Once one of the world’s most bustling economies, Argentina has fallen on hard times financially in recent decades. This has led to the devaluation of the Argentine peso. While challenging for locals, it can make traveling to the South American country more affordable — even if you’re on a budget.
And reasons to visit Argentina abound. Its vibrant cities and stunning natural landscapes draw millions of visitors each year. From the mountainous Patagonia region to the bustle of Buenos Aires, visitors have plenty to choose from.
Before you rush to book your ticket, get up to speed on Argentina’s currency. In this guide, we’ll cover the basics of the Argentine peso, tips for exchanging money in the country, and answers to commonly asked questions.
What is the currency in Argentina?
The currency in Argentina is the Argentine peso, represented by the symbol $ and the code ARS.
Argentinian banknotes range from 1 to 10,000 pesos and circulate in the following denominations:
- $1
- $2
- $5
- $10
- $20
- $50
- $100
- $200
- $500
- $1,000
Each banknote features Argentina’s natural landmarks or wildlife. For example, the 100-peso bill features the taruca, a local endangered deer.
Coins come in pesos and centavos, 100 of which equal 1 peso. Their denominations include:
- 1, 2, 5, and 10 pesos
- 5, 10, 25, and 50 centavos
Centavos don’t get a lot of use amid the country’s recent spike in inflation.
The peso is managed by the Banco Central de la República Argentina (Central Bank of the Argentine Republic), which issues the currency and sets the country’s interest rates.
History of the Argentine peso
Argentina’s relationship with the peso dates to its time under Spanish rule. As the Spanish Empire grew, many of its colonies in Latin America and beyond used the peso. That included Argentina.
Many iterations of the peso have followed in Argentina, including the current form of the Argentine peso, which began circulating in 1992 amid the country’s economic depression.
Here are other impactful moments in the volatile history of Argentine currency:
- 1816: Argentina declares its independence from Spain and begins issuing its own coins called reales and soles.
- 1826: Two forms of paper currency are introduced: the peso fuerte, which is convertible to gold, and the peso moneda corriente (everyday currency), which was non-convertible.
- 1881: Law number 1130 is enacted to establish the peso oro sellado (stamped gold peso) as the country’s monetary unit along with the paper, moneda nacional (national currency).
- 1970: The peso ley replaces the previous currency at a rate of 1 peso ley to 100 pesos moneda nacional.
- 1983-1985: The peso argentino is used as the country’s new currency but is replaced only a few years later by the austral following the country’s return to a democratic government.
- 1992: The new Argentine peso, known as the peso convertible, is introduced and pegged to the US dollar to maintain price stability.
- 2002: Following a national financial crisis, the fixed exchange rate system of tying the peso’s value to the dollar was abandoned for a floating rate system (more on that next).
7 tips for exchanging US dollars for Argentine pesos
The peso is a floating rate currency, which means it fluctuates based on its supply and demand relative to other currencies. Therefore, the current dollar rate in Argentina is constantly changing.
Even with the dynamic nature of the peso’s value, travelers can land a competitive rate with a little legwork. So, keep the following tips in mind when exchanging your US dollars for Argentine currency to score a competitive exchange rate.
1. Research and compare exchange rates
There are several places you can convert your USD into ARS, each with its own exchange rate. Check the exchange rate across multiple money exchange providers to make sure you get a fair rate for your currency swap.
Keep in mind that since money exchangers don’t want the hassle of small bills, you may get a better exchange rate if you bring larger US dollar bills for exchange.
To get a sense for what constitutes a competitive USD-to-ARS exchange rate, you can always track live exchange rates online with Western Union.
2. Notify your bank ahead of traveling
Notify your bank about your travel plans to make your trip to Argentina easier. Banks sometimes flag transactions made abroad as suspicious. The last thing you want to deal with is a frozen bank account or credit card while exploring the country.
In some cases, you can even notify your bank or credit company of your travel plans through the financial institution’s mobile app. You shouldn’t have any issues transacting as long as your bank knows your location ahead of time.
3. Avoid exchanging money at airports, hotels, and tourist areas
When you land in Argentina, don’t stop at the airport’s money exchange services. They tend to offer poor exchange rates for your dollars. The same goes for hotels and tourist areas.
Currency exchange services known as cuevas (caves) are also common throughout Argentina. These unofficial, technically illegal centers are widely tolerated and may soon become legal. While some of these black-market services are generally considered safe, you may risk getting scammed with counterfeit bills or a poor exchange rate. Tread carefully and consider an official currency exchange provider instead.
4. Consider commissions and fees
Not only do you have to consider your exchange rate when converting to Argentina’s currency. You also need to watch out for commissions and fees.
For instance, you may be charged a lot in fees with every withdrawal if you use an ATM. Or, when using a credit card, merchants may add a 2% to 4% surcharge to your purchase to cover foreign transaction costs.
When it comes time to exchange your money, be aware that currency exchanges may charge commissions or exchange fees for their services. Make sure to review all charges and account for these fees before exchanging cash or making a payment.
5. Opt to be charged in the Argentine currency when withdrawing money from ATMs
ATMs are one of the best ways to get the best exchange rate. Keep in mind that you’ll pay fees for withdrawing Argentine currency from the ATM, but you can still get a favorable exchange rate if you take out peso banknotes.
If you’re traveling to the popular Patagonia region, there are relatively few ATMs in the main cities of El Calafate and El Chaltén. So, make sure to bring cash with you if you’re heading to the southern part of the country.
6. Exchange money in Argentina instead of the US
In the US, you won’t find many places to exchange dollars for Argentine pesos. Even if you do, you’ll likely have to settle for a poor exchange rate. That’s why it’s generally better to wait until you land in Argentina to exchange your money and get the pesos you need for your trip.
7. Use reputable exchanges
As previously mentioned, you may want to avoid the unofficial street money exchanges, or cuevas. Instead, stick with authorized exchange bureaus or banks if you’re looking at how to exchange currencies in Argentina. These regulated businesses are among the best places to convert currency.
Another option is to send money to Argentina that you can pick up when you arrive. Reputable online exchanges like Western Union are great options for this. With Western Union, for example, you’ll get access to exchange services with cutting-edge security features like transfer tracking and encryption.
Using money in Argentina
The culture and economy of Argentina have changed over the past decade, especially with the election of a new government in late 2023. Here’s what you need to know about using Argentine pesos during your travels.
Can you use US dollars in Argentina?
While the US dollar isn’t an official legal tender in Argentina, you can sometimes use dollars in cities and tourist areas throughout the country. You can sometimes even get a slightly better exchange rate by using dollars instead of a credit card. Still, you’ll likely find it easier to transact in pesos and avoid worrying about the exchange rate and being overcharged by local merchants.
Tipping etiquette in Argentina
Tipping in Argentina is customary for guides, drivers, and hotel staff, among other service providers. You can generally tip in pesos or dollars if you have them handy. Plan to tip about 10% to 15% for good service at restaurants. Tipping at cafés isn’t expected.
You may find an added 10% charge to your bill known as cubierto, but this doesn’t go to the staff. It’s more of a “cover” charge that is said to account for things like bread or appetizers, as well as the use of cutlery, plates, and table settings. Keep this in mind when thinking about leaving a tip for your waiter.
Where to get Argentine pesos near me?
You won’t find it difficult to get pesos in Argentina. After you arrive, you can obtain the country’s currency at exchange providers like Western Union or ATMs. Major airports, commercial districts, and tourist areas also often have currency exchange services, but it’s often best to avoid these options.
Find a currency exchange near you to get started.
FAQs
What currency should I take to Argentina?
If you bring US dollars to Argentina, you’ll find it easy to exchange them for Argentine pesos when you arrive. Other major global currencies like euros and pounds can be exchanged as well.
Can I use my credit card in Argentina?
You can use credit cards throughout much of Argentina. However, merchants may add a 2% to 4% surcharge for using a credit card.
Can I use my debit card in Argentina?
Yes, you can use a foreign debit card in Argentina. As with credit cards, some merchants may tack on a surcharge for debit card transactions. You may also have to pay ATM fees if you withdraw cash using your debit card.
How much is the US dollar in Argentine pesos?
The exchange rate for USD to ARS changes regularly. But as of mid-2024, 1 US dollar was worth more than 900 Argentine pesos. That rate jumped substantially in late 2023 when, days into newly elected President Javier Milei’s term, Argentina moved to stabilize its economy by devaluing the peso by more than 50%. The peso had been worth about 365 pesos before the economic maneuver.
