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Money Matters in Mongolia

The Currency in Mongolia is known as Tugrik pronounced as “too-grk” - Mongolian National Tugrik coded as MNT. Bank notes come in denominations of 1, 5, 10, 20, 50, 100, 1000, 5000, 10000, and 20000. US Dollars, Euros, British Pounds, Australian Dollars and other major currencies are widely accepted by hotels, tourist class restaurents and shopping centers.

Please, remember US Dollar bills older than ten years are not accepted any longer by vendors, including the banks. ATMs are widely available and most hotels, restaurants and shops do accept cards but most places accepts Visa card rather than Master Card (that is accepted only by the Golomt Bank, Ulaanbaator). AmEx card is also not accepted by many vendors. Khan Bank and Trade and Development Bank branches have plenty of ATM machines in Ulaanbaatar to splutter tugrik from your home bank account – of course depending on your bank. Traveler's checks are rare and outside the capital, they are most likely not to use. However, it is always advisable to carry some cash as well because towards the countryside, everyone will deal only in cash and it is best to get them exchanged in Ulaanbaatar.

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