I just traveled to Argentina — and doubled my money with a 'black market' exchange rate

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Waiting in an hourlong line at a Western Union wasn't on my initial itinerary when planning a recent trip to Argentina.

Yet there I was, in the bowels of a shop on Calle Florida in downtown Buenos Aires, sweating in the 95-degree heat along with local Argentines and other tourists, patiently waiting to pick up cash I had forwarded to myself from the U.S.

This might sound odd — maybe even dumb. Why waste valuable vacation time when there are often speedier ways to get money: withdrawing cash from an ATM, exchanging money at a bank or airport counter, or even just putting charges on a credit card?  

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But the exchange rate here was too good to ignore — almost twice as good. This legal strategy is one that's based on a black market rate. Here's how it works.

In Argentina, waiting for a cash transfer isn't strange at all. In fact, it's custom — and an oft-recommended way to stretch your dollar there.

There are two main drivers: While the broader world has become increasingly cashless, cash is king in Argentina. Hyperinflation has also distorted the nation's currency market and led to the creation of multiple exchange rates.

When I visited in February, the «official» exchange rate — the one quoted by online currency calculators — gave U.S. tourists about 190 Argentine pesos per dollar. But the unofficial, "blue dollar" rate was nearly double that.

Put another way: Your money goes almost twice as far with the «blue dollar» exchange rate. This rate is set by underground exchange houses operating on the black market.