How to send money to Mongolia from Japan with the best JPY-MNT rate

The exchange rate is the price you will pay when buying Tugrik in Japan. A better exchange rate means you send more Tugriks to Mongolia.

Currently, the mid-market rate between the Yen and Tugrik is 22.7554. The company offering the best price on buying Tugrik is Wise.

Exchange rates between JPY-MNT change almost constantly.

Waiting a day or two can help you get more MNT for the same amount of Yens, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Japan and Mongolia for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Japan to Mongolia.

For a transfer by bank transfer, Revolut is 0.85% cheaper than the next option.

Mongolia and Japan have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Japan and Mongolia.

Money transfer companies offering services between Japan and Mongolia have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Yen could change. We always recommend comparing JPY-MNT rates for your specific transfer amount. Then, with transfers to Mongolia, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of JPY to Mongolia, we’d recommend Wise.

There are different options for receiving Tugrik in Mongolia. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Japan to Mongolia will offer every method for incoming Tugrik, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Japan into Mongolia. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Japan and Mongolia.

And if you need cash right away, check if cash pickup is an option for transfers between Japan and Mongolia.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Revolut.

You will need to verify your ID at the sign up stage when sending from Japan to Mongolia through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Japan through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Mongolia, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Mongolia, it’s always best to check ahead just in case.

Larger transactions between Japan and Mongolia are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to Mongolia, was their easy sign up process in Japan.

When sending money between Japan and Mongolia there will be tax declarations to consider.

Some transfers into Tugrik may need to be reported to tax authorities in Mongolia. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Mongolia based on age, income and personal circumstance. When in doubt, please contact a tax professional in Japan or Mongolia to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.