Mongolia operates on the tögrög (MNT), introduced in 1925 and subdivided into 100 möngö, though möngö coins no longer circulate in practice. The Bank of Mongolia issues banknotes in denominations of 1,000, 5,000, 10,000, and 20,000 tögrög, with older 500 tögrög notes still occasionally encountered. Exchange rates fluctuate significantly against major currencies, with the tögrög trading at approximately 3,400-3,500 per US dollar as of recent periods, though this rate has shown considerable volatility since 2014 when it dropped from around 1,800 per dollar. The currency code is MNT, and the symbol ₮ appears on official documentation, though merchants often simply write "tg" or omit symbols entirely on handwritten receipts.
Ulaanbaatar hosts branches of major Mongolian banks including Khan Bank, State Bank, Trade and Development Bank of Mongolia (TDB), and Golomt Bank, all of which maintain headquarters in the capital's central districts. Khan Bank operates the most extensive network with over 400 branches nationwide and claims approximately 1.3 million customers as of 2022. ATM availability in Ulaanbaatar is widespread in commercial areas, with machines typically clustered around Peace Avenue, Seoul Street, and the State Department Store vicinity. Most ATMs accept Visa and Mastercard, with daily withdrawal limits ranging from 400,000 to 800,000 tögrög depending on the bank and card type. Transaction fees for international cards typically run 5,000 to 8,000 tögrög per withdrawal regardless of amount, making larger single withdrawals more economical than multiple small ones.
Outside Ulaanbaatar, banking infrastructure diminishes sharply. Provincial capitals like Erdenet, Darkhan, and Choibalsan have Khan Bank and TDB branches with at least one functioning ATM, but aimag centers such as Mörön, Ölgii, and Bayankhongor may have only one bank branch with unreliable ATM service due to cash supply interruptions. In Khövsgöl aimag, the town of Mörön has two bank branches, but Lake Khövsgöl resort areas 100 kilometers north operate entirely on cash with no electronic payment infrastructure. Sum centers—the administrative level below aimag—rarely have any banking facilities, and nomadic encampments conducting tourist ger stays operate exclusively in cash with no exceptions.
Foreign currency exchange in Ulaanbaatar occurs through banks and licensed exchange kiosks, with US dollars, euros, Chinese yuan, and Russian rubles the most readily exchanged currencies. Banks offer official rates but require passport presentation and complete transaction forms taking 15 to 30 minutes. Exchange kiosks on Peace Avenue and near the State Department Store provide faster service with rates typically 1-2% less favorable than bank rates, and they handle US dollars and euros most readily. Damaged, pre-2006 series, or heavily marked US dollar bills face routine rejection or significantly reduced rates. Outside the capital, only aimag center banks exchange foreign currency, and rates deteriorate by 3-5% compared to Ulaanbaatar. Yuan exchanges more readily in western aimags near the Chinese border, particularly in Khovd and Ölgii where cross-border commerce dominates local economies.
Credit card acceptance in Mongolia remains limited and concentrated in Ulaanbaatar. International hotels rated three stars and above accept Visa and Mastercard, as do larger restaurants in the city center and shopping centers like the Shangri-La Mall and Central Tower. American Express acceptance is extremely rare, appearing only at luxury hotels like the Shangri-La Hotel Ulaanbaatar and corporate rental car agencies. Retailers add surcharges of 3-5% for credit card transactions in many cases, though this practice technically violates card network rules. Outside Ulaanbaatar, credit card acceptance essentially disappears except at a small number of ger camps catering specifically to international tourists, such as certain properties in Gorkhi-Terelj National Park operated by companies like Nomadic Journeys or Ger to Ger. Even these camps experience frequent processing failures due to connectivity limitations.
Cash remains overwhelmingly dominant for daily transactions. Markets, local restaurants, public transportation, and small shops operate cash-only without exception. Taxi drivers in Ulaanbaatar prefer cash, though ride-hailing services like UBCab allow card-linked accounts. The State Department Store accepts cards on upper floors housing brand-name retailers, but ground-floor market stalls demand cash. Fuel stations outside major cities rarely process cards, making cash essential for overland travel. Tour operators typically require payment in either US dollars or tögrög, with bank transfer or cash options but rarely card processing due to high merchant fees exceeding 4% domestically.
Mongolia's mobile network infrastructure centers on three primary operators: Unitel, Mobicom, and Skytel. Unitel and Mobicom dominate market share with approximately 40% and 35% respectively as of 2023, while Skytel holds roughly 20%. Unitel operates as a subsidiary of Mongolian Mining Corporation and offers the most extensive countryside coverage, claiming network reach to 90% of the population but only about 30% of the geographic territory given Mongolia's 1.56 million square kilometers and population of 3.3 million concentrated heavily in urban areas. Mobicom, established in 1996, was Mongolia's first private mobile operator and maintains strong coverage in Ulaanbaatar and aimag centers but weaker reach in remote sum areas.
4G LTE coverage exists throughout Ulaanbaatar and extends along major highways including the paved road from Ulaanbaatar to Darkhan and the primary route through Kharkhorin to the Orkhon Valley. Provincial capitals like Erdenet, Darkhan, Choibalsan, and Mörön have 4G service in urban cores, degrading to 3G or Edge in peripheral areas. The road to Gorkhi-Terelj National Park maintains 4G coverage to approximately 50 kilometers from Ulaanbaatar, then drops to 3G with increasing dead zones. Routes to popular tourist destinations like Lake Khövsgöl experience extended coverage gaps, with the final 80 kilometers to the lake offering only intermittent 3G at best. The Gobi Desert presents the most severe connectivity challenges, with the route through Gobi Gurvansaikhan National Park having coverage only in Dalanzadgad and isolated coverage at major tourist camps that have installed private infrastructure.
SIM card purchase requires passport presentation at official operator stores. Unitel and Mobicom maintain stores in the State Department Store and along Peace Avenue in Ulaanbaatar. SIM cards cost 5,000 to 10,000 tögrög, with prepaid data packages ranging from 5,000 tögrög for 2GB at throttled speeds to 25,000 tögrög for 20GB at full 4G speeds valid for 30 days. Tourist-oriented packages exist at inflated prices of 30,000-40,000 tögrög for 10GB. Registration requires completing a form with passport details and providing a local address, which hotel information satisfies. Activation typically completes within 2 hours but can extend to 24 hours. Top-up cards are available at convenience stores and kiosks throughout Ulaanbaatar but become harder to find in rural areas, where bank agents or post offices may be the only option.
Fixed-line internet in Ulaanbaatar comes through providers including Univision, Mobicom Fiber, and DDish, offering speeds from 10 Mbps to 100 Mbps. Hotels rated three stars and above provide WiFi as standard, though speeds vary dramatically from 5 Mbps at budget properties to 50 Mbps at business hotels. Cafes and restaurants in central Ulaanbaatar increasingly offer WiFi, but password protection and customer-only policies are standard. The Mongolian National Library and some government buildings provide public WiFi with registration. Internet cafes still operate in secondary cities where home internet penetration remains below 50%, charging 1,000-2,000 tögrög per hour.