Here Are Ways to Send Money to Mongolia Easier

Find out which money transfer Palace-of-the-Bogd-Khancompanies you can use to send money to Mongolia.

Canada’s Mongolian population is relatively low at only around 5,000, considering there was a massive migration out of the country in the 1990’s due to the communist regime. Although not many trades and migrations take place between Canada and Mongolia, there is still a need for sending money between the two nations. If you need to send money to Mongolia — whether to family, friends or for business — only a few money transfer services can help you.

Mongolian tugriks are not a major currency and the lack of services that can exchange CAD to MNT reflects this. We list and compare the different companies you can use to send money to Mongolia below.

Banks versus money transfer companies

Banks do not publish CAD to MNT exchange rates. You can view your banks rate when you login to your online banking facility. Other services like Western Union can only send United States dollars to Mongolia. This is often the case with countries around the world that use more exotic currencies. Keep in mind that you and your recipient will face the exchange rate twice, with a conversion from CAD to USD and again from USD to MNT.

Canadian bankMoney Transfer Company 1Money Transfer Company 2
Exchange rate$1 CAD = 0.745 USD$1 CAD = 0.755 USD$1 CAD = 0.755 USD
Transfer fee$25$30.00$50.00
Amount received for CAD$1000 (In USD)$745.00 USD$755.59 USD$755.28 USD
Transfer time2 – 5 business daysMinutesMinutes
Transfer optionsBank account deposit onlyCash pickup onlyCash pickup only
Difference of+$0.31 USD more

Correct 11.30AM 14/12/2017

How do I compare transfer companies?

  • Exchange rate. First look at whether the provider will actually let you send money to Mongolia. Then look at the currency the provider can send. For example, Western Union can make a cash payment to Mongolia in USD only. Compare the exchange rates of companies that allow you to send money to Mongolia.
  • Transfer time. The transfer time is based on the payment and collection options. Transfer time can be as quick as under 10 minutes or as slow as 6 business days. Paying for your transfer by bank deposit can add a couple of days to the transfer time. Cash and card payments clear almost instantly, ensuring your recipient receives the funds in the fastest way possible.
  • Payment options. Most providers accept bank account deposits as a payment method. You can also pay for your Mongolian money transfer by credit or debit card in some cases.
  • Collection options. Does the recipient want the money deposited in their bank account or do they need to get cash quickly? This question will determine your choice of service.
  • Transfer options. Can you do more than just make a one-off payment to Mongolia? Some providers offer features suited towards currency trades such as limit orders and locking in a rate in advance.
  • Limits. If you’re looking to make a small or large transfer, for example less than $100 or more than $5000, compare the transfer limits offered by different companies.
  • Customer service. It can be reassuring if there’s a customer service agent on hand to answer any questions you may have about your money transfer to Mongolia. Some companies will offer 24/7 customer service, while others may only be available certain hours a day. Furthermore, some companies will offer phone, online chat and in person customer service options.

How do I send money to Mongolia from Canada?

You can send money to Mongolia directly from your bank account, you can send cash using an international cash payment service or make a bank deposit using an online money transfer company.

Banks

Login to your online banking account and select the international payments option. You may need to create a new beneficiary. You can do so by using the payee’s account details, including the BIC / SWIFT code or IBAN.

International cash payment services

International cash payment services such as Western Union and MoneyGram can send cash to Mongolia in minutes. Transfer fees are higher than other specialist transfer services due to speed of service; however, if speed is your main concern, compare these providers to send money to Mongolia quick.

  • MoneyGram. MoneyGram can send cash to a MoneyGram agent in Mongolia. Visit a MoneyGram agent in person to pay cash or pay for a transfer online using your credit or debit card.
  • Western Union. Western Union have agents throughout Mongolia. Western Union are represented by a mixed range of merchants in Mongolia, whereas MoneyGram are mainly partnered with banks.

Money transfer companies. The following companies operate online and can deposit funds to a Mongolian bank account.

  • FairFX. Make one off payments with competitive exchange rates and low fees, as well as a variety of other options.
  • PayPal. Send money to a Mongolian PayPal account by entering the recipient’s email or cell phone number. The money needs to be transferred to a bank account to be withdrawn.
  • XE. XE offers a variety of payment options when making online transfers to Mongolia.

How do I receive money from Mongolia in Canada?

The method to receive money from Mongolia in Canada largely depends on how the funds are being sent.

Bank account transfers. If you’re receiving a payment into your bank account, you’ll need to provide the following information:

  • Your name and address
  • Your bank account number and bank transit number

Cash collection. If you’re collecting a cash payment in person, you’re required to provide the following to the cash agent:

  • Your identification
  • The transaction reference number or unique password

PayPal. Provide your cell phone number or your email address to receive a payment in your PayPal account. You’ll need to withdraw the funds from your PayPal account to access the money.

Emergency cash transfers in Mongolia

Your options for getting cash to Mongolia quickly:

  • Card emergency assistance. Credit cards such as Visa or MasterCard can make the money in your account available as cash if your card is lost or stolen. It can take about a day to process a request for emergency cash assistance and funds can be collected from a Western Union agent or a bank.
  • International cash payment service. These types of money transfer companies have agents all throughout Mongolia. A cash payment can be sent for your recipient to collect from a cash agent in just minutes.
  • Travel insurance. Some travel insurance policies can offer an emergency cash payment for some events. You will likely need a police report for proof if your wallet or purse was stolen.

Cash pickup locations in Mongolia / Western Union / MoneyGram branches in Mongolia

Both Western Union and MoneyGram have cash agents in Mongolian cities. Western Union has a larger number of non-bank collection agents, which generally have longer hours than banks.

Western Union

Ulaanbaatar

  • Branch 33
    Bayanzurh Duureg 03 Horoo 13 H,
    Enhtaivnii Urgun Chuluu Cfe Ll, Ulaanbaatar
    Open Monday to Friday 9.00AM to 8.00PM
    Open Saturday & Sunday 10.00AM to 6.00PM
    +976-11-454551
  • Grand Plaza
    Bayangol District, Horoo 2,
    Peace Avenue, Ulaanbaatar
    Open Monday to Friday 9.30AM to 5.30PM
    +976-11-318185

Erdenet

  • GB Orkhon Credit Center
    Orkhon Credit Center, Bayan-undur Soum Erdenet,
    Orkhon Province
    Open Monday to Friday 9.00AM to 6.00PM
    +976-135-32100
  • Khan Bank
    6th Micro In The West Of Pyramid Center,
    Chandmani Service Center, Erdenet.
    Open Monday to Friday 9.00AM to 8.00PM
    Open Saturday 9.00AM to 3.00PM
    +976-1352-22651

MoneyGram

Darhan Khentii

  • Capitron Bank
    Building 16 / Building of Darkhan Thermal Power Plant LLC/12th, Darkhan, 213800
    Open Monday to Friday 9.00AM to 8.00PM
  • National Investment Bank
    11 11 Darkhan, 45055
    Open Monday to Friday 9.00AM to 6.00PM

Choibalsan Dornod

  • TDBM – #801
    Dornod Aimag,
    Chiobalsan, 212614.
    Open Monday to Friday 9.00AM to 4.00PM
  • TDBM – Dornord Salbar
    Herlen Sum, Dornod, Aimag
    Open Monday to Friday 9.00AM to 4.00PM

Tips for picking up cash in Mongolia

The Government of Canada advises travellers to exercise a high degree of caution when visiting Mongolia and warns against unprovoked attacks against foreigners. A warning is also given against travelling in unlicensed taxis.

Take caution when you’re picking up cash in Mongolia. Ensure you’re not observed with large amounts of money and make sure your valuables are securely stowed away. It can be a good idea to travel in a group when you go to pick up cash and you may want to ask your hotel whether they can arrange for an escort or trusted taxi service for you.

What are the steps to send money to Mongolia?

To send money to a Mongolian bank account via your bank, login to your online banking account. If this is your first payment to a Mongolian bank account, you’ll need to add the payee as a beneficiary first.

  • Provide the payee’s name, account details, bank name, SWIFT code, BIC or IBAN.

International bank transfers can take up to 5 business days to clear, and sometimes longer.

If you plan on using any of the other services we’ve listed on this page, you’ll need to create an account first. It’s free to register an account with these money transfer providers, and registration can usually be completed in less than 10 minutes. You’ll need to give the following details:

  • Your name
  • Your address
  • Your contact information
  • Your identification — you may be required to send a copy of an approved form of identification to the money transfer company to complete your registration.

Once you’ve paid for your transfer, you should be issued with a tracking number which you can use to track the status of the transfer. You should also provide your recipient with the tracking number.


There are limited options to compare if you want to send money from Canada to Mongolia. It’s important to compare your options so you get the best deal possible. We can assist you in answering any questions about the products and services listed on this page.

Was this content helpful to you? No  Yes

Ask an Expert

You must be logged in to post a comment.