You’re probably reading this article because you’re interested on how to find black market currency exchange rates in Venezuela and Argentina. Many tourists are unaware that there is an official and unofficial currency exchange rate. In Part 1 (this article), I will show you how to find black market currency exchange rates in Venezuela and Argentina and in Part 2, I will show you where to physically locate black market “cuevas” in Venezuela and Argentina.
Why is there a black market in Venezuela and Argentina?
Well, because the governments of both countries are corrupt and have passed blame on their predecessors. Everyone is pointing fingers at each other, blaming each other for this mess that they are in. Inflation is on the rise daily and this is actually good for you as a tourist.
Why is inflation good for tourists?
The governments of Venezuela and Argentina have imposed strict currency controls and limit the amount of US dollars being exchanged, therefore creating a “black market”. Inflation in these countries is good for tourists because they can reap massive discounts on hotels, meals, goods, and services.
What is the official rate for US Dollars in Venezuela and Argentina?
As of 3/6/2014, the official rate of 1 US Dollar to a Venezuelan Bolivar is 1:6.29. For every 1 US Dollar, you can exchange it for 6.29 Bolivares at the official rate.
As of 3/6/2014, the official rate of 1 US Dollar to an Argentine Peso is 1:7.88. For every 1 US Dollar, you can exchange it for 7.88 Argentine pesos at the official rate.
What is the unofficial (black market) rate for US Dollars in Venezuela and Argentina?
As of 3/6/2014, dolartoday.com states that the unofficial black market rate of 1 US Dollar to a Venezuelan Bolivar is 1:80.46. For every 1 US Dollar, you can exchange it for 80.46 Bolivares at the unofficial black market rate.
As of 3/6/2014, dolarblue.net states that the unofficial black market rate of 1 US Dollar to an Argentine Peso is 11 at the unofficial black market rate.
What does this all mean?
As you can see in Venezuela, there is no point changing your US Dollars at Caracas airport and obtaining the official rate of 1:6.29 when the black market rate is 1:80.46. That is a whopping 92.2% difference!
As you can see in Argentina, again, there is no point changing your US Dollars at EZE airport and obtaining the official rate of 1:7.88 when the black market rate is 1:11. That is a 28.4% difference, meaning every time you pay in cash with the black market rate, you’re getting a 28.4% discount.
Two months ago in January, I was almost getting a 50% discount in Argentina because the official rate was 1:6.5 and the black market rate climbed up to a high of 1:13! Of course, due to currency fluctuations over time, anything can happen.
Continue to Where to Physically Locate Black Market “Cuevas” in Venezuela and Argentina.
Jamison:
Whom do you know in Argentina or Venezuela who is interested in exchanging money at the unofficial rates?
Please furnish them with my email address.
Also, what currency exchanges in the US will accept Venezuelan Bolivars? In the Washington DC area, only the Argentine Peso is exchanged.
Hello! Help Venezuelan bolevar exchange for another currency. The amount of the exchange is very high. The exchange rate can be significantly underestimated. Thank you.
Can I know how to exchange Venezuelan Blievar to another currency