Buenos Aires, the capital of Argentina, has been called the Paris of South America because of its wide boulevards and extensive subway system. But Nick Guarino is still astonished by the meal he enjoyed there last November. Dinner for two (he had filet mignon and his wife, Charlotte, had lamb chops), including a bottle of Argentine merlot, cost $24. Why so cheap? The dollar enjoys a one-to-three exchange rate with the Argentine peso.

With airfare, seven nights at the small but elegant Aspen Towers, daily tango classes, taxes and breakfasts, the couple paid about $3,500 for the trip. And the bargains they found in Argentine stores made them feel as if they were saving, not spending. Charlotte brought home a custom-made leather jacket for $260 — about one-fourth the price she would have paid in New York.

What you'll pay. Figure less than $150 a night for four-star lodging. Airfares are on par with fares to Europe. Case in point: A high-season, round-trip flight from Dallas is about $900 on Delta when booked early.

When to go. The city heats up in November, but stay away in January and February, when the heat is "miserable," says Michael Luongo, author of "Frommer's Buenos Aires."

Best bargain. Free tango dances and classes, says actor and tango buff Robert Duvall.

Money saver. You may get a discount of about 5 percent if you offer to pay in cash at small shops, some of which prefer currency to dodge credit-card processing fees.

San Juan

With its 16th-century Spanish fortifications and golden beaches, San Juan, P.R., has become more affordable because of an airline price war. Discounters JetBlue and Spirit are in a dogfight with American, making it cheaper to fly to San Juan than to anywhere else in the Caribbean from the departure cities served by these airlines.

What you'll pay. Three-star hotels generally charge a $200-a-night standard rate. Round-trip flights from several cities run about $300 when booked at least three weeks in advance. Word of warning: Restaurant meals can cost 20 percent to 30 percent more than in many major U.S. cities.

When to go. Fall and spring are when hotel rooms go for one-third off peak winter rates.

Best bargain. The free hop-on, hop-off trolley that makes the rounds to the city's shops and casinos.

Money saver. On weekends, when business travelers abandon the city, visitors may score a $200 double room at a business hotel, such as the Hyatt, for $100.