Foreign Payments

Sending foreign payments

We cooperate with global major banks to provide high-quality, reliable and risk-free international payments for you. We transfer your payments with 9 types of currencies, through our 30 nostro accounts with CCB Bank of China, KEB Hana Bank of South Korea, Commerzbank AG of Germany, SMBC Bank of Japan, and OCBC Bank of Singapore. Furthermore, we are able to provide our customers with detailed information on the entire transaction process using SWIFT GPI.

Features


You can make payments in the 9 most common currencies	The most favorable interest rate conditions	Additional services for international wire transfer (MT101, MT940)
You can make international wire transfer from anywhere using our Internet banking services	Using SWIFT GPI, we can provide our customers with detailed information on the entire transaction process

Charges

CURRENCY	AMOUNT	OUR BANK FEE	CORRESPONDENT BANK FEE
U.S. Dollar	<5,000	15,000 MNT	20 USD
	5,000.01-100,000	25,000 MNT
	>100,000.01	35,000 MNT
	Guaranteed remit in full service		35 – 60 USD
U.S. Dollar (to South Korea)	<5,000	15,000 MNT	25 USD
	5,000.01-100,000	25,000 MNT
	>100,000.01	35,000 MNT
Euro (to Germany)	<2,500	15,000 MNT	5 EUR
	2,500.01-12,500	25,000 MNT	10 EUR
	>12,500	35,000 MNT	20 EUR
Euro (to other countries)	–	30,000 MNT	20 EUR
Chinese Yuan	<100,000	10,000 MNT	50 CNY
Chinese Yuan	>100,000	20,000 MNT	50 CNY
Japanese Yen	–	12,000 MNT+0.3% (when paying in cash)	0.05% (min. 2,500 JPY)
Russian Ruble	–	15,000 MNT+1.5% (when paying in cash)	–
British Pound	–	15,000 MNT+ 0.3% (when paying in cash)	15 GBP
Hong Kong Dollar	–	25,000 MNT+ 0.3% (when paying in cash)	200 HKD
Singapore Dollar	–	20,000 MNT + 0.3% (when paying in cash)	25 USD
Turkish Lira	–	15,000 MNT	100 TRY
Others	–	32,000 MNT	35 EUR

Charges for recalling and amending international transfers and inquiries at the request of customer

SERVICES	CURRENCY	FEE
Amendment, Recall and Return	USD	30 USD
	EUR	50 EUR
	CNY	50 CNY
	JPY	7,500 JPY
	RUB	300 RUB
	GBP	50 USD
	HKD	20 USD
	SGD	20 USD
	TRY	250 TRY
Inquiry	USD	30 USD
	EUR
	CNY
	JPY
	RUB
	GBP
	HKD
	SGD
	TRY

Things to keep in mind when sending international payments

Please kindly note that the following information must be obtained from the payee in advance when sending a payment to a foreign country. These include:

Recipient’s full name, address and ID document number
Recipient’s bank name and SWIFT code
Name of the correspond bank of the payee bank, SWIFT code (if any)
in the remittance information field, please specify the purpose of the payment (for example, tuition, gifts, donation, etc.)

Terms of the intermediary bank fee

Which party is responsible for the correspondent bank’s fee:

SHA – Remitter is not responsible for the intermediary bank fees and the fees will be deducted from the total amount by the correspondent banks
OUR – Remitter is responsible for the first intermediary bank fees. Other intermediary bank fees will be deducted from the total amount transferred.
Fullpay /G-OUR/ – This option is only available for USD transfers. Remitter is responsible for all banking charges and the beneficiary will receive the payment in the full amount.

Mandatory reminders when sending international payments

If you are planning to send international payments to foreign countries, please pay attention to the information below: