Best way of having spending money in Argentina?

My wife and I are off to Argentina for Xmas and the New Year (31 days in total). I've been doing some research into the best way of having our spending money out there, but just want to see if anyone has any tips?

Our day-to-day banking is with Monzo these days. However, their travel rates are a pain, since they charge 3% for any cash withdrawals over £200 in a 30 day period. Therefore, I was thinking of using Starling. I'd top up my account here in the UK, then use the card to spend directly while out there, and also use it in ATMs when necessary.

I also have a Caxton FX card, which could be an option, but I think Starling offer a better exchange rate? (Full MasterCard exchange rate, rather than Caxton FX's own rate?)

I've looked into TransferWise, but, to be fair, I don't really understand how that would work when looking to convert my GBP into ARS. With their debit card, do I simply convert all my GBP into ARS in one go, which is then held on the card as ARS, and pay/withdraw from that ARS 'purse'?

Any other considerations I might like to take into account?
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  • AlSto
    AlSto Posts: 138
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    Starling for debit.
    Halifax Clarity, Barclays Platinum Travel, Santander Zero, Creation Everyday for credit.
    You should have a credit card at hand for deposits, purchases etc. I never hand over a debit card.
    If you are going through Gatwick you should grab a handful of US$ from the Moneycorp ATM there.
    Argentine ATM severely limit the amount of cash you can withdraw and impose a hefty fee each time. So some emergency cash can come in useful if the purchase option isn't available.
  • nik_k
    nik_k Posts: 301
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    AlSto wrote: »
    Starling for debit.
    Halifax Clarity, Barclays Platinum Travel, Santander Zero, Creation Everyday for credit.
    You should have a credit card at hand for deposits, purchases etc. I never hand over a debit card.
    If you are going through Gatwick you should grab a handful of US$ from the Moneycorp ATM there.
    Argentine ATM severely limit the amount of cash you can withdraw and impose a hefty fee each time. So some emergency cash can come in useful if the purchase option isn't available.

    I've been doing some analysis this morning, and it appears that overall TransferWise is the best/cheapest option...load the funds in GBP, convert to ARS at mid-market rate plus 1% conversion fee, then spend in ARS on their debit card fee-free. That's how I read it anyway?
  • benjus
    benjus Posts: 5,433
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    You're looking at a charge of at least 4% from the ATMs. I don't see why this wouldn't apply to the TransferWise card as well, in which case TransferWise would be worse overall than Clarity etc. However I may be wrong and it's worth a try - please report back!

    If your only concern is the cheapest rate, I don't think you can beat taking USD cash with you (assuming you can get it at a competitive rate and aren't just getting it from the Post Office). But carrying lots of cash around in parts of Argentina is not a great idea.

    You may get discounts for paying in cash rather than card which outweigh the ATM fees.

    I've quite often used Azimo to send money to Argentina at good rates - the recipient can pick up ARS cash from various outlets in Buenos Aires and a few other cities. However it's a hassle and I'm not sure what kind of paperwork they ask for, so probably best avoided if you're only there for a visit.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • nik_k
    nik_k Posts: 301
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    benjus wrote: »
    You're looking at a charge of at least 4% from the ATMs. I don't see why this wouldn't apply to the TransferWise card as well, in which case TransferWise would be worse overall than Clarity etc. However I may be wrong and it's worth a try - please report back!

    If your only concern is the cheapest rate, I don't think you can beat taking USD cash with you (assuming you can get it at a competitive rate and aren't just getting it from the Post Office). But carrying lots of cash around in parts of Argentina is not a great idea.

    You may get discounts for paying in cash rather than card which outweigh the ATM fees.

    I've quite often used Azimo to send money to Argentina at good rates - the recipient can pick up ARS cash from various outlets in Buenos Aires and a few other cities. However it's a hassle and I'm not sure what kind of paperwork they ask for, so probably best avoided if you're only there for a visit.

    For me right now, it's a toss up between Starling and TransferWise. Still got 7 weeks to decide though, so will keep exploring.

    As for Azimo, this is what we currently use for her to send money back home. It works well, and the recipient only needs show photo ID.
  • benjus
    benjus Posts: 5,433
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    nik_k wrote: »
    As for Azimo, this is what we currently use for her to send money back home. It works well, and the recipient only needs show photo ID.

    Ah, Ok... I thought they might need a CUIL/CUIT.

    In that case you could always use Azimo to send money to yourself, if you don't mind the hassle.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • benjus
    benjus Posts: 5,433
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    Personally, I used to take USD cash back when the ARS exchange rate was fixed and you could get a lot more for your money by changing at the "blue" rate. Since that's no longer an issue I just take the cards and suck up the ATM charges.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • chiny
    chiny Posts: 193
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    In 2016, I toured through areas of Peru, Bolivia and Chile. ATMs were available in cities but much of my travel was in rural areas and realistically US$ were needed - worth considering.

    I'm off to Chile, Argentina and Brazil in 3 weeks :) so just considering this problem again. Some US$ for sure but not too much cash and 2 different plastics (Halifax Clarity disliked Bolivia).

    ¡Buen viaje!
  • Nik, what did you end up going with? I’m going to Argentina later this year and interested to know how well monzo/starling worked out?
  • EveryWhere
    EveryWhere Posts: 3,249 Forumite
    Abbyprince wrote: »
    Nik, what did you end up going with? I’m going to Argentina later this year and interested to know how well monzo/starling worked out?

    I think it's been clearly explained by the people who have already been there.

    For purchases, any fee free card will do. Monzo would never be on my radar because of the £200 per month ATM withdrawal limit.
    You are going to get hit for withdrawing cash from an ATM no matter what you try.

    My advice would be to take at least one VISA card and one Mastercard and use them whenever possible.
    I would only use credit cards and never debit cards.
    So for me it would be my Barclaycard Platinum Travel and perhaps Halifax Clarity.

    For your cash needs, take some cash(I think US$/£ and Euros are easily exchanged. Though probably US$ is probably most widely) if you are going for a short trip. If for a longer trip, consider Azimo/Xoom etc

    ATM fees will upset you. Especially when you realise how little you can remove from an ATM and how high the charges.

    https://atmfees.info/buenos-aires-argentina/
  • jasdev
    jasdev Posts: 112
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    I am also travelling to Argentina and concerned about having any sizable amount of cash on me. Is the ATM withdrawal limit per machine or per day? I have a Clarity card so would intend to use that for purchases and withdrawals.
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