Is cash still widely used?
Yes. Mongolia’s economy is predominantly cash-based. Outside Ulaanbaatar, cash is essentially the only payment method — rural guesthouses, nomadic camp stays, and local transport all require tögrög in hand.
Even in the capital, many smaller restaurants, markets, and local shops prefer cash.
ATMs and withdrawing cash
ATMs are available in Ulaanbaatar. Khan Bank and Golomt Bank ATMs are the most reliable for foreign cards.
- Fees are around 5,000 MNT per withdrawal for foreign cards
- Withdraw plenty of cash in Ulaanbaatar before heading to rural areas — ATMs are non-existent on the steppe
- Withdrawal limits can be low — around 500,000 MNT per transaction
Card acceptance
Limited to hotels, larger restaurants, and some shops in Ulaanbaatar. Outside the capital, cash is the only accepted payment method.
Tips for travelers
- Carry enough cash for your full rural itinerary before leaving Ulaanbaatar
- USD can be exchanged at banks and exchange offices in the capital
- Keep small denomination notes for local markets and transport
- Tögrög is not convertible outside Mongolia — exchange back before leaving