The Mongolian currency is called Tugrik or MNT. Notes are MNT 20.000, 10.000, 5,000, 1,000, 500, 100, 50, 20, 10 and 5. Coins are not used for payment.
Currency exchange is available at bureau de change office, banks and hotels in Ulaanbaatar. Mongolia is cash based society. US Dollars and traveler’s cheques (American Express) can be easily cashed and converted to Local currency –Tugrik (MNT).
Also Thomas Cook Cheques are accepted by the Trade and Development Bank.
There are no branches of International Bank. However international bank wire transfers are possible. There are easy way to transfer money by Money Gram and Western Union.
Credit/Debit Cards and ATMs
Master and Visa card are accepted by all banks, large hotels and some shops and restaurants in Ulaanbaatar. Credit card cash advances can be obtained at the all banks.
Golomt Bank also offer a 24 hours service. There are ATM machines in Ulaanbaatar, but not anywhere in the countryside. Regardless, foreign cards may or may not work in Mongolian ATM machines.