Send Money to Mongolia (in USD)

Mongolia hosts a very small resident Indian community of about 100 people, according to Mongolian immigration figures cited by India’s Ministry of External Affairs. Ulaanbaatar accounts for most of that presence, supplemented by more than 2,700 temporary workers deployed during the construction season on Indian-financed project sites.

The corridor is driven by Indian-financed development projects and a modest but growing trade. India is funding Mongolia’s first oil refinery in Dornogovi Province through a line of credit that now totals US$1.7 billion, along with an IT centre of excellence and a friendship school in Ulaanbaatar. Indian firms supply sugar, medicines, mining machinery, auto parts, and steel pipes, while Mongolian raw cashmere wool and leather find Indian buyers. Bilateral trade was about US$100 million in 2025.

These ties make sending money to Mongolia a periodic requirement. Contractor settlements, staff costs, and supplier payments are involved, and transfers are sent in US dollars because the Mongolian tögrög is thinly traded internationally. Mongolia is landlocked, bordered only by China and Russia, so shipping and settlement timelines need planning in advance.

Even small differences in exchange rates or fees affect the final amount received. BookMyForex helps you send money to Mongolia with better rates, transparent pricing, and clear tracking at every step. 

Indian transfers to Mongolia are concentrated almost entirely in the capital. Ulaanbaatar receives most of the volume, home to the Indian embassy, the ministries, the IT centre of excellence, the India-Mongolia Friendship School, the main banks, and nearly all of the resident Indian community.

Dornogovi Province receives project-linked payments connected to the oil refinery, where much of the temporary Indian workforce is deployed during the construction season. Outside these two centres, formal Indian transfer activity is minimal. 

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Accurate beneficiary details, including the recipient’s account number, the full bank name, and the bank’s SWIFT code, are essential, and invoices should name the account that must receive the payment.

Transfers from India are sent in US dollars, so recipients should confirm in advance that the receiving account can accept a US-dollar credit. Most recipients bank with Khan Bank, Golomt Bank, Trade and Development Bank (TDB), XacBank, or State Bank. Confirm the receiving bank before sending, as correspondent coverage varies between institutions. 

As per the Union Budget 2026, Tax Collected at Source (TCS) applies to outward remittances under LRS based on the purpose and amount of transfer. Here are the applicable TCS rates:

● Education via education loan: 0% TCS (any amount)
● Self-funded education & medical treatment: Nil up to ₹10 lakh; 2% above ₹10 lakh
● All other outward remittances: Nil up to ₹10 lakh; 20% above ₹10 lakh

Note: TCS is not a final tax, it can be claimed as credit when filing your ITR. BookMyForex auto-calculates applicable TCS at checkout so there are no surprises.

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