Looking for the best way to send money to Mongolia? These money transfer tips should keep you from paying high bank fees.
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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.
Will sends money to MongoliaWill’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|
Because Mongolia is such a small country, Will’s brother must decide if he wants to have his money sent directly as Tugrik or if he would rather exchange it himself at a bank. Although both brothers know banks tend to have higher exchange rates, they decide to send the money as US dollars so Will’s brother can exchange the amount he needs as he needs it.
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 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 the US, you’ll find that the USD is strong — that is, your loved one will receive more Tugrik for each dollar you send. As of August 2018, this number was approximately ₮2442.17 for every $1.
How do I send money to Mongolia from the US?
- Bank transfers. Some major US 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.