There are numerous instances of people sending money from the United States to Argentina, and in the opposite direction as well. In 2016, Argentine migrants in the United States sent around U.S. $106 million to their home country. In the same year, around U.S. $56 million was sent from Argentina to the U.S. as remittances. Bilateral trade of goods and services between both nations during 2017 accounted for more than U.S. $26 billion.
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United States adopted the dollar in its current form as its official currency in 1792. The U.S. dollar takes the top spot in the basket of global reserve currencies. It is also the world’s most commonly traded currency. Its share in the international forex market turnover was more than 87% in April 2016. Estimates suggest that in excess of U.S. $5 trillion in traded through the forex market every day.
Outside of the United States, the U.S. dollar serves as legal tender in the Caribbean, the British Virgin Islands, Turks and Caicos Islands, Zimbabwe, as well as two British Overseas Territories. Its unofficial use is prevalent in several other places, some of which include Belize, Haiti, Liberia, Panama, Costa Rica, Cambodia, and Myanmar.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Argentine peso (ARS), also referred to as the as peso convertible, replaced the Argentine austral (ARA) as the country’s official currency in 1991. Upon its introduction, one peso equaled 10,000 australes. The Central Bank of the Argentine Republic (BCRA) fixed the exchange rate of the peso at par with the U.S. dollar. This fixed peg was done ways with after the 2001 Argentine financial crisis.
|Bank notes||$5, $10, $20, $50, $100, $200, $500, $1,000|
|Coins||1, 5, 10, 25, 50 centavos, $1, $2, $5|
U.S. Dollar / Argentine Peso Historical Rates
From the time Argentina abandoned the use of the peso moneda nacional (ARM) in 1970, the currency of the country has devalued significantly. The modern day peso is now worth more than 10,000 billion pesos moneda nacional.
After the removal of the peg to the U.S. dollar, the value of the Argentine peso dropped. By mid 2002, it had breached the ARS 3.70 mark against the U.S. dollar. From then, until mid 2008, the USD/ARS currency pair witnessed a period of relative stability. This was mainly because of the Argentine government’s efforts to maintain stability in the exchange rate of the peso.
A period of gradual decline in the value of the Argentine peso followed over the next few years. In early 2011, the Argentine peso traded at over ARS 4 against the U.S. dollar. By early 2013, it had breached the ARS 5 mark. The last few months of 2013 did not bode well for the peso. In January 2014, it was trading at over ARS 8 against the U.S. dollar.
Argentina removed previously imposed exchange restrictions on U.S. dollars in December 2015. This move resulted in the disappearance of the unofficial black market USD/ARS exchange rate. In February 2016, the Argentine peso traded at over ARS 15 against the U.S. dollar.
A period of steady decline for the peso followed until early 2018. In March 2018, the peso traded at over ARS 20 against the U.S. dollar. Three interest rate changes implemented by BCRA in quick succession did not go much good for the value of the peso. Its value has continued to nosedive since then. In September 2018, the peso traded at over ARS 40 against the U.S. dollar for the first time.
USD/ARS in the last five years
|U.S. $1 =|
|1 July, 2013||ARS 5.5062|
|1 July, 2014||ARS 8.2138|
|1 July, 2015||ARS 91.976|
|1 July, 2016||ARS 15.0010|
|1 July, 2017||ARS 17.6450|
USD/ARS in the last five months
|U.S. $1 =|
|1 April, 2018||ARS 20.5305|
|1 May, 2018||ARS 24.9610|
|1 June, 2018||ARS 28.9365|
|1 July, 2018||ARS 27.4210|
|1 August, 2018||ARS 36.9000|
What Affects USD/ARS Rates?
The Central Bank of the Argentine Republic buys U.S. dollars and issues pesos to keep the dropping value of its currency in check. However, the country has moved to the free floating exchange rate system since 2015, which makes the USD/ARS currency pair’s performance largely dependent of supply and demand.
Some of the other factors that may have a bearing on the USD/ARS exchange rate include interest rate changes and gross domestic products (GDPs) of both countries as well as their ongoing trade relations.
If you wish to send money from the United States to Argentina or from Argentina to the U.S., consider comparing the services of different overseas money transfer companies. While the USD/ARS rate requires your attention, so do aspects such as fees, speed, payment methods, and customer service.