Investment Currency

5 Things You Must Know About Argentina Currency

Introduction

The peso is the currency of Argentina. Peso is originally a Spanish word that means weight, however now it is more commonly recogniszd as the Argentine currency.


Peso is identified with a $ as in dollar and the code is ARS. The conversion of an Argentine peso to Indian rupee is about Rs.11.71. The conversion of an Argentine Peso to USD is about ARS.4.37.


The Argentine Peso is a dominant currency in South America as it is one of the national currencies. The Argentine Peso is dominantly used across the continent is countries like Argentina, Chile, Colombia, Dominican Republic, Mexico, Uruguay and also Cuba and Philippines.Argentina Currency has gone through a lot of rise and fall in the last 15 years.

History

Below are few interesting facts about the Argentina currency Peso;
1. The Argentine Peso was equivalent to the United States Dollar before 2002 as against the present conversion of ARS 4.37. It was also the highest and most popular for currency trading by 1999. When Mexico and Brazil went through serious economic crisis, Argentina being trade partners to these countries was affected badly. This led to the downfall against the peg of a dollar and fell to about 80% of its value and led to the present status.

2. Inflation is on the rise in Argentina. According to experts it has almost hit 24%. The Argentina currency is showing signs of falling further; this is leading to Argentina becoming a choice for budget holiday destinations. For the eastern countries, this may take some time but this trend is showing in the United States. Argentina has almost become consumer heaven after the crash.

 

Features

3. Argentina currency has a problem of small change. If you are travelling to Argentina, this is important. Smaller denomination change is impossible to get. ATM as in most countries only give out 100 peso notes and some shops will not sell items if the transaction involves giving the purchaser change in coins. The problem has gone to a point where change in sold on the black market for a mark-up, generally 5 to 10%. It is better to keep this in mind that big bills are the way to go during travel to avoid unpleasant situations.

4. Another important thing to remember about the Argentine Peso is that there is a maximum withdrawal limit of 1000 Peso per day. It is hence advised to carry cash if one intends to shop or spend. Due to this low limit, there are generally huge lines at ATMs so be prepared for wait times as well.

Tips and comments

5. Counterfeit currency is generally a problem in Argentina and generally tourists are palmed off with the counterfeit currency. This is done during exchanging currency. It is advised to stay clear of suspicious exchange places and stick to the ones that require passports for currency exchange. Another place one might get stuck with fake Argentina currency is while travelling in taxis and other places. It is very important to learn how to recognize fake Argentina currency to save oneself from being duped.

By Smita, published at 04/03/2012
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