Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to send money to Mongolia
Looking for the best way to send money to Mongolia? These money transfer tips should keep you from paying high bank fees.
Finding the best money transfer company can seem like a huge obstacle when all you really want to do is send a loved one a little extra cash to help out with everyday expenses. By comparing transfer fees and exchange rates, you can start cutting down on the time you spend searching for a good deal. These money transfer tips will help you get the most out of your dollars when you’re on the hunt to send money to Mongolia.
Compare Money Transfer Services
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Mongolia. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Steps to send money to Mongolia
- Start your search by comparing different money transfer companies that send to Mongolia.
- Register with the provider once you’ve found one with minimal fees and good exchange rates.
- Follow the provider’s transfer process, supplying information about you and your recipient.
- Complete the full money transfer application and select your payment method.
- Save your tracking number and follow up with your recipient to make sure they received their funds.
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 HKD opposed to MNT.
- 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.
- 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 most cases.
- Collection options. Does the recipient want the money deposited into their bank account, or do they need to get cash quickly? This question will determine your choice of service.
- Fees. Most companies charge a fee to transfer your money around the world, though some will waive that fee for large transfers. The fee and the exchange rate determine how much your transfer will cost.
- 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.
Foreign exchange rates explainedExchange rate is determined by interest rates, both countries’ economic state and the global inflation rate. Because of this, your exchange rate may fluctuate from day to day. When sending money to Mongolia from Hong Kong, you’ll find that the HKD is strong — that is, your loved one will receive more Tugrik for each dollar you send.
How do I send money to Mongolia from Hong Kong?
- Bank transfers. Some major banks in Hong Kong offer wire transfers to Mongolia, but at a hefty price.
- Money transfer providers. Online providers can help you transfer money quickly and easily.
- Transfer companies with cash pickup. International cash payment services such as Western Union and MoneyGram can send cash to Mongolia in minutes, but transfer fees are higher than the other services. However, if speed is your main concern, compare these providers to send money to Mongolia quick.
- PayPal. You can send money abroad using your PayPal account.
Tips for picking up cash in Mongolia
Whether you’re picking up cash in Mongolia or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.
More guides on Finder
How to buy Power Ledger (POWR)
If you want to know how to buy Power Ledger (POWR) tokens using either HKD or cryptocurrency, you’ll find the help you need in this comprehensive guide.
What is BitShares (BTS)?
BitShares offers a blockchain solution to the problem of centralised exchange services.
How to sell bitcoin
Find out where to sell bitcoin, how to set your prices and pick up tips to help you get a better price.
A complete guide to bitcoin forks
A complete beginner’s guide to bitcoin and other cryptocurrency forks, and what you need to know about them.
What is Ethereum’s Casper update? Everything you need to know
Read our ultimate guide to the Ethereum Casper update, how it works and how it will change the Ethereum network.
How to buy, sell and trade Pundi X
Read our guide to cryptocurrency point-of-sale payment provider Pundi X, its NPXS tokens and how to buy NPXS in Hong Kong.
How to earn passive income with cryptocurrency
It’s possible to make money from cryptocurrency without just buying low and selling high. Here’s how.
HitBTC exchange – January 2021 review
If you’re considering buying and selling crypto on HitBTC, a well-known exchange that supports more than 300 digital currencies, read this review first.
Cryptocurrency exchange fees
Check out this comprehensive guide to the deposit, withdrawal and trading fees charged by crypto exchanges.
A to Z: The Ultimate Cryptocurrency Glossary
From bitcoin to Shitcoin, every term you will come across on your cryptocurrency journey can be found in finder’s A to Z: Ultimate Cryptocurrency Glossary.
Ask an Expert