Compare all the best ways to send money to Mongolia

Pay attention to MNT exchange rates, as it determines how much MNT your recipient will receive.

For instance, today’s average USD to MNT rate is 3,546.7144 but the highest rate over the past 7 days was 3,550.7843 MNT/USD.

Your aim is to transfer when MNT reaches a higher value so waiting a few days could result in a better rate, hence more MNT received.

For urgent Tugrik transfers, we recommend Revolut. It consistently provides the best MNT rates.

How you fund your transfer affects the cost, speed, and the amount of Tugrik the recipient will receive.

The cheapest way to fund your transfer to Mongolia is with a bank transfer via Revolut, which is 0.6% cheaper than the next cheapest service.

Based on our analysis of a $7,000 transfer from to Mongolia, here are the top options:

• Revolut (bank transfer): Costs $21 + 0.2% markup on top of the MNT mid-market rate.

• Paysend (debit card): Costs $0 + 1.43% markup.

bank transfer is the most expensive deposit method for Tugrik transfers, so we recommend avoiding it to maximize the amount of MNT received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Mongolia.

Avoid sending MNT over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for MNT transfers.

Money transfer companies often have minimum and maximum limits on how much MNT you can transfer.

The amount of MNT you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large MNT transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much MNT you can send.

To ensure your money transfer to Mongolia goes smoothly, especially if moving large amounts of Tugrik, use our comparison tool to find the service that best fits your needs.

The speed of sending Tugrik to Mongolia depends on factors like the amount of MNT sent, the chosen deposit and withdrawal methods, and when you send MNT.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer $7,000 to Mongolia, here are your options:

• For the fastest transfers, use Paysend - Out of 6 companies serving Mongolia.

• For bank and card deposits, use Xoom - Xoom provides fast and affordable MNT transfers, with fees around $0 for bank account deposits and $0 for debit/prepaid card deposits, with a small 2.3% markup on the ‘real’ MNT exchange rate.

• For credit card transfers, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Tugrik to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Mongolia.

Avoid using the SWIFT network for MNT transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For MNT transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our analysis, Wise ranked as the top provider for sending money to Mongolia, appearing in 1 comparisons involving MNT.

2. Mobile apps and digital wallets - Many services available in Mongolia offer mobile apps, often giving transfer offers on MNT rates.

3. Cash transfers - You can send cash to Mongolia through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Mongolia to collect the Tugrik.

4. Wire transfers - While you can wire money to Mongolia through your bank, we suggest against it. Banks can charge up to $60 per transfer to Mongolia and add 5% - 6% to the MNT exchange rate. Instead, use bank transfer to deposit money to Wise and send MNT from there.

There are several ways to receive money in Mongolia, and choosing the right one will help the recipient get the most MNT. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Mongolia, we recommend Revolut. MNT will arrive directly to the recipient's bank account in Mongolia.

• Deposit to digital or mobile wallet - MNT can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Revolut. Recipients in Mongolia will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs MNT urgently or doesn't have access to a bank account in Mongolia, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Mongolia. This will require the recipient to visit a nearby agent in Mongolia.

When making large MNT transfers or sending Tugrik for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Mongolia.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in MNT.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Mongolia from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Tugrik will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Tugrik.

There may be tax implications and government-imposed limits on Tugrik transfers.

Some Tugrik transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger MNT transfers may need to be reported to tax authorities in Mongolia or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Mongolia or your home country to ensure compliance with relevant regulations and tax laws.