Make Payments in MNT - Mongolian Tugrik
Pay in Mongolian Tugriks (MNT)
Mondial Change allows you to make international payments in MNT (Mongolian Tugrik) with ease. Manage your Mongolian Tugrik beneficiaries, track your transactions in real-time, and benefit from a secure online platform. We do not apply any exchange commission on your MNT operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Mongolian Tugrik (MNT)
It is currently not possible to receive payments in MNT.
Mondial Change Answers All Your Questions About Payments in Mongolian Tugriks (MNT)
What is the timeframe for an MNT payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Mongolian Tugrik transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if MNT payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can significantly impact the payment receipt timeframes.
What are the fees for a payment in Mongolian Tugrik (MNT)?
The fees applied to transfers in Mongolian Tugrik (MNT) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual MNT exchange volume and the number of Mongolian Tugrik payments made during the year.
Are there minimum or maximum amounts for payments in Mongolian Tugrik (MNT)?
Mondial Change and its partners verify that your Mongolian Tugrik flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well before the validation of your operations.
What are the specific rules for executing a payment in Mongolian Tugrik (MNT)?
For MNT payments via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary bank
Is it possible to modify a payment in Mongolian Tugrik (MNT) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Mongolian Tugrik (MNT) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Mongolian Tugrik (MNT) cannot be executed?
January 1: New Year’s Day
Variable date (January/February): Tsagaan Sar – Mongolian Lunar New Year (1st day)
Variable date: Tsagaan Sar – 2nd day
Variable date: Tsagaan Sar – 3rd day
March 8: International Women’s Rights Day
June 1: Children’s Day
July 11: Naadam – 1st day (national holiday)
July 12: Naadam – 2nd day
July 13: Naadam – 3rd day
Variable date (October/November): Chinggis Khaan’s Birthday
November 26: Republic Day
History of the Mongolian Tugrik
The Mongolian Tugrik (MNT) has been the official currency of Mongolia since 1925, replacing the Chinese yuan and other previously used currencies. Its name means "circle" in Mongolian. The MNT has undergone several phases of devaluation since Mongolia's transition to a market economy in the 1990s. Despite structurally high inflation, it remains the main currency used in domestic exchanges. The Tugrik is subdivided into 100 möngö, although these subdivisions are no longer used in practice.
Monetary Policy of the Mongolian Tugrik
The Bank of Mongolia is responsible for the country's monetary policy. Its main objective is to maintain price stability and financial system stability. The MNT operates under a floating exchange rate regime, although the central bank regularly intervenes to limit volatility. It uses the policy rate, reserve requirements, and open market operations to control the money supply and inflation. The country heavily depends on its mining exports, making its currency sensitive to commodity price fluctuations.
Characteristics of the Mongolian Tugrik
The Mongolian Tugrik (MNT) is a low-liquidity currency on international markets but widely used locally. The banknotes feature Mongolian historical and cultural figures, including Genghis Khan. The currency is still largely used in paper form, although electronic payments are beginning to develop. The partial dollarization of the economy and the heavy reliance on the mining sector pose challenges to the stability of the MNT. The central bank strives to establish greater transparency and strengthen confidence in the national monetary system.