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The Mongolian unit of currency is the tögrög (T), which comes in notes of T5, T10, T20, T50, T100, T500, T1000, T5000, T10,000 and T20,000. (T1 notes are basically souvenirs and have practically no monetary value.) The highest-value note the T20,000 is worth around US$15 (as of Jan 2011). Banks and exchange offices in Ulaanbaatar will change money with relative efficiency and no extra commission charges. Banks in provincial centres are also fine; but since they are so remote it's still a good idea to leave the capital with enough cash just in case.ATMs from the major Mongolian banks recently have sprung up almost everywhere in Ulaanbaatar and they accept Visa and MasterCard. Ordinary ATM cards issued from your bank at home probably won't work; try to get a 'debit' card linked to your bank account. It should be associated with a credit card company.
You can't rely on plastic for everything, but credit cards are becoming more widely accepted in up-market hotels, department stores, travel agencies and antique shops. Most of these, however, charge an additional 3% if you use a credit card. Banks can give cash advances off credit cards, often for no charge if you have Visa, but as much as 4% with MasterCard.
You can't rely on plastic for everything, but credit cards are becoming more widely accepted in up-market hotels, department stores, travel agencies and antique shops. Most of these, however, charge an additional 3% if you use a credit card. Banks can give cash advances off credit cards, often for no charge if you have Visa, but as much as 4% with MasterCard.