Here are some fun facts on the subject of getting yourself a suitcase-load of Argentinian Pesos and spending them:-

– With an inflation rate of 289% (April 24), financial transactions can be tricky. On 18th August 2024, 1 GBP = 1217 ARS. If you look at the conversion rate today you can see how fast it is moving. However, in recent months the rate seems to have turned a corner on the back of the new president’s drastic economic measures. Interesting article here:- Have Milei’s first six months improved the Argentine economy? – BBC News

– The current government is aiming to get the Argentinian Peso pegged to the USD but this will take years (if it happens at all).

– Larger businesses will take credit cards whereas small businesses prefer cash so it is likely that you will need a combination of both.

– There are multiple exchange rates for different transactions and they are all constantly on the move so you need your wits about you to squeeze out the best rates.

– The Bank of Argentina is not keeping up it’s denomination of notes with it’s own inflation. The 2000 peso note was introduced in 2023 and it the largest denomination (worth less than £2). This means you may need to turn up to an ATM with a wheelbarrow. OK, maybe a slight exaggeration but you will need a large wallet!

– You can get money out of ATMs but it is best to use ATMs within the bank building for security and to minimise the risk of the machine being scammed. ATMs use the official exchange rate but often charge significantly for their service and regularly run out of money. 

– Don’t be surprised if you buy a coffee and not only do they only accept cash but they won’t give you any change. Make sure you have all denominations handy.

– There is a “Blue Dollar Rate” (AKA mercado azul), which is better than the official exchange rate and can be used at “cuevas” (money changers). You get the best rate with USD cash where they prefer $100 bills. When I say “prefer” I mean some will only take $100 bills. Euros are also popular but you may not get as good a rate as USD. You could try GBP but they might laugh out loud. The Blue Dollar rate has been as much as twice the official rate in the past but in the middle of Aug 2024 it was about a third higher (and always on the move). The inflation rate being what it is, you might need to convert paper currency on something like a weekly basis. The more you do it, the better you keep ahead of inflation and avoid an unmanageable amount of cash. Alternatively the more you convert, the higher the security stress factor and the higher the actual time of your holiday taken up with something that should be simple like money changing. 

– An alternative to using a money changer is to use Western Union. You set up an account and attach it you your home debit card. Then you send yourself some money to be picked up in Argentinian Pesos at a Western Union Office. The upside is that this usually get you an exchange rate close to the blue rate. The downside is that these offices regularly run out of money, there are usually queues and of course there is a service charge. And don’t expect to find Western Union offices in the smaller towns.

– The good news is that credit cards are widely accepted in the bigger places where big money is being spent. Examples being hotels and higher end restaurants. These use something called the MEP rate which is usually just short of the Blue Dollar rate. This is part of a government policy to encourage foreigners to spend whist in Argentina. I am told that Visa is currently using the MEP rate, Mastercard will charge you the official rate and then reimburse the difference a few days later. American Express is not widely used in Argentina. The general advice is to generally ask if they take credit cards before you order that second bottle of wine.