All you need to know about money and currency in Mongolia

SYMBOL

PRONUNCIATION

CODE

EXCHANGE RATE

₮

Tugrug

MNT

$1 USD ≈ 3600₮

The "Genghis" Notes (High Value)

The higher-value notes feature a portrait of Genghis Khan (Chinggis Khaan). You will use these for 90% of your purchases.

• 20,000₮ (Green): The highest common denomination. (~$6 USD).

• 10,000₮ (Orange): Very common.

• 5,000₮ (Pink/Red): Very common.

• 1,000₮ (Blue): The "one dollar" equivalent, roughly.

• 500₮ (Green): Small change.

The "Sukhbaatar" Notes (Small Change)

The smaller notes feature Damdin Sukhbaatar, the "Hero of the Revolution" who helped establish modern Mongolia's independence in 1921.

• 100₮ (Purple): Small change.

• 50₮ (Brown): Small change.

• 20₮ (Pink/Orange): Not commonly used.

• 10₮ (Blue): Not commonly used.

These are worth pennies (or fractions of a penny).

In Ulaanbaatar (The Capital)

• Cards are King: You can use Visa and Mastercard in most restaurants, coffee shops, malls, and supermarkets.

• Contactless: Tap-to-pay works on most modern machines.

• Digital: Locals use apps like "QPay" (QR codes), but these usually require a local bank account. Stick to your physical card.

In the Countryside (The Gobi, Steppes, & Lake Khuvsgul)

• Cash is King: Once you leave the paved roads of UB, cards become useless. Small Guanz (canteens), nomadic families hosting you, and small village shops only accept cash.

• Stock Up: Before leaving the city for a tour, withdraw enough cash for the entire duration of your countryside trip.

Reliability:

Khan Bank and Trade and Development Bank (TDB) are the most reliable for international cards.

Limits:

Withdrawal limits can be low (often around 800,000₮ per transaction). You may need to make multiple withdrawals.

Exchanging Cash (The "Crisp Note" Rule)

If you bring USD, Euros, or Pounds to exchange:

• Pristine Condition: This is critical. Money changers and banks will reject bills that have tears, ink marks, folds, or are "soft" from overuse.

• New Bills: Ensure your USD bills are the "big head" design and printed after 2013 (ideally 2018+).

• Exchange Bureaus:

  The "Naiman Sharga" currency exchange market in Ulaanbaatar often offers better rates than hotels or airports.

Is Tipping Customary?

Traditionally, No. However, tourism is changing this.

• Restaurants: In UB, a 10% tip is becoming common in nice restaurants. Some high-end places add a service charge automatically.

• Guides & Drivers: It is highly recommended to tip your tour guides and drivers at the end of a trip. They work incredibly long hours. A standard guideline is $10–$20 USD per day per guest, split between the crew.

Money Etiquette

• The Right Hand Rule: When handing money to someone (or receiving change), use your right hand. Never throw money on the table or use just your left hand; it can be seen as rude.