Argentina has restructured regulations around exchange rates for tourists, allowing visitors paying with credit and debit cards in the country almost twice as much value for their money during their stay.
In the past, poor exchange rates for card users forced travellers seeking better value to bring large amounts of foreign currency and change it informally via unofficial traders once in Argentina (known as the ‘Dolar Blue’, according to The Independent).
Now, the exchange rate for card users is far better. Previously, US$1 was worth ARS158 (both equivalent to R17). However, visitors could turn their dollars into up to ARS285 (R30) through a Dolar Blue trader. Since the government altered regulations, a dollar converts to ARS292 (R31) using the new rate for non-Argentinian card transactions.
Officials hope the new measures will discourage visitors from bringing large amounts of cash into the country, meaning less chance of being robbed, and allow taxation of official transactions by tourists throughout Argentina.
“Effectively, the measure introduces an exchange rate 90% superior to the official one, applying to all tourist expenses in the country, including excursions, meals and tourist packages,” says the Buenos Aires Times.
