to pay by card. Hostels are a good place to save your cash and choose the card option. It means I keep the cash for when I need it.
When paying by card, always pay in the local currency to get the best rate. If you select your home currency, say GBP, then your bank will select the exchange rate which usually isn’t great.
Onwards travel
Check the ATM situation for your next destination. There’s nothing fun about arriving somewhere new low on cash and not being able to withdraw more. For instance, I’ve been told to withdraw plenty of cash in El Calafate before going to El Chalten where ATM’s are fewer and sometimes empty! I’m hoping I don’t get caught out!
The joys of internet banking
Internet banking is a saviour! It just makes travelling so much easier. I have both the apps for my two bank accounts on my phone. It makes transferring funds from my main account to my Starling one so quick and easy. I’m then able to make the most of the perks of my Starling’s perks which come into their own when travelling.
There you have it, my take on money in Argentina. Hope it helps anyone heading over there. If anyone has more tips, I’d love to hear them!
