Currency in Mongolia: Money Exchange for Travelling in Mongolia

Having solid information about the currency of a country you are travelling to is the most important thing. The Mongolian Tugrik is known as MNT. If you are planning to get the money exchange outside Mongolia, then you might face trouble because not all banks outside the country keep MNT. However, there is a solution to the currency problem, you can work on US dollars and euro bills in Mongolia. They accept that currency as a tribute to being the developing country and 80% economic run from tourism, they just owe it to the tourists. Jackpot! The currency in Mongolia won’t be a problem if you just know the correct exchange rates and stick to the budget.
 As the Mongolian Tugrik is the official currency of the country. You will often come across the notes as 1, 3, 5, 10, 20, 50, 100, 500, 1,000, 5,000, and 10,000, for currency also has a set of coins with the denominations of 20, 50, 100, and 200. These denominations are the flesh and blood of the country and the export foreign exchange is limited to 815 Tugriks.
 The exchange rates keep changing every now and then, the US dollar has been somewhat stable over the years. However, making the budget for a trip really depends upon the exchange rates. We are sure, you’re not a fan of exceeding the budget. Here are the recent exchange rates for Mongolian Tugrik.

1 USD ~ 2,838.11 MNT
1 Euro ~ 3,227.99 MNT
(According to August 2020 standards)
 

The credit card is associated with more luxurious accommodations and sources, like big hotels, restaurants in the capital. But for small trade like buying a tasty street snack, you will need the Mongolian Tugrik. So when you are leaving for the marketplace or any small merchant, you will only be able to exchange cash.

However, Mongolia is developing and since the economy is majorly run on tourism, the shops are accepting credit cards and more often. Most of the cafes, restaurants and small grocery stores started accepting cards. If you want to keep it to processing cash, then the cash is available in Mongolian banks with around 5% interest fee.
 

The cheques will be of value until you are in the capital of the country, this source of money exchange will hold no value when you are in small cities or in the off the beaten tracks.
 This might change the budgeting and shopping plans, the charges of most of the items are marked different for tourists. The charges are comparatively higher than for any native people. The issue with the charges are almost the same, restaurants, hotels, national parks, outdoor activities, souvenirs, domestic flights, and even in regular markets.  This can also affect your travelling budget.
 Mongolians don’t really tip traditionally, but these trends slowly began to change when the Mongols working in the hospitality sector tasted the benefit of tips. Now they are inseparable and religiously accustomed to tips, in fact, they appreciate getting around 10% to 20%.

 You May Like:

6 Things to Know Before You Visit Mongolia

11 Facts about Mongolia