The local currency
Mongolia’s currency is the tugrik, often written tögrög, and its code is MNT. Notes are used for most everyday purchases, and the denominations come in a range of sizes. The exchange rate against major currencies moves over time, so this article gives no rates and no price examples. Check a current, reliable source shortly before you travel and again on arrival, and treat any figures you read online as out of date unless they are recent.
Because the face values of notes can be large relative to what you may be used to, it is easy to miscount at first. Take a moment when paying, and check change.
Cards in the cities
In Ulaanbaatar and some other larger towns, many hotels, restaurants, shops and supermarkets accept cards, and mobile payment is widely used by residents. International cards are accepted in many but not all places, and card machines sometimes fail or only work with certain networks. It is sensible to carry more than one card, preferably on different networks, and to let your bank know about your travel plans so that payments are not blocked. Ask your bank about foreign transaction fees and about what happens if a card is lost.
Even in the capital, small cafes, markets, taxis and local transport often prefer cash, so do not rely entirely on cards.
Cash in rural areas
Outside towns, the situation changes. Ger camps, herder families, small shops, fuel stops and roadside cafes often work in cash, and card machines may be unavailable or unreliable because of limited connectivity. The expectation that a bank machine will be around the corner no longer holds once you leave a provincial center. Plan to take enough cash for the rural portion of your trip before you set off, and work out roughly how much you will need for meals, small purchases, park or site fees and tips.
Think about:
- Small notes, which are far easier to use at remote places than large ones.
- A cash reserve for emergencies, kept separately from your main supply.
- Whether your driver or guide handles major costs, so you carry less.
Exchanging and withdrawing
Banks and exchange counters in cities will usually change major foreign currencies, and exchanging a modest amount on arrival is common. Rates and fees vary, so compare a little if you can. ATMs are widespread in cities and larger towns, though some have withdrawal limits and some do not accept every card. Withdraw in daylight, use machines inside banks if possible, and keep your PIN private. Unofficial street money changers carry risks and are best avoided.
Clean, undamaged foreign notes are more readily accepted than torn or heavily marked ones, if you bring any. Check the current rules on how much cash you may bring in or out, since regulations change; see the official customs information and the entry requirements before departure.
Keeping money safe
Practical habits help:
- Spread cash and cards across different places, such as a money belt, a daypack and your luggage.
- Keep a photograph or note of card numbers and emergency contact lines for your bank, stored separately.
- Be careful in crowded places such as markets and stations, where pickpockets operate in many cities.
- Avoid showing large amounts of money when paying.
Bargaining and prices
Fixed prices are normal in supermarkets and most restaurants. Some markets and craft shops allow a degree of bargaining, but it is done politely and without aggression. If you buy cashmere or souvenirs, ask questions about what you are buying and where it comes from. Hotels and camps that quote prices in foreign currency may expect payment in that currency or in tugrik; clarify this in advance, along with whether a service charge or tax is included.
Tips and small payments
Tipping is not as fixed as in some countries, and the article on tipping customs describes general remarks. Having small notes on hand makes it easier to leave a modest amount, pay for a bathroom or tip someone who has helped you.
Planning ahead
Before leaving the city, check your cash, confirm your cards work, and think about the final days of your trip, when you may be in a remote area and have little left. Bring a backup, whether another card or a small amount of foreign currency, in case a machine rejects your main card. Money rules and payment tools are changing steadily, so confirm the situation with your bank and a current source shortly before departure.