Mongolia - Methods of Payment Mongolia - Methods of Payment
Mongolians use both cash and electronic payments to conduct trade. Although the tugrik is the official currency for all domestic transactions, dollars may be used for some exchanges. These payments can be in hard currency or through wire transfers into and from Mongolian bank accounts. Letters of credit remain hard to obtain due to weaknesses in banking supervision and difficulties in collecting on defaults. Pay-as-one-goes should be the mantra for American investors and exporters active in Mongolia. We do not recommend paying in advance or extending credit until a clear record of trust and successful transactions exists. Tight control of finance and procurement is recommended. There are no private collection or credit rating agencies currently active in Mongolia.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.