Are you having your friends and family who come to visit bring all the money they plan to spend in cold, hard cash to sell for pesos on the black market? Well, you’re turning your sweet tourists to crime.
Bloomberg published a piece this week about tourists selling dollars on the back streets of Florida, a not-so-well-kept secret, to get upwards of 9 pesos to the dollar instead of the measly official rate of ~5.9, tagging it with the sensationalist headline Malbec-Loving Foreign Tourists Turn To Crime: Argentina Credit.
Labeling tourists selling their Euros, dollars (or really whatever other foreign currency because anything else is pretty much worth more) criminals is like calling a kid in the US who takes a first sip of alcohol before turning 21 a criminal. I mean, everyone knows what’s going on here, even the government intermittently calls up the cuevas to ask them to pause their dollar-buying when they want things to calm down a bit.
As much as people like to rave about how “cheap” Buenos Aires is, it really isn’t unless your moving your money on the black market.
If it weren’t for the cheaper rate, “many items are as expensive as in Europe,” Francos said.
Ain’t that the truth.