bakoboy

I am going to be in BA in early November. I know there is a big difference between the official exchange rate and the dolar blue rate for US dollars.

Where do I go to exchange US dollars for pesos at the dolar blue rate? Is it a legal transaction? Or an illegal activity? Is it better to exchange 100 dollar bills or 20 dollar bills? What about the actually money? I know about no rips or writing on the bills but what about dates of issuance? Would it be beneficial to get the new 100 bill?

I will be in the micro center area of BA.

Thanks for any information.

HIDDY

Safest method is to arrange it privately with someone you can trust.

Other than that there is always going to be risks involved when dealing 'in the street'. Best to read this thread and this one for the latest info and other safer ways.

Gaucho100K

No need to get the new 100 bill, but do try your best to get 100's that are in very good condition... they don't have to be mint, but no torn or heavily worn bills because they will be penalized with a lower exchange rate. Also, smaller bills will also be penalized with lower rates.

The "blue" market rate is part of the grey market economy, meaning that while the practice of trading US$ is tolerated, it is not legal and therefore you have no formal legal recourse if you decide to operate in this market... hence the above advice to understand the details of what you are getting into and do proper risk management.

Flying Machine

Received $9.80 today (even thought most places were not trading from what I understand..) at the Compra Oro spot on Scalabrini Ortiz (2354)

bakoboy

Have taken the trip and now back.

The day I arrived in BA I asked the hotel clerk where to get the dolar blue rate and she told me the hotel would buy US dollars 9 to 1. I said OK. I walked down Florida Street and there are touts that were offering 9.5 to 1, but I was a little dubious, so I didn't trade. I traded $500 US for 4,500 pesos at the hotel.

Traveled to Cordoba and traded twice. Once for 9.5 to 1 and again at 9.2 to 1.

Traveled to Mendoza and traded 9 to 1.

I did all the trades in the daytime and inspected every bill (they have a watermark). I was situationally aware when walking away and cautious.

I went back to BA and had about 1200 pesos I want to trade back to dollars. I bought US dollars for 10 pesos each. The regular exchange places won't trade unless you have a document of where you got the money.

Argentina is not the cheap place it was even just a few years ago. At the official exchange rate it would have been expensive, but getting 50% more by trading cash makes the trip more affordable.

Schultzois

Wow - a little surprised to hear that even your hotel would exchange at nearly the normal blue rate... although I suppose that they obviously have people they will exchange with at the blue rate, so it makes them money and (most probably) makes their guest happy as it's convenient and safe.

I hope you had a good visit. It's true that things are more complicated now, currency-wise especially, although my experience is that the cost of visiting/staying here is cheaper than it's been for awhile if you're coming with dollars and changing at blue rates, but certainly a lot more expensive than it's been (and should be) at official rates.

bakoboy

I had a great trip. Thanks for asking.

Where does all the money come from in Argentina? I know you don't have to scratch too hard to find grinding poverty, but in most of the places I went people were eating out at restaurants, all the shops seemed to be filled, people well dressed, lots of newer cars, etc, etc.

What is the deal with many unfinished buildings? In several cities many highrise buildings are apparently abandoned.

Hope to get back down there before too long.

Gaucho100K

The problem in Argentina is not so much lack of wealth.... its more about income distribution.... its a very loooong and complicated story.

Eastbay1K

And where the people with wealth keep their funds and investments.

I doubt whomever named the Rio de la Plata knew that it would be named so because of high speed ferries full of one way deliveries of plata across the river.

Now, back to your regularly-scheduled "Where/how to get dolar blue" discussion.

MSPeconomist

Is the OP willing to name the hotel? Was this an "official" service of the hotel or just an employee making money from a side business doing foreign exchange? BTW, would it be legal and/or tolerated for an ordinary citizen or resident to provide foreign exchange services at the blue rate to tourists?

Eastbay1K

The blue rate isn't legal for anyone, ordinary citizen or resident, or not.

geirfugl

Was this a totaly safe transaction,I am going to Bs.Aires on this Sunday,was going to transfer via Xoom,but learned now that I need an american cc to do so. Using the oficial rate obviously raises the total cost of a 10 day trip quite a lot,on the other hand I would not like to engage in anything risky.

bakoboy

I don't think I should name the hotel. I don't want to get anybody in trouble. I changed money with two front desk attendants, both of whom seemed to know what to do. It seemed quite routine.

In other hotels I asked where the dolar blue changers were and the front desk knew exactly where to go. They would point it out on my city maps. Very helpful.

HIDDY

Not that long ago we had a Banco Nacion employee privately sell us US dollars at his desk. This country really is turning into a joke.

goteed1

I just returned from Buenos Aires as well and did 3 "blu rate" transactions. When I checked into my hotel I asked the clerk and he offered me a rate of $8. Since I was tired and jet lagged I just exchanged $50 to get me started. The next day a tour guide took me down to Florida Street and we found someone who gave me $9.6 A couple of days later I was passing by a restaurant in Recoletta and they had a small sign offering $9.5, so I had dinner there and did another exchange.