Argentina - Local cash from ATM, Dollars or Credit Card

VXman

How widely used is credit card in Argentina nowadays?  We will be mainly in tourist areas and generally use Chase car abroad (no fees etc)

Is it worth using local ATM?

Is it better to take Dollars (or Euros?) and exchange locally?

Lot's of questions I know but very confused by research so far!

DullGreyGuy

VXman said:

Is it better to take Dollars (or Euros?) and exchange locally?

Depends what sort of place you are thinking of using and your risk appetite. 

There are multiple exchange rates in Argentina... the official rate, the MEP rate (applies to foreign card purchases not withdrawals) and the blue dollar/black market. The gap between the three has closed notably in recent years and its no longer the case that the blue dollar is always best. 

Cards are widely accepted in tourist areas and cities. Less so in rural areas. Some seem to report charges initially go through at official rates and then a refund is received a few working days later that adjusts it to MEP.

You need to be clear on if prices are in pesos or USD and similarly if they are charging you in pesos or USD. Unhelpfully both use the $ sign. Any FX done by the shop itself is likely to be worse than the MEP rate

NoodleDoodleMan

Santander UK debit cards are totally fee free at Santander branded ATMs in Argentina.

Apparently it's one of the largest banks across the country, if not the largest.

There is a branch and ATM locator online - obviously you'd have to check if there is a presence in the areas you'll visit.

The UK Santander Everyday Account would be suitable (not strings attached) - may be worth considering if it would meet your needs ?

DullGreyGuy

NoodleDoodleMan said:

Santander UK debit cards are totally fee free at Santander branded ATMs in Argentina.

Apparently it's one of the largest banks across the country, if not the largest.

There is a branch and ATM locator online - obviously you'd have to check if there is a presence in the areas you'll visit.

The UK Santander Everyday Account would be suitable (not strings attached) - may be worth considering if it would meet your needs ?

Though that would be based on the official exchange rate rather than the MEP 

Ballard

I was in Argentina during the election last year and things may well have changed with the new administration but at that time ATMs didn’t get the blue rate so I used Western Union to get the tourist rate. I’d set myself up an account beforehand and once there just sent myself money to be picked up in one of their numerous branches. They do charge a fee but it was still much better than ATM rates.

Current WU rate is 1,450 and for £500 it’s a £17.50 fee. The official rate quoted by XE.com is 1,289 today. The difference when I was there was something like 400 against 1,100 so the two rates have come much closer together. 

Edit: I’ve just calculated that £525 at an ATM would get you ARS 667k against 725k at WU.

We mostly used debit cards throughout the country with no issue, though, and at that time plastic got the tourist rate. I did see a sign in one place that noted that overseas cards had only recently started getting the tourist rate so there’s a chance that this ruling no longer applies.