Author: Anu B

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:

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

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

1. SHA – Remitter is not responsible for the intermediary bank fees and the fees will be deducted from the total amount by the correspondent banks
2. OUR – Remitter is responsible for the first intermediary bank fees. Other intermediary bank fees will be deducted from the total amount transferred.
3. 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.

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

1. If you are a foreign trader and you have received an e-mail asking you to transfer the payment to another account, therefore informing you that the beneficiary information has changed, you should contact the customer via phone call to confirm the changed information.
2. If you have lost your personal photo or video to a stranger online and are being pressured to make payments to them, we advise you to notify the police immediately.
3. Please note that, if you receive a notification about a random lottery win or a large amount of cash on your computer or mobile phone and it asks you to transfer a payment as an advance. This is a common case of cyber crime.
4. If you suspect that any of the above incidents have occurred or may occur to you, please contact the Police at 11-311606 or 102 for more information and advice. You may also send an electronic complaint to the Police at www.service.police.gov.mn, where you can submit your application.