In Mongolia, cash is the primary method of payment, though bank cards and mobile payments can be used in certain situations.
1.Tugrik
The official currency used in Mongolia is the Tugrik. Currently, Tugrik circulates mainly in the form of banknotes and coins. Commonly used banknotes come in seven denominations: 50, 100, 500, 1,000, 5,000, 10,000, and 20,000 Tugrik.
2.Exchange Rate
It is important to know the exchange rate between the Tugrik and the currency of your home country. If you want to exchange money at the most favorable time, it’s a good idea to regularly check the real-time exchange rate fluctuations.
3.Currency Exchange
You can exchange Tugrik in your home country before departure or upon arrival in Mongolia at the airport.
Alternatively, you can exchange currency at banks, some hotel front desks, licensed currency exchange shops, and ATMs in city areas of Mongolia. Be sure to choose reputable exchange locations and pay attention to the exchange rates and service fees.
4.Payment Methods
Cash Payment: Cash is the most commonly used payment method in Mongolia, especially in rural areas and for small-value transactions.
Card Payment: In major cities and shopping centers, bank cards such as Visa and MasterCard are widely accepted.
Mobile Payment: Mobile payment is an emerging method that is gradually gaining popularity among Mongolians, with growing availability across different types of transactions.
