SWIFT/BIC codes in Mongolia

SWIFT/BIC codes in Mongolia

Here you will find codes for 17 banks in Mongolia, 18 codes in all. Each code identifies an institution or one of its branches.

Choose a bank from the list to view its head office code and its other codes along with tips for payments to and from that bank. Further down we explain how codes from Mongolia are built, how to send money to Mongolia at a fair price and how to check a code before you pay.

The cheapest way to send money to Mongolia

What you pay for a payment to Mongolia is made up of more than one component, and the fee on your screen is only one of them. Besides a fixed fee, intermediary banks may deduct a charge and, if currencies are converted, the bank often applies a less favourable rate than the real market rate.

Most of the cost usually sits in the exchange rate – the bank builds a margin into its rate. Check the bank’s rate with the mid-market rate, the midpoint you see on financial news sites; the gap is what conversion costs you.

Money transfer services often offer a rate near the mid-market rate. GoldexPay compares what recipients in Mongolia receive with different services, so you can pick the cheapest route.

Tracking a payment to Mongolia

How quickly a payment reaches Mongolia is determined by a few things: which currency you send, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Payments made late in the day or just before a weekend or public holiday usually start a business day later.

Many banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Each gpi transfer carries a unique reference, the UETR, which the sending bank can use to trace it. Save the payment confirmation until the money has arrived – you will need it if something goes wrong.

Most SWIFT codes in Mongolia: Golomt Bank of Mongolia

Among the 17 institutions we list, Golomt Bank of Mongolia holds the most SWIFT/BIC codes in Mongolia. Its head office code is GLMTMNUBXXX – the code most transfers need.

A large number of codes usually reflects that the bank registers branches and departments separately. If not the recipient asks for a branch, the head office code GLMTMNUBXXX works for a payment to Golomt Bank of Mongolia.

Why a transfer to Mongolia needs a SWIFT code

Because Mongolia does not belong to SEPA, a transfer from abroad normally goes as a SWIFT payment. This means the payment always needs the SWIFT/BIC code of the receiving bank.

In some countries, the account is identified by a local account number rather than an IBAN. The recipient’s bank usually provides a list of required details for payments from abroad, and it is worth following them to the letter. SWIFT payments sometimes go via one or more intermediary banks and fees can be taken along the way.

What the letters in a Mongolia BIC mean

Each SWIFT/BIC code consists of 8 or 11 characters, always in the same order. The first four letters stand for the bank, characters five and six are the country code and the next two give the location.

No matter which bank, all Mongolia codes have the same country code in positions five and six. Codes with other letters in that position belong to another country, even if the bank name looks familiar.

The optional last three characters identify a specific branch; XXX is used for the head office. For most transfers the head office code is fine, unless the recipient gives you a branch code.

Receiving money in Mongolia from abroad

A sender in another country will ask for several details from you. In practice that means: your full name exactly as it appears on the account, your IBAN or account number, the BIC of your bank and sometimes your postal address.

Find the bank in the list above and compare the code with your own bank details, but take the code from your own bank details when in doubt. It helps to add the name and city of your bank, since some payment forms ask for it.

Expect that the incoming amount is below the amount on the sender’s receipt. Correspondent banks can take a fee, your bank may charge for incoming payments, and if the money is converted, an exchange rate margin comes on top. For business payments, state how the fees are split, so nobody is left short.

Verifying a SWIFT code from Mongolia

Ask the recipient to copy the account details directly from their online banking. If the code you have does not match the code listed here, stop and ask – contact the recipient or their bank.

Our SWIFT/BIC directory draws on publicly available sources that we update periodically. Institutions merge, change names and change codes – a directory can be a step behind. Use our data as a reference rather than the last word: the bank details from the recipient come first. GoldexPay is an independent comparison site and is not affiliated with the banks listed.

Scammers often send payment requests carrying changed bank details from what looks like a familiar address. Always verify changed details through a separate channel.