Although you can now exchange up to US$2 million, you can only withdraw US$500 in cash. Photo via Washington Post

As you’ve probably heard by now, restrictions on foreign currencies in Argentina (collectively known as cepo) were lifted yesterday and you can now walk into any bank or foreign exchange desk and exchange up to US$2 million a month.

But there’s a small update today: although you can exchange up to US$2 million, you can only take out US$ 500 in cash per month from the US$2 million you exchange. If you want to withdraw more than US$500 in cash, you can do so “via debit with a current account in dollars, wiring it through the Electronic Payments Market (MEP) or by check,” according to the Central Bank’s Newsletter 5850.

This is for all transactions, not just for the dollars you buy/sell and should be noted that you can’t withdraw the same amount in pesos, either. The main objectives of this measure are to a) promote these transactions to be carried out within the banking system, b) monitor potential money laundering and c) for safety reasons i.e to prevent you from getting robbed. Seriously, what are you doing with so much money in your pocket instead of just using a credit card or something?

For the full lowdown on what you can and can’t do now that dollars are a thing again, check out this article by The Bubble.

And check out this article by The Bubble if you’re a tourist and have no idea how this affects your stay in Argentina.