Wondering how to send money to Mongolia from the U.S.? Here’s the information you need.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Mongolia doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Mongolian tugriks for your dollar.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Mongolia is easy. However, do your research and shop around for the best available deal.
World First International Money Transfers
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Because World First is a trusted partner of finder.com, you can send your money transfer overseas for free.
No fees: There is no online transfer fee for all finder.com customers.
- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
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
- Decide if your recipient needs to receive cash right away, or if they can accept a transfer into their bank account.
- Choose a money transfer provider that can deliver the funds based on your choice – in cash or to a bank account.
- Initiate the transfer by providing the sender and recipient’s information.
- Fund the transfer.
- Track your transfer and follow up with your recipient to make sure they received your transfer.
Case Study: Will sends money to Mongolia
Will’s brother is traveling in Mongolia and has run out of money. He asks his brother to send him $1,000 to get him through the rest of his trip. Will compares money transfer companies to find the best deal possible. He only finds one company that will send MNT; the other will only transfer USD, and it must be picked up as cash at an agent location.
|Money Transfer Company 1||Money Transfer Company 2|
|Exchange rate||1 USD = 2,452.347 MNT||N/A (USD to USD)|
|Transfer fee||$10 USD||$48 USD|
|Transfer time||2 days||Within minutes|
|Transfer method||Online, phone||Online|
|Money received less the transfer fee||2,427,823 MNT||952 USD|
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 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 explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the U.S dollar was worth approximately 2443.50 Mongolian Tugrik. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
See today’s US dollar to MNT exchange rate
How do I send money to Mongolia from the U.S.?
- Bank transfers. Some major U.S. banks offer wire transfers to Mongolia, but at a hefty price.
- Money transfer providers. Online providers can help you transfer money quickly and easily. World First is a trusted partner of Finder.com and is offering Finder readers an exclusive deal of $0 in fees.
- 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.