- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
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 Kingdom 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 money.
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.
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
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
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?
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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