Author: Batbayar

Financial advice

We are keen to work together to provide you with valuable financial advice and bring your business up to international business standards, from the time that you sign a trade agreement until receive your goods as an importer and receive payment as you sell your goods as an exporter.

Please contact us at tfd@transbank.mn

Letter of credit

Key advantages for importers

Post author By Batbayar
Post date May 12, 2022
No Comments on Key advantages for importers

Reduces the risks of international trade across the different countries
Lower cost
Allows the importer to avoid the advance payment or reduce the amount of advance payment (improving cash flow)
To conduct the business in accordance with its plan while controlling all trade processes including the loading and transportation of goods
Assure importer’s credibility to the exporter side
The exporter can get payment as soon as the goods are shipped while the importer can pay after receiving the goods
The Importer can refuse to pay when required documents under the Letter of Credit are not in comply with the terms and conditions.

Letter of credit

Export L/C fees and commission

Post author By Batbayar
Post date May 12, 2022
No Comments on Export L/C fees and commission

EXPORT LC	Fees and commission
Advising of L/C	USD 20.00
Document check and perform the payment	USD 50.00
Advising of amendment to term and condition	USD 10.00
Advising of cancellation of the LC	USD 25.00
Bank confirmation fee	According to the decision approved by the Credit Committee.
Dispatch document by courier	According to DHL tariff
Any other banking fees and commission	All banking charges shall be deducted from the account of the beneficiary.

Letter of credit

Key advantages for exporters

Post author By Batbayar
Post date May 12, 2022
No Comments on Key advantages for exporters

Reduce the risks of international trade across different countries

Lower cost

The exporter will be able to secure payment of the goods by providing the documents that meet the terms and conditions as specified in the letter of credit.
Reduces production risk, if the importer terminates or changes their order
The exporter can obtain pre-financing from the bank after the goods are shipped until they receive payment (subject to post-payment terms) from the importer
The definite payment date allows the exporter to manage its cash flow effectively
Upon presentation of documents that comply with the terms of condition under the LC, the importer will not be able to refuse the payment of the underlying goods

Letter of credit

Import L/C fees and commission

Post author By Batbayar
Post date May 12, 2022
No Comments on Import L/C fees and commission

IMPORT L/C	Fees and commission
Issuance of L/C	USD 100.00
Document check and perform the payment	USD 50.00
Additional service (upon customer’s request )	USD 30.00
Amendment fee	USD 30.00
Cancelation fee	USD 30.00
Document discrepancy charge (per set of documents )	USD 50.00
Any enquiries at the request of the customer	USD 10.00
Risk commission rate per annum	2%-4%

Letter of credit

Letter of Credit – Process flow

Post author By Batbayar
Post date May 12, 2022
No Comments on Letter of Credit – Process flow

Letter of credit

Financial advice

We are keen to work together to provide you with valuable financial advice and bring your business to international business standards. We will work with you from the time that you sign a trade agreement until receive your goods as an importer and/or and receive payment for the goods as you sell your goods as an exporter.

Account service in ‘Gold’ denomination

Benefits

Post author By Batbayar
Post date May 11, 2022
No Comments on Benefits

Deposit physical Gold as a bar by a floating valuation of XAU denomination
Safe and risk-free
Does not charge any withdrawal or transaction fees

Account service in ‘Gold’ denomination

Terms and conditions

Terms for gold current account (XAU)
Account currency	XAU- Gold /Oz/
Interest rate /annual/	In face of the global pandemic COVID-19, no interest will be paid for any type of current accounts, during the implementation of the “Law on Prevention, Control and Reduction of Social and Economic Impact of Coronavirus”.
Minimum balance requirement	–

Account service in ‘Gold’ denomination

Fees and charges

The account does not charge any withdrawal or transaction fees.

Account service in ‘Gold’ denomination

Eligibility or required documents

Post author By Batbayar
Post date May 11, 2022
No Comments on Eligibility or required documents

Customer application form /download here/;
An original copy of the “Trading permit” issued by the The Financial regulatory commission /FRC/;
Documents required:
- For Mongolian citizens: Citizen ID card.
- For foreign citizens: Certificate of Alien Registration Card and Passport Copy.

Escrow account

Benefits

Post author By Batbayar
Post date May 11, 2022
No Comments on Benefits

Can prevent from the potential multilateral issues, misunderstandings and doubts between the parties and cover risks;
Reliable and safe transfer of the funds by the bank with the consent of the parties who are subject to the terms of the agreement;

Escrow account

Terms and conditions

Terms	MNT	USD	EUR	CNY	JPY
On purchase agreements for property and real estate’s sale:
Seller	20,000	10	10	70	1,000
Buyer	20,000	10	10	70	1,000
Other:
Seller	0.1% /Up to 100,000 MNТ /	0.1% /Currency equivalent to 100,000 MNT /
Buyer	0.1% /Up to 100,000 MNТ /	0.1% /Currency equivalent to 100,000 MNT /

Escrow account

Fees and charges

Other current and saving account fees

Escrow account

Eligibility or required documents

Post author By Batbayar
Post date May 11, 2022
No Comments on Eligibility or required documents

Customer application form /download here/;
An original copy and a copy of the agreement between the parties;
Documents required:
- For Mongolian citizens: Citizen ID card;
- For Foreign citizens: Passport and certificate of alien registration;