How to send money to Mongolia
Find out how you can save money and enjoy fast transfers when you send money to Mongolia from the UK.
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.
Compare services that send money to Mongolia from the UK
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.Back to top
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 £700 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 GBP = 3,019.69 MNT||1 GBP = 1.20 USD)|
|Transfer fee||£12 USD||£28 USD|
|Transfer time||2 days||Within minutes|
|Transfer method||Online, phone||Online|
|Money received||2,113,783 MNT||840 USD|
As you can see, only one company will allow Will’s brother to receive the money in MNT. He will have to weigh up his options to decide what is best for him.Back to top
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 explained
The 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 December 2016, the pound was worth approximately 26 Mexican pesos. 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.
How do I send money to Mongolia from the UK?
- Bank transfers. Some major UK 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.Back to top
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