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Argentina - Money in ArgentinaMONEYThe unit of currency is the Argentine peso divided into 100 centavos. Exchange rates can be found in any major newspaper in circulation. Peso notes in circulation are 2, 5, 10, 20, 50, and 100. Coins in circulation are 1, 5, 10, 25, and 50 centavos and 1 peso. Most major towns have exchange houses (casa de cambio). Some banks will also allow people to convert money, though they usually offer a lower exchange rate and require a minimum exchange. The easiest currency to exchange is the US dollar because the dollar exchange receives the lowest commission rates; however, many other currencies are accepted. US dollar bills will only be accepted if they are clean and unblemished because there are counterfeit dollars in circulation. For almost all exchanges, a passport must be shown. If taking travelers’ checks, the risk of loss is lower, but these are extremely inconvenient in every part of the country, because exchange facilities are very few and can only be found in big towns. Also, commission is very high (usually around 10%). For these transactions too a passport is essential and you may have to show proof of purchase. Travelers’ checks also attract thieves and though you can arrange a refund, the process will hold up your travel plans. Credit cards are also a useful way to withdraw cash from an ATM with the exchange rate being the exchange rate at the moment the cash was withdrawn (be aware of this if exchange rates fluctuate greatly during the day). There is usually a 2-3% commission fee charged and possibly a cash handling fee (check with your credit card company). The most widely accepted credit cards are Visa and MasterCard. Credit cards are generally not accepted as a form of payment with the exception of expensive hotels and restaurants. An ATM (cajero automático) can be found in almost every major town (except El Chaltén in the south). Also, note that your cash and a receipt for your withdrawal will be given before your card is returned so do not forget your card! If you are traveling for more than one month, be sure to arrange a way to have your credit card paid off at the end of each month. The Visa emergency phone number is T0800-32222 and that of MasterCard is T0800-555-0507. Money can be transferred between banks in most countries, including Argentina. However, before you travel, find out which bank in Argentina your home bank is related to. Also, gather all relevant information, such as routing numbers, before leaving home. The whole process may take two to three days, is paid in pesos, and may be subject to tax. An alternative is to use a service such as Western Union (Telephone: 011-4322-7774). As always, keep an eye on your money. If your credit cards are lost or stolen, be sure to contact your credit card company immediately. As in any other country, it is not advisable to carry a large amount of cash on your person in one spot or at all; if possible keep only small amounts of cash on yourself at any one time. The cost of living is low relative to the US, Canada, Europe, and Australia therefore, it will not be necessary to carry large amounts of cash often. Take caution when using ATM machines not located on major streets and avenues, and avoid using ATM’s after nightfall and on weekends. Most robberies around ATMs take place during these hours. Finally, ATMs may run out of cash, especially if they are located in residential neighborhoods. For this reason, it is most convenient to use those located in city centers. |
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