Exchanging money in Mongolia is a straightforward process, especially in urban centers like Ulaanbaatar. Here's what you need to know:
Mongolia's official currency is the Tögrög (MNT), introduced in 1925. Banknotes are available in denominations of ₮1, ₮5, ₮10, ₮20, ₮50, ₮100, ₮500, ₮1,000, ₮5,000, ₮10,000, and ₮20,000. Officially, coins in face value are used in Mongolia. ₮20, ₮50, ₮100, ₮200, and ₮500, but they are hardly used anymore, and they are very rarely found these days.
Foreign currencies such as the US Dollar (USD) and Euro (EUR), Russian roubles (RUB), Chinese yuans (CNY) are widely accepted for exchange. It's advisable exchange money at official banks or licensed exchange offices to avoid counterfeit currency. In Ulaanbaatar, there’s whole area filled with exchange offices, known locally as "Naiman Sharga" (Найман Шарга) offering much competitive rates than those of banks. The Google Map location of the area:
https://maps.app.goo.gl/16AUHxHDim59LVLF7
1. Many banks and exchange offices may even refuse to accept old and damaged bills.
2. As a rule, foreign currency in cash is not accepted for daily payment, except for some hotels and resorts.
3. Use common sense, keep an eye on your pockets and don't show all your money in public places. resorts.
ATMs are widely available in Ulaanbaatar and other major cities, accepting international cards such as Visa and Mastercard.
When using ATMs, be cautious of dynamic currency conversion prompts. Always choose to be charged in the local currency (MNT) to avoid unfavorable exchange rates and additional fees.
Credit cards are increasingly accepted in Ulaanbaatar's hotels, restaurants, and even smaller shops. However, rural areas may not have card processing facilities. Therefore, carrying cash is essential when traveling outside urban centers.
By familiarizing yourself with these aspects of Mongolia's currency exchange system, you can ensure a smooth financial experience during your travels.