How can I get paid from abroad in Ulaanbaatar?

A global payment account gives you account details in currencies such as USD, EUR or GBP, so clients and marketplaces can pay you locally in their country. You then convert to MNT and withdraw.

What does it cost to convert to MNT?

Costs are the conversion margin plus any withdrawal fee to your local bank in Mongolia. Compare both, as they vary a lot between providers.

Who regulates international bank accounts & e-wallets in Ulaanbaatar?

Providers serving customers in Mongolia fall under Bank of Mongolia (Mongol Bank). Banks are licensed by the Bank of Mongolia under the Banking Law, and non-bank payment service providers must be authorised under the national payment system framework. Mongolia is outside any passporting bloc, so each provider serving Mongolian customers needs its own local authorisation. Check the Bank's published licence registers before holding tugrik balances with a provider.

Who uses global payment accounts in Ulaanbaatar?

Freelancers, remote workers, online sellers and small exporters in Ulaanbaatar use them to receive foreign income without opening bank accounts abroad.

Ulaanbaatar Digital Bank · International Bank Accounts & e-Wallets · Mongolia

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Eligibility, pricing, and availability vary by provider, residency, and regulation in Mongolia. Confirm the terms directly with each provider before opening an account.

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International Bank Accounts & e-Wallets in Ulaanbaatar: what to know

Global payment accounts help people in Ulaanbaatar, Mongolia get paid by clients, marketplaces and platforms in other countries, then convert the money into MNT (Mongolian tögrög (tugrik)). They are popular with freelancers, online sellers and remote workers in Ulaanbaatar.

Currency in Mongolia: MNT · Mongolian tögrög (tugrik)
Regulator in Mongolia: Bank of Mongolia (Mongol Bank)(opens in a new tab)
Local accounts in Mongolia: Mongolia has no IBAN registry entry: account numbers are bank-specific numeric formats assigned by each licensed bank, and international transfers are keyed to the receiving bank's SWIFT/BIC plus the beneficiary account number.
Payments in Mongolia: The Bank of Mongolia operates the interbank payment system for clearing and settlement, and domestic card payments run through the national card switch used by Mongolian banks; day-to-day digital payments are strongly app-based, with SocialPay (the Bank of Mongolia's QR payment platform) and bank super-apps handling QR payments and wallet transfers. QR-code acceptance is widespread in Ulaanbaatar, and card acceptance thins out quickly outside the capital.

Before you sign up in Ulaanbaatar

Check which currencies you can receive, the conversion fee to MNT (Mongolian tögrög (tugrik)), and the withdrawal fee to a local account in Mongolia.

Sources: Bank of Mongolia · Bank of Mongolia: payment systems · IBAN registry: Mongolia (no IBAN entry)

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Disclosure: Digital Bank Networks is not a bank. We are an independent comparison platform. Some of the providers on this page are our affiliate partners, and we may receive compensation when you open an account through our links. This does not affect our ratings or rankings, which are based on independent analysis. All information is provided for educational purposes only. Please review each provider's terms and conditions before opening an account.