| What is the local currency? |
| The tugrik. |
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| What denominations does it come in? |
| 10, 20, 50, 100, 1000, 5000 and 10000. |
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| What is the best way to exchange currency? |
| The best way is to go to banks and other foreign currency exchange places. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| You will need cash for everyday purchases like groceries, and for transportations like buses and taxis. Nicer restaurants, department stores or tourist attractions will accept credit cards. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| Yes, Mastercard, Visa, American Express, JCB and Diners Club are widely accepted in public places. You can also get cash from local banks using your credit cards - but with processing fees. |
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| By what method are bills (such as rent and utilities) paid? |
| Bills can be paid by cash, by phone or online. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
| Your passport, ID card and employment letter should be sufficient for opening a bank account. |
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| Will foreign residents be able to find banking services in their native languages? |
| English banking services are available. In addition, Russian, Chinese, Korean and Japanese services are also available upon request. |
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| Are there any restrictions on services for those who are new to your country? |
| None that are known. |
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| What are typical banking hours? |
| Generally, banks are open from 9 am to 5 pm, Monday through Friday. In addition, 24-hour online banking services are also available. |
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| Are automatic teller machines (ATMs) available around the clock? |
| Yes, but there are very few machines around the city. |
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| Is there any other money information that might help me? |
| American Express Traveler’s Checks are also widely used. |
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| Useful Links |
Bank of Mongolia
www.mongolbank.mn
Golomt Bank
www.golomtbank.com |