Newcomer Financial guidance, please!

[roland]

Hello,
We are about to embark on a month-long journey to Chile and Argentina. Our itinerary involves spending most of our time in Chile, with the final week in Argentina, exploring Patagonia and Buenos Aires. Typically, we rely on a cash card in UK pounds and withdraw the local currency as needed upon arrival. However, we are considering whether it would be more advantageous to carry some US dollars or utilize a UK credit card.
Apologies if this appears straightforward to some, but I find myself quite perplexed by the situation. Could someone please share a link with relevant information for me to read?
Thank you for your assistance.

 

[Josh27]

In Argentina, resorting to ATMs should be considered a final option. The withdrawal limits, fees, and exchange rates make it less favorable, unless it becomes the only viable choice.

Consider bringing some USD, preferably in $100 or $50 bills, and opt for cash exchange. Using your credit card can also provide a favorable exchange rate, although having cash on hand is advantageous.

Maintaining flexibility and exploring various options is advisable.

While fellow travelers have extensively shared insights on this forum, it's crucial to note that the situation is dynamic, particularly with a new president in office and markets responding.

 

[Mady]

For individuals from the UK, there's minimal benefit in converting GBP to USD and then exchanging again upon reaching Argentina. GBP is widely accepted and can be exchanged at favorable rates, as are Euros (€) if you happen to have them.

 

[Traveler]

I would be very skeptical about exchanging pounds for pesos at the blue rate. Forum members have consistently suggested that exchanging 100 US dollars provides the best rate.

I've just received my peso order at the official rate. I've only ordered £20 worth to use for Ubers before exchanging at the blue rate upon arrival.

 

[Tom22]

To clarify, all the information above applies specifically to Argentina. In Chile, it is advisable to withdraw the necessary cash from any ATM and make payments predominantly through credit cards or bank cards.

 

[multitasker]

I, too, am from the UK and concur that the fees and rates involved in converting pounds to USD and then to Argentine pesos seem illogical. Even if a better rate is offered for high-value USD.

My preference is to use as little cash as possible, both in Argentina and Chile. We already have a small amount of USD, and we plan to bring that along, perhaps exchanging some for tips. Otherwise, our intention is to rely on our Clarity cards due to their lack of foreign transaction fees. We might even use USD for tips, as we found it well-received last year in Costa Rica.

Subsequently, we'll monitor our credit card to ensure it provides the anticipated refund after using it in Argentina, where the rate is converted to the tourist rate. I'm particularly hesitant about carrying significant amounts of any cash.

 

[Traveler]

I concur with the observations regarding the bulkiness of carrying pesos in cash.

I personally prefer a mix of payment methods, just in case there are issues like a payment reader being down, card being scammed and needing a replacement, or the card being lost. Having some cash at the place of stay for backup can be helpful in such situations as they do happen.

Ultimately, it's a matter of personal preference. I find the pound to dollar route tried and tested, and it suits my comfort level.

 

[roger]

If you possess a debit card, consider utilizing it for payments at stores or restaurants. In my case, it offers the blue rate straightforwardly without the intricacies of rebates.

 

[Lord]

During my visit to Argentina in October, I opted for Western Union. It was a simple process, and the exchange rate was very favorable. The only issue I encountered was a lengthy queue on one occasion, which took over an hour.

 

[earlyretirement]

I agree to avoid the ATM machines in Buenos Aires. They are not a good option and have a limited withdrawal of only around 40,000 pesos and charge a high fee to withdraw. You can bring US $100 bills (make sure they are newer and not torn or have marks) or just use your foreign credit card. Western Union is also a good option.

You may want to read these threads:

Newcomer - Foreign Credit Card purchases at MEP rate?

Forgive this newbie but I'm coming to Buenos Aires for 1 month in a few weeks. I read that foreigners can use their credit cards from their home countries (I am American) and I will get a special exchange rate. I read some old articles and I found these...

www.expatsba.com

Western Union

What accounts for the significant difference between the Western Union exchange rate and the blue dollar rate in the past month?

www.expatsba.com

 

[multitasker]

May I inquire about the specific method you employed with Western Union? Did you bring UK pounds in cash and exchange them on-site for the local currency? Alternatively, did you initiate a transfer from your British bank to Western Union? I am aware that the latter may involve various fees.

 

[badluck]

What Josh27 mentioned above is absolutely accurate. I'd like to add that you should consider getting the Western Union mobile application, allowing you to use Western Union like an ATM to bypass withdrawal limits and fees. It's a strategy I personally employ.

However, be mindful that if you're using Western Union for amounts exceeding about $250 (USD) at a time, it may limit the availability of outlets with sufficient cash. I typically utilize the Montevideo y Cordoba branch every 2-4 weeks because they consistently have enough cash. A pro tip is that they actually have three branches on the same block, so if there's a line at one, consider walking around the block.

Additionally, keep in mind that the blue rate may fluctuate with the new President. Stay informed by checking dolarhoy for the latest rates.

 

[Avocado]

May I inquire about the specific method you employed with Western Union? Did you bring UK pounds in cash and exchange them on-site for the local currency? Alternatively, did you initiate a transfer from your British bank to Western Union? I am aware that the latter may involve various fees.

Just send it online. Here you can see their website. You should get your first transfer free after signing up. this says you can send a maximum of 4000 GBP. As of this morning 1 GBP = 1,170.3293 Argentine pesos.

Send Money Online Now | Western Union UK

Start sending money online now with Western Union. Choose the most convenient way for you to transfer money online from the United Kingdom.

www.westernunion.com

 

[johnm]

Hello,

While I'm not an Argentina expert, this is my third visit, and the last one was in 2007. I arrived from the UK on December 24th, and here's what I've observed so far:
-Halifax Clarity Credit Card (no fees): You now receive the official MEP rate immediately, eliminating the need to pay the official rate and wait for a refund. I believe this change occurred in late November, although Mastercard didn't officially announce it.

-Credit Card Usage: Generally, I've had no issues using my credit card, even in the smallest convenience stores, except for today:

• a) A fruit and veg shop added a 10% fee for credit card payments, and I paid the extra without much thought.
• b) A minimart didn't accept credit cards. At that point, I remembered my first direct debit card (also with no fees), and it was accepted. I'm getting the MEP rate on both cards.

-Credit Card Fees at Accommodations: Usually, I haven't faced extra charges in shops for using a credit card. However, some accommodations (small self-catering places) have imposed a 10% fee for credit card payments. It's something to be aware of, but we found the rate offered for changing cash in Mendoza suburbs made it more convenient to pay the surcharge.

In conclusion, even though Argentina may have become more expensive for us foreigners in recent weeks, we are fortunate to afford and enjoy this travel experience. The people I've met have been incredibly friendly and patient with my attempts at speaking Spanish. So, let's make the most of our holiday and savor the amazing experiences.

 

[GlasgowJohn]

As @Avocado points out above WU is the ideal way to pick up cash in note form when in Argentina - the fee is free for the first transfer and then will be between 7.00 GBP and whatever for the next one.

Before the Pandemic, it was easy to change GBP in large branches of big banks , but it has become quite a bit more difficult since . Nanco Piano still offers the service and will ven change Scottish banknotes!

UK credit cards will get you a a rate just below the MEP rate.

Using credit cards at your hotel should mean that VAT is deducted on your final bill.

 

[StatusNomadicus]

Western Union will only give ARS Pesos, FYI, not USD or GBP

check out www.x.com/ArgentinaMEP for MasterCard and Visa real-world MEP rates (official found at ambito.com) updated daily. currently, Visa gives 917 Pesos per Dollar, not sure how it would work for Pounds with a UK credit card, but if you have receipts and want to add to that twitter/X account, i'll take any data you have when you get here