The Currency in Mongolia is known as Tugrik pronounced as “too-grk” - Mongolian National Tugrik coded as MNT. Banknotes come in denominations of 1, 5, 10, 20, 50, 100, 1000, 5000, 10000, and 20000. US Dollars, Euros, British Pounds, Australian Dollars, and they also do widely accept other major currencies by hotels, tourist class restaurants, 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. Still, most places accept Visa card rather than Master Card (that is allowed 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 ATMs 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 money, and it is best to get them exchanged in Ulaanbaatar.