UPDATE (12/17/15): This information is no longer accurate as the government has eliminated the blue rate.
I know, I know… We’ve had a lot of posts about using Xoom to transfer money to Argentina (and here), but today they’re offering a rate of ARS $6.0213 to USD $1 which we had to write about. This is now better than the blue market rate of ARS $5.93!
It also means that if you use your debit card in Argentina to withdraw cash or use your US credit card (even without foreign transaction fees), you could be losing up to 33%! How’s that you ask?
Well, your debit or credit cards will only give you the standard exchange rate – currently ARS $4.50. When you compare that to Xoom it comes out to be a significant amount of money. For example, if you spend U$S 2999 on your credit cards or through ATM withdrawals, you’re getting $13,495.50 pesos. With Xoom, you’ll get $18,057.95 pesos. Now, I’m sure you can find something to do with an extra $4562 pesos.
– If you use my Xoom link, you’ll get a $15 Amazon gift card and so will I. Another way to maximize your savings.
UPDATE: While Xoom is US only, you can use Azimo to transfer money from the UK to Argentina at the blue rate. Xoom is slightly lower than the blue market rate but changes quite frequently to keep up with it.