Mongolia’s vast landscapes, nomadic traditions, and rich history make it an unforgettable destination, where understanding how to manage money is essential for a smooth trip. Whether you’re exploring Ulaanbaatar’s bustling markets, riding horseback across the steppes, or staying in a traditional ger, this guide covers everything you need to know—what currency to bring, the best ways to get money and currency in Mongolia (Mongolian Tugrik (MNT)), cash safety tips, and essential dos and don’ts. With these insights, you’ll avoid unnecessary fees and fully enjoy Mongolia’s wild beauty and unique culture.
How to pay in Mongolia – cash or card?
Both cash and card payments are common in Mongolia, with a clear shift towards digital transactions in recent years. Mongolia’s official currency is Mongolian Tugrik (MNT). While cash has always been the preferred payment method, electronic payments are becoming increasingly popular. Mongolia’s digital payments market is expected to increase by 25.71% between 2025 and 2029, reaching a market volume of $4.57 billion in 2029.
Tourists use cash for:
Public transportation, including local buses and taxis.
Local markets, street stalls, and small sellers typically accept cash for purchases.
tiny Businesses: Some tiny or family-owned shops and restaurants may prefer cash payments.
Tips and gratuities: Tipping in cash is usual for services like eating, tour guides, and hotel workers.
Rural Areas: Less urbanised areas have limited electronic payment options, making cash necessary.
Tourists use card for:
Most big hotels, especially in metropolitan and tourist locations, accept credit and debit cards.
Restaurants and cafés: Many dining facilities, especially those in cities, accept credit cards.
Shopping malls, branded retailers, and supermarkets all accept cards.
Established car rental and travel firms often accept credit cards.
Use cards for online reservations for flights, hotels, and tours.
What’s the best currency to take to Mongolia
Mongolian Tugrik (MNT) is usually the best currency to take while travelling to Mongolia. Paying or withdrawing money in the local currency incurs the lowest fees and is sometimes fee-free.
Many tour operators and hotels quote rates in US dollars or Euros, and they may accept these currencies from visitors. However, if you pay in US dollars or Euros rather than Mongolian Tugrik, the conversion rates may be terrible. So, to prevent losing money, pay in MNT.
British pounds are not accepted here.
Where to get currency in Mongolia
There are three basic ways to obtain cash in Mongolia. The options include ATMs, currency exchange, money transfers, and local pick-up.
Types of cards to swipe in Mongolia
POS machines usually accept Visa and Mastercard. You might also find some places that accept Amex and other cards, albeit less often.
Types of cards at ATMs in Mongolia
If you’re withdrawing money in Mongolia from an ATM, ATMs commonly accept Visa, Mastercard, Maestro, Plus, Cirrus cards. Others like Amex, JCB, UnionPay, Diners, Discover and Rupay cards are not accepted.
Should I exchange money before travelling to Mongolia
Bringing a little quantity of Mongolian Tugrik (MNT) before travelling can be useful for covering immediate expenses such as taxis, tips, or minor purchases. However, exchange rates outside Mongolia are typically low, and most international institutions do not stock MNT, making it difficult to buy in advance.
Withdrawing MNT from ATMs in Mongolia is the most convenient alternative because they are extensively available in Ulaanbaatar and other major cities. Most ATMs accept Visa, Mastercard, Cirrus, Plus, and Maestro cards; however, verify with your bank for international withdrawal fees.
You can exchange currency exchange in banks or licensed exchange bureaus, as they provide better rates than airports or hotels. If you need cash upon arrival, exchange only a modest amount at the airport.
It is advisable to carry both cash and credit cards. If you have USD, EUR, or CNY (Chinese Yuan), you can swap them at banks or exchange bureaus for cheap rates. USD is sometimes accepted in tourist locations, however paying in MNT provides the best value.
Where to withdraw currency in Mongolia
The best ATMs for foreigners to use in Mongolia are those owned by popular banks such as:
Khan Bank
State Bank
Capitron Bank
Golomt Bank
There are other banks with ATMs that also accept international debit and credit cards.
Where to exchange currency in Mongolia
In Mongolia, licensed exchange offices or banks are the most usual places to exchange currencies.
Currency Exchange Offices: In Mongolia, currency exchange offices are commonly referred to as Валют арилжаа (Valyut ariljaa). These are widely available in tourist areas, shopping centers, and airports.
Banks: Major banks such as Trade and Development Bank (TDB), Khan Bank, and Golomt Bank offer currency exchange services. These banks have branches throughout cities, providing reliable services. Operating hours are typically from 9:00 AM to 5:00 PM on weekdays, with some branches open on Saturdays.
The ATM Fee Saver app can help you find good currency exchanges by displaying the nearest currency exchange on a map. The app connects you with forex locations in 100+ countries, including Mongolia.
Avoid Airport Exchanges and no-fee exchange offices: Currency exchange services at airports often have less favorable rates and higher fees. It’s better to exchange money in the city for better rates and lower charges.
Safety of carrying cash in Mongolia
Carrying money in Mongolia is safe but use caution. Petty crimes, such as pickpocketing, can occur, particularly in congested settings like markets and during festivals. Credit and debit cards are accepted in Ulaanbaatar, however cash is important in rural regions due to limited ATM and card access.
Is it better to use debit or credit cards or pay by cash in Mongolia
Use a card if it is fee-free, which means your bank does not charge any fees to swipe the card, the merchant / POS does not charge any additional fees to use the card, you need to use the card’s insurance, you do not want to block cash for large purchases, and card swipe fees are lower than withdrawal fees.
Pay in cash by withdrawing cash from an ATM or exchanging currency, where rates on ATM withdrawals are lower than rates on swiping cards, you do not want to leave a digital trail of your expenses, and transactions are simpler and easier to complete.
