Argentina’s complex and ever-changing economic landscape presents a hurdle: the official exchange rate often falls short of the true value of your money.  This disparity has led to a parallel exchange rate known as the “Blue Dollar,” locally called “Dólar Blue.”

The Blue Dollar is an unofficial exchange rate for US dollars—the country’s de facto currency for savings—outside the traditional banking system. It typically offers a significantly higher rate, often twice the official exchange rate set by the government. 

This difference arises from Argentina’s history of economic crises, high rates of inflation, and currency controls, which have led to distrust of the banking system, especially after the 2001 financial crisis. 

Consequently, this has created a black market for dollars, targeting mainly ex-pats, freelancers/remote workers, and tourists visiting the country.

This article discusses three effective strategies for securing the best forex rate in Argentina using Paxful, Western Union, and local money changers called Cuevas (meaning “cave” in Spanish).

Using Paxful to get Blue Dollar

Navigating the financial landscape in Argentina can be tricky, especially when trying to access the Blue Dollar rate. One effective method is through Paxful, which offers a convenient and safe way to buy and sell cryptocurrency. 

By leveraging Paxful, you can exchange any fiat currency for Bitcoin or other cryptocurrencies such as Tether (USDT), Ethereum (ETH), and USDC, which can be converted into Argentine Peso at a more favorable rate.

Paxful provides access to the Blue Dollar rate and offers anonymity and security that traditional methods, such as visiting a Cuevas, might lack. 

How to use Paxful to get the Blue Dollar

To get started, create a free account on Paxful, and complete the necessary verification steps. You can access Paxful on the web, iOS, or Android.

You then convert your USD, Euro, or fiat currency into crypto. Here is how to do it:

• On the main menu of Paxful, click the ‘Buy’ option.
• Choose the cryptocurrency you want to buy (BTC, USDT, USDC, or ETH) from the list.
• Select the one that suits you from the 450 available payment methods (e.g., credit/debit card, bank transfer, etc.). 
• Browse through the list of crypto sellers and select an offer that fits your requirements. Pay attention to the exchange rate, the seller’s reputation, and the terms of the trade.
• Click on the ‘Buy’ button next to the offer you want. Enter the crypto amount you wish to purchase and follow the on-screen instructions.
• Follow the seller’s instructions to complete the payment using your chosen method. Ensure that you complete the payment within the specified time.
• Mark the transactions “Paid” once you’ve transferred the money to the seller’s account. Paxful’s institutional-grade, independent escrow will hold the cryptocurrency while the seller confirms the payment.
• Once verified, the seller will release the cryptocurrency to your Paxful account.

Now that you’ve converted your money into crypto, it’s time to exchange it for ARS. The process is almost the same but in reverse, here’s how:

• Navigate to the ‘Sell’ section on Paxful and select the cryptocurrency you want to sell (BTC, USDT, USDC, or ETH).
• Set ARS as the currency you wish to receive and choose your preferred method of cashing out (e.g., Mercado Pago, Tarjeta UALA, CBU/CVU, or bank transfer).
• From the buyers list, choose the one with a good reputation and a reasonable price per crypto.
• Click the “Sell” button next to their offer to start the trade.
• Next, send your account details to the buyer so they can send the payment in ARS to your preferred payment method.
• After confirming that the money is in your account, release the crypto to the buyer’s Paxful account.

Important considerations: Be aware of any fees or exchange rates applicable during the transactions. You may also need an Argentine bank account to cash out your ARS with this method.

Using Western Union to get Blue Dollar

The USD to ARS forex rates on Western Union uses the Blue Dollar rate rather than the official rate, so you always get a better deal with this method. If you’re traveling to Argentina from another country, you can send money directly to yourself by putting your name as the receiver. You may also ask your friends or family to send you money from abroad through Western Union. 

When using Western Union, choose the cash pick-up option but make sure to check the current exchange rates before you go to pick up your cash, as rates can fluctuate daily. While Western Union is a reliable and widely used service, there might be times when other providers offer a better Blue Dollar rate. Doing a quick comparison can save you a significant amount of money.

Using Western Union to get Blue Dollar rates is best suited for expats, digital nomads, freelancers, or Argentines abroad who want to send remittances back home. The catch is that Western Union is known for its long lines, especially when picking up cash. Be prepared to wait, particularly during peak hours or holidays.

Read more on how to send and receive money via Western Union here.

Using Cuevas to get Blue Dollar

One of the most effective ways to obtain Blue Dollars is through “Cuevas” (caves), informal exchange houses that operate outside the official banking system. While it might sound risky, as it is not fully registered and regulated by the government, Cuevas is a well-established part of the Argentine economy and offers a more favorable exchange rate than official channels. 

Why choose Cuevas? The primary reason for using Cuevas is the better exchange rate. This significant difference can make a huge impact, especially when dealing large sums of money. Moreover, transactions in Cuevas are usually quicker and less bureaucratic, saving you time and hassle. Remember to take safety precautions, though, as this method can be risky, as you’re walking away with hard cash.

How to find reliable Cuevas 

Finding a trustworthy Cueva can be tricky but not impossible. Word of mouth is often the best way to locate a reliable one. Ask locals or expatriates who have been in Argentina for a while.

Additionally, some online forums and social media groups dedicated to expats in Argentina can provide valuable insights and recommendations. 

Why use these methods?

The primary reason for using these methods is the significant disparity between the official USD to ARS exchange rate and the Blue Dollar rate.

The official rate, controlled by the Argentine government and banks, is often much lower than the street value. 

For example, the official rate might be 1 USD = 911 ARS, while the Blue market rate could be as high as 1 USD = 1,365 ARS. The Blue Dollar rate gives you more bang for your buck.

These methods offer practical solutions for anyone needing to convert USD to ARS, allowing you to bypass the lower official rates and take advantage of the more beneficial Blue Dollar rate. Whether you choose Paxful, Western Union, or Cuevas, each method has pros and cons, so consider your specific needs and circumstances when deciding which approach to take.

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Looking for a safe and reliable way to send money to Argentina? Register today, and trust Paxful to offer the best possible rates.