Banks in Mongolia

The 12 operating commercial banks in Mongolia are Khan Bank, Trade and Development Bank, Golomt Bank, XacBank, State Bank, Capitron Bank, National Investment Bank of Mongolia, Chinggis Khaan Bank, Arig Bank, TransBank, Bogd Bank and M Bank. Mongolbank sets monetary policy, licenses banks, supervises their prudential condition and oversees payment systems. Its requirements cover capital, liquidity, governance, anti-money laundering and countering the financing of terrorism, and regulatory reporting. Mongolbank uses off-site and on-site inspections and can require corrective measures or impose sanctions. Examples of prudential limits include minimum liquidity of 25%, foreign-currency exposure of no more than 15% per currency and no more than 30% in total, and exposure to the ten largest depositors of no more than 25% of total assets. The Financial Regulatory Commission supervises insurers, securities firms, non-bank financial institutions and savings and credit cooperatives rather than commercial banks. Banks serve customers through branches, ATMs, internet banking, mobile banking and call centres. Coverage is strongest in Ulaanbaatar and in regional areas with a bank or Mongolbank presence. No single bank offers the same reach, currencies, card services, digital functions, service levels or fee schedule as another. A comparison should include the locations and ATMs available, supported currencies, account conditions, transfer fees, card limits, foreign-use fees and digital access. A current account, called hariltsah dans in Mongolia, commonly supports payments and card use. A savings account, called hadgalamjiin dans, holds deposits under product-specific terms. Banks also provide loan accounts and accounts in Mongolian tögrög, abbreviated MNT, as well as foreign currencies where offered. An account agreement should state the term, interest rate, interest calculation, cancellation or early-termination rules, and the rights and duties of the customer and bank. Some banks offer online account opening or online services, but existing customer relationships, identity checks and internal bank rules can affect access. Banks apply KYC, meaning know-your-customer checks, before establishing a relationship and when required during the relationship. A Mongolian citizen generally provides a national identity card or passport. A foreign person may need a passport, a Mongolian residence card where applicable, and an employee reference or official evidence explaining the settlement or banking purpose, depending on the bank. A company may need registration and charter documents, proof of representation, address and telephone details, registration number, information about its beneficial owner, called the UBO, and in some cases FATCA or tax-status information. Missing required information can lead to a service refusal. The exact document list remains bank- and risk-dependent. Mongolia's payment system supports cash, bank transfers, payment orders, internet banking, mobile banking, cards, QR payments, remittances, electronic money and billing services. MNT and foreign-currency transfers are available according to the bank, currency and transaction type. RTGS, the real-time gross settlement system, handles high-value payments above MNT 3,000,000. ACH+, the automated clearing system, handles payments of up to MNT 3,000,000; some ACH+ services operate in real time around the clock, while others use batch processing. The transfer channel and processing time therefore affect when a payment becomes final. Interbank card clearing uses the National Electronic Transaction Center or, for indirect participants, Trade and Development Bank. Payment services are provided by the 12 commercial banks and licensed non-bank payment service providers. Electronic-money and card issuing or acquiring services require a Mongolbank licence. Wallets and other financial-technology services can provide functional alternatives for payments, but they do not automatically provide a bank deposit or the same deposit-insurance protection as a bank account. Banks issue debit, credit and virtual cards. Available networks and functions can include Visa, Mastercard, UnionPay, American Express, the national T Card, ATM and point-of-sale payments, contactless NFC payments, online payments, QR payments and tokenisation. T Card is widely used nationally, while international use depends on the card and bank. Golomt Bank and Trade and Development Bank have supported Apple Pay since 2024, and Google Pay became available in Mongolia on 18 November 2025. Limits, foreign-exchange treatment, ATM and point-of-sale charges, foreign-use rules, replacement and blocking procedures depend on the bank and card product. The Deposit Insurance Corporation of Mongolia, or DICOM, provides compulsory deposit insurance for insured banks. Current and savings accounts in MNT and foreign currency are covered within the statutory rules. The total balance of one depositor at one bank is aggregated, including interest, and the maximum coverage is MNT 20,000,000 per depositor per bank. Foreign-currency coverage is paid in MNT using the Mongolbank exchange rate on the insured event. Several accounts at the same bank do not create several separate coverage limits, and statutory exclusions can apply. After Mongolbank reports an insured event, DICOM decides within three working days and starts payment within ten working days after the event. Mongolia has no single national bank tariff. Opening an account, minimum balances, account maintenance, cash and cashless transactions, interbank and foreign-currency transfers, cards, ATM use and account closure can all carry different charges. Branch, online and same-bank transfers may also be priced differently. Check the current tariff for the exact account, channel, currency and card before signing an agreement. A bank may also apply different processing times to RTGS, ACH+, batch and real-time transfers. Digital access may include 24-hour services, QR payments, electronic billing, wallets and token verification, but availability differs by bank. Login methods can include one-time passwords, biometric approval and device binding. Tokenisation, EMV and NFC reduce exposure of card details but do not replace checking the recipient, amount, device and approval request. Never disclose a PIN, one-time password, CVV or password. Use only the bank's official application, website and hotline. Block the card or account immediately after loss, theft or suspected fraud and review the affected transactions. For a banking complaint, contact the bank first through a branch, call centre, application, internet-banking channel or written complaint. Mongolbank's Public Education and Information Center handles general questions and complaints, its Legal Department protects bank-customer and depositor rights, and its Payment Systems Department oversees payment-system matters. The available banking channels do not identify a general banking ombudsman as a local equivalent. Investment accounts, securities, loans and debt belong to different primary areas; they intersect with banking here only where an account, payment, security or customer-protection consequence is involved.