Money

Cash & Currency

The official Argentine currency is the peso, made up of 100 centavos. Money is denominated in notes of 2, 5, 10, 20, 50, and 100 pesos; and coins of 1, 2, and 5 pesos, and 1, 5, 10, 25, and 50 centavos. At the time this book went to press, the exchange rate was about 3 pesos to the U.S. dollar, and just less than 6 pesos to the British pound.

Prices have fallen across the board with the peso's devaluation in 2001, and Argentina is still a terrific bargain for foreign visitors. Often prices are only half what they were before the economic crisis, especially for dining in restaurants. Hotels, however, are guilty of wildly fluctuating rates. In fact, in many cases, hotels are no longer the bargain they once were. Many 4- and 5-star hotels have returned to their pre-devaluation prices as the number of quality hotels has not kept up with demand as Argentina becomes one of the world's hottest travel destinations. As more and more Europeans (mostly from Western Europe) flock to Argentina, hotels are jacking up their prices since they know the euro is so strong. Prices tend to be cheaper outside of Buenos Aires.

Exchanging Money

It's a good idea to exchange at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home (though don't expect the exchange rate to be ideal), so you can avoid lines at airport ATMs. You can exchange money at your local American Express or Thomas Cook office or your bank. If you're far away from a bank with currency-exchange services, American Express offers travelers checks and foreign currency, though with a US$15 (£7.95) order fee and additional shipping costs, at www.americanexpress.com or tel. 800/807-6233.

U.S. dollars are no longer as widely accepted in Buenos Aires as they were before and immediately after the December 2001 peso crisis. You can, however, still use them to pay in some business-class hotels, and at restaurants and businesses catering to tourists. Such places will often post their own daily exchange rate at the counter. (In fact, some ATMs in Buenos Aires dispense U.S. dollars as well as pesos.) For the vast majority of your purchases, however, you will need pesos. You can convert your currency in hotels, casas de cambio (money-exchange houses), some banks, and at the airport. Exchange American Express traveler's checks for pesos in Buenos Aires at American Express, Arenales 707 (tel. 11/4130-3135). It is sometimes difficult to exchange traveler's checks outside the center of Buenos Aires, so plan ahead to have a sufficient amount of pesos on day trips.

ATMs

The easiest and best way to get cash away from home is from an ATM (automated teller machine). The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on, then call or check online for ATM locations at your destination. Be sure you know your personal identification number (PIN) before you leave home, and be sure to find out your daily withdrawal limit before you depart. Also keep in mind that many banks impose a fee every time a card is used at a different bank's ATM, and that fee can be higher for international transactions (up to US$5/£2.65 or more) than domestic ones. On top of this, the bank from which you withdraw cash may charge its own fee. Ask your bank about international withdrawal fees.

ATMs are easy to access in Buenos Aires, but don't depend on finding them off the beaten path. Also, even if your bank allows a certain maximum daily amount to be withdrawn, usually in the range of US$500 (£265), local ATM limits may be significantly lower (as little as US$100 (£53), so plan ahead if you know you need large amounts of cash, or test various cash machines before an emergency. It is a good idea to let your bank know ahead of time that you will be using your ATM card overseas so they do not block transactions in an effort to prevent fraudulent transactions.

Credit Cards

Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs but high fees make credit card cash advances a pricey way to get cash. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).

Traveler's Checks

Traveler's checks are something of an anachronism from the days before the ATM made cash accessible at any time. Traveler's checks used to be the only sound alternative to traveling with dangerously large amounts of cash. They were as reliable as currency, but could be replaced if lost or stolen. Within the Pampas and rural areas of Buenos Aires Province, traveler's checks are especially welcomed by many establishments.

You can buy traveler's checks at most banks. They are offered in U.S. denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.

The most popular traveler's checks are offered by American Express (tel. 800/807-6233 or tel. 800/221-7282 for card holders -- the latter number accepts collect calls, offers service in several foreign languages, and exempts AmEx gold and platinum cardholders from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).

Be sure to keep a record of the traveler's checks serial numbers separate from your checks, in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.

American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, useful if you're traveling to one country or to the euro zone; they're accepted at locations where dollar checks may not be.

Another option is the new prepaid traveler's check cards, reloadable cards that work much like debit cards but aren't linked to your checking account. The American Express Travelers Cheque Card, for example, requires a minimum deposit, sets a maximum balance, and has a one-time issuance fee of $14.95. You can withdraw money from an ATM (for a fee of $2.50 per transaction, not including bank fees), and the funds can be purchased in dollars, euros, or pounds. If you lose the card, your available funds will be refunded within 24 hours.