Need to transfer money to Mongolia? Considering a bank wire to send the money to Mongolia? Before you walk into your bank to organise it, make sure you check out the wire transfer fees. It might come as a shock just what the fees and charges will be and depending on the amount, it might be better to send the money using another method.
What makes more costly is in addition to your bank imposing a fee for sending the funds to a place in Mongolia, the individual receiving the transfer of funds may be charged a fee at their end. A way to minimise the possibilty of the charge is to remit the international wire transfer in their designated currency.
To initiate a bank wire transfer to Mongolia, you might require a SWIFT code. These are unique codes for each financial institution and are based on a number of things such as the country and individual bank.
SWIFT Country Code
Central Bank Name
The Bank of Mongolia