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GIORGIO'S HOUSE
Bed and Breakfast Guesthouse & more...
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GIORGIO'S HOUSE
Bed and Breakfast Guesthouse & more...
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ARGENTINE CURRENCY - Giorgio's Tutorials
Try also Giorgio's House Bed and Breakfast Tours of Buenos Aires
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The Argentine Official Currency is the Argentine Peso ( $ ) The peso (originally established as the peso convertible) is the currency of Argentina. Its ISO 4217 code is ARS.
Before the Big Argentine Financial Crises (colapsed in 2001) the exchange rate between US$ and $ was 1:1
Of course it didn't make sense cause the Argentina Economy was much much weaker than US Economy. The big problem was that the Banks gave a lot of loans to the people. The Loan were in Pesos but the guarantee was in US$ (Us Dollar) so...when in just 24 hours with the Argentina Collapse the exchange rate passed from 1:1 to 1:3 people that got a 200.000 pesos Loan (200.000 US$) they had to pay 3 times more so 600.000 pesos cause now 200.000 US$ were 600.000 pesos!!!...
That was a nightmare for all the country. Just before the Argentine peso collapsed in 2000-2001, a result of massive debt problems, there was a currency flight. People realized the peso was in trouble and began to buy foreign currency and send it out of the country. The government caught on quick and overnight froze all bank accounts limiting withdraws to small amounts. Those who didn't move their money were stuck with worthless pesos.Nobody had expected the country to fall this deep. Argentines will always remember 2001 as the year of the country's worst crisis, on a personal as well as on a financial and political level.
 
The Pickpockets and the Banks - Who are the worst?
Now the Argentina Inflaction is still high and the prices grow every month. The Exchange rate $/US$ is now close to 4
FAKE MONEY and LEGAL Money:
"The driver made a switch with the money but they're so fast I didn't even see it. He gives the money back to me and says it is fake. I see that it is fake too and conclude that I must have been given fake money at some point and didn't realize it."....Yes, it can happen...Personally I travel in Argentina since 2007 and I have NEVER had any problem with the fake money but a lot of tourists had this problem so...BE SMART...If you take a taxi take some money changed. 100 pesos is not so much money but most of the time it's difficult to change. "No tengo cambio" is the typical sentence you'll hear anywhere :o) So...if you go to the supermarket try to use the 100 $ so they'll exchange. If you go in the small stores is very difficult...I mean...if you have 100 pesos you are virtually poor cause...you can't spend it :o) Fake money usually has a different paper....anyway ALWAYS check that the numbers in the corners (for the 20,50 and 100 pesos) change the color when you move it. It's also possibile (but difficult) that you get some fake money from the ATM so...always keep the receipt and just in case it happens go to the bank the same day or maximum the day after with the fake money and the ATM Receipt
CHANGE your money Only at the OFFICIAL "Casa de Cambio" or much better in the Banks. Don't use the people on the streets cause they often give some fake money.
Travel Cheques are accepted but the commissions are higher so...much better to have Cash and Atm Card + Credit Card
THE COINS
As we already wrote...Change in Argentina is a big problem.... "No tengo Cambio" (I have no change) the most used sentence. Yes...the coins are "precious"!!!...so...always keep them! To take the bus you need coins and nobody will change if you haven't. So...Collect them!!! :o) .... There are people that in the "black market" collect a lot of coins and then they Re Sell them at 20% more....yes...it looks crazy but it is the truth!
BANKING HOURS
Banks open Monday through Friday from 10 am to 3 pm. You can obtain cash and make other banking transactions, 24 hours a day, in the automatic tellers machines spread throughout the city
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The Spirit of Giorgio's House is to be....Friends first of all. :o)
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