What are all these exchange rates I see on the websites (Dólar tarjeta, Dólar MEP, Dólar Mayorista, CEPO)??

[Bingo]

I have only been in Argentina for a little while now but I am still confused by all of these exchange rates. I understand the blue dollar is the cash rate but I feel like an idiot that I have been here almost a year and I still don't fully understand all of the different exchange rates. I hope I don't come across as an idiot expat. But I thought if I have this question others probably do too.

Despite being here so long, I’ll admit I don’t follow local politics too closely or read the newspapers daily, so I often feel out of the loop when it comes to economic policies. Now that the peso has been relatively stable for the past 6 to 8 months and the blue dollar seems to have faded away, I find myself wondering about all these financial terms that keep coming up.

So, here’s what I think I understand:

• “Dólar oficial” – That’s the official exchange rate used by banks, right?
• “Dólar blue” – That one’s the informal or parallel rate you’d get from unofficial exchanges?

But then there are a bunch of others I hear people mention:

• CEPO – People say it’s over, but what exactly was it?
• “Dólar tarjeta” – Is that the rate you get charged if you use an Argentine credit card abroad?
• “Dólar turista” – Is that the rate tourists get when they use a foreign card inside Argentina?
• “Dólar MEP” – This one really confuses me. What does MEP even stand for? Everyone seems to talk about it like it’s common knowledge, but I’ve never seen a clear explanation.
• “Dólar mayorista” – I’m drawing a blank on this too.

Sorry if I sound completely uninformed, but I figured if I’m wondering about these things, maybe some newer folks are too.

 

[nikad]

The term “CEPO” isn’t an acronym—it’s a Spanish word that translates to “trap” or “constraint.” In Argentina’s financial context, it refers to a series of government-imposed restrictions on the purchase and sale of U.S. dollars. For many years, individuals and businesses were unable to freely access dollars through official channels, leading to the rise of a parallel or black market where the “dólar blue”—a significantly higher unofficial exchange rate—became the norm.

Following the lifting of exchange controls under President Milei, banks were once again allowed to buy and sell U.S. dollars. As a result, the multiple exchange rates began to converge. While banks are free to set their own rates and spreads, they generally stay close to what was previously known as the “official” rate.

With the removal of currency restrictions, most of the alternative exchange rates—such as the “dólar tarjeta,” “dólar turista,” and “dólar MEP”—have become largely irrelevant. Even individuals working informally (en negro) are now able to deposit U.S. dollars into their bank accounts without issue. In practical terms, Argentina now operates with a unified exchange rate.

 

[sophos]

Understanding Argentina’s Various Exchange Rates​

BNA / Official / MULC / Minorista

This refers to the official exchange rate available through the Mercado Único y Libre de Cambios (MULC). It’s the rate published by Banco Nación (BNA), visible at the bottom right of their website, with “compra” (buy) and “venta” (sell) rates. Most banks and credit card companies in Argentina use this rate as a base, adding a margin to generate profit.


Compra: ARS 1,150 / USD
Venta: ARS 1,200 / USD

CEPO

Cepo (meaning “trap” or “constraint”) refers to Argentina’s capital controls. While the government has removed many restrictions, capital controls persist—particularly for large players like multinational corporations and foreign investors. These entities still face barriers repatriating funds through the official exchange market (MULC), indicating that the cepo hasn’t been entirely lifted, contrary to some political narratives.

Dólar Tarjeta

This rate applies to foreign purchases—online or in person—made with an Argentine credit card. It’s based on the BNA venta rate plus a 30% surcharge, which theoretically can be refunded to individuals exempt from Impuesto a las Ganancias (income tax). In practice, however, many people find this refund difficult to obtain.

Current rate: ARS 1,560 / USD (venta only)


Dólar Turista

Previously distinct, this rate is now effectively unified with the Dólar Tarjeta. Given that individuals can now buy dollars through home banking, this rate has become largely obsolete and is best avoided.


Dólar MEP and Dólar CCL

These are known as dólares financieros (financial dollars) and operate via the blue chip swap mechanism. A broker buys and sells dual-listed stocks or bonds (e.g., AL30, GD30) in both ARS and USD to convert currency legally.


Dólar MEP (Mercado Electrónico de Pagos): Common in domestic financial markets and used by payment processors like Visa, Mastercard, and Amex.

• Dólar CCL (Contado con Liquidación): Typically used for transferring money abroad and employed by Western Union.
  
  Despite a holding period (parking), these rates often offer better value than the official BNA rate due to narrower spreads.
  
  Current rate: ARS 1,190 / USD (compra/venta)

Dólar Mayorista

The wholesale dollar, or interbank exchange rate, is used for large transactions between financial institutions and the Central Bank. It’s the benchmark used to influence the dólar minorista, which includes a markup for retail clients.

Current rate:

• Compra: ARS 1,182 / USD
• Venta: ARS 1,173 / USD

Additional Dollar Variants​

Dólar Streaming / Netflix / Spotify

Applies to digital subscriptions like Netflix, Spotify, and Prime Video. This rate includes all dólar tarjeta surcharges, plus digital services and provincial taxes.

Current rate: ARS 1,812 / USD (venta only)


Dólar Cripto

Refers to the exchange rate for stablecoins such as USDC or USDT. It functions similarly to a digital dólar blue and is often used for:

• Cheaper international transfers
• Avoiding bank fees and controls
• Informal dollar movement (including tax evasion and money laundering)
  
  Current rate:
• Compra: ARS 1,207 / USD
• Venta: ARS 1,205 / USD

Dólar Futuro

These are dollar futures contracts allowing parties to lock in a USD exchange rate for a future date (typically 1–12 months out). They serve as hedging tools against inflation and devaluation.

Currently, the Argentine government is accused of manipulating this market to maintain a stable official rate, walking a fine line with IMF agreements—similar to past controversies involving Cristina Fernández de Kirchner and Axel Kicillof.

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Dólar hoy, cotización del dólar, precio del dólar, dólar blue, precio histórico del dólar, valor del UVA | Dolarito.ar

Seguí la cotización del dólar minuto a minuto, compara cotizaciones, visualiza los valores históricos, conocé el precio del dólar, evolución del valor UVA

www.dolarito.ar

 

[Uncle Wong]

My friends in the US think I am totally crazy to have just bought an apartment in Buenos Aires. I just put down a deposit on a pozo unit that they are building now and will be done January 2028. Thanks @BuySellBA for your help with the purchase. I can't wait to have a place of my own. I'll use it when I'm there and rent it out until I'm ready to move to Buenos Aires full time.

 

[Bingo]

Hey thanks everyone! Very very helpful!

 

[carrider]

My friends in the US think I am totally crazy to have just bought an apartment in Buenos Aires. I just put down a deposit on a pozo unit that they are building now and will be done January 2028. Thanks @BuySellBA for your help with the purchase. I can't wait to have a place of my own. I'll use it when I'm there and rent it out until I'm ready to move to Buenos Aires full time.

Congrats! I think you had some good timing. Property prices are still much lower than peak levels. I could have sold mine at the peak and had offers. I regret it as it fell about 55%. I could have sold and bought my neighbors for 55% lower. Now they are going back up.

Does anyone know about foreign credit cards? I just use my local account. What rates are they charging now? @StatusNomadicus are you still posting anyone on the rates?

 

[Frosted Flakes]

Congrats! I think you had some good timing. Property prices are still much lower than peak levels. I could have sold mine at the peak and had offers. I regret it as it fell about 55%. I could have sold and bought my neighbors for 55% lower. Now they are going back up.

Does anyone know about foreign credit cards? I just use my local account. What rates are they charging now? @StatusNomadicus are you still posting anyone on the rates?

I heard @StatusNomadicus got banned from this forum. I haven't seen posts for a while.

BCRA still uses MEP rates. All the rates have more or less merged together I think. I liked it better when the blue dollar was double of the white.

 

[ElQueso]

I heard @StatusNomadicus got banned from this forum. I haven't seen posts for a while.

BCRA still uses MEP rates. All the rates have more or less merged together I think. I liked it better when the blue dollar was double of the white.

I don't think this is true. I saw a post from him today. No one should get banned from this forum unless they are causing problems. I haven't seen anything that would get a forum member kicked off. I have been in lurker mode for over 1.5 years.

 

[Ries]

We will probably see the blue dollar creeping up the closer to the election. I wonder how all the carry traders will do? Probably start to exit before October.