A Guide to Buenos Aires's Blue Market - How to Exchange Money

Cultural Context

It is rare that a travel guide to a city would have an entire section dedicated to money, but Buenos Aires is a unique city in more ways than one. Argentina is notorious for its boom and bust economy, regressing from one of the richest countries in the world in the early 20th century to one characterized by economic disorder, mismanagement, and rampant inflation––a phenomenon termed the “Argentine paradox.” In 2023, the annual inflation rate sat at 211%, its worst mark since the early 1990s.

Due to the extreme instability of the Argentine peso, Argentineans highly value foreign currency, in particular USD. American dollars are used by Argentineans for large purchases; locals buy houses or cars with stacks of $100 bills. Because of this, visitors who arrive with USD in cash are at a big advantage and will enjoy a discounted vacation compared to those who pay by card. Euros and British pounds can also be exchanged, but USD is clearly the preferred currency and will get the best rates. Larger bills get better rates––bring $100s if you can, but $20 and up will work as well.

Where to Go

One of your first stops in Buenos Aires should be Calle Florida, home of the unofficial currency exchange known as the “blue market.” The blue market offers the best exchange rates in the city, far better than any casa de cambio or other official exchange.

Start at the Plaza de Mayo and walk north on Calle Florida; as you go, people will come up to you offering “cambio, cambio.” It is important to shop around as different vendors offer different rates.

You can check on the website bluedollar.net to get an idea of what a good rate might be, but in the end you should be prepared to take the best rate you are offered. Once you have decided on a vendor, they will likely take you to a kiosk selling magazines and trinkets; step inside and you will see their ‘professional’ set-up of a money counter machine, rubber bands, and stacks of pesos. The process can feel quite shady, but in reality it is safe and is a normal stop for visitors to the city. Calle Florida is a busy pedestrian thoroughfare during the day, and the police sometimes keep watch to ensure that this ‘unofficial’ market remains safe for tourists. Once you have your large stack of pesos in hand, you are ready to explore the city.