Category: Financial education

TransBank has launched a special promotional campaign titled “With a Visa Card Comes Priority Pass” for customers who order the “Golden Visa” card and for loyal cardholders.

As part of this campaign, TransBank is offering customers a complimentary Priority Pass membership valid for 5 years, valued at $495.

CAMPAIGN PARTICIPATION CONDITIONS:

1. Customers who order a new Golden Visa card (debit or credit) between February 19, 2025 and March 15, 2025;
2. Customers who make a purchase transaction of 2 million MNT or more using their Visa card between February 19, 2025 and March 10, 2025, will be eligible to receive a Priority Pass membership.

WHAT IS PRIORITY PASS?

Priority Pass provides access to VIP airport lounges in over 1,300 airports across 148 countries worldwide, allowing you to relax comfortably while waiting for your flight.

 

 

HIGHLIGHTED SERVICES:

1. Premium Brand: Recognized as the world’s largest and most reputable airport lounge program by users globally.
2. Extensive Coverage: Members have access to over 1,300 premium airport lounges worldwide, including exclusive services such as dining, spa treatments, and more.
3. Remote Digital Solutions: The Priority Pass app acts as a digital assistant for lounge access, featuring 12 languages, airport maps, and additional useful tools.
4. 24/7 Customer Support: Fully compliant with PCI DSS standards, Priority Pass provides round-the-clock support in 12 languages, ensuring global assistance and customer management services.

For more detailed information on Priority Pass, please click HERE.

TransBank offers a variety of cards with special terms and benefits tailored to meet the needs of its customers.

HOW TO BECOME A CARDHOLDER?

1. Customers can order their card via the TransBank app or through digital.etransbank.mn.
2. Existing customers who need to replace a lost or expired card or wish to order a new one can do so without visiting a branch by calling the Customer Service Center at 1800-9999.
3. New customers without an account at TransBank can visit a nearby branch in person to apply.

 

 

Dear Customer:

• • For more detailed information about the promotion, please contact our Customer Service Center at 1800 – 9999.
  • To learn more about the card, please click HERE.

As a provider of private banking services meeting international standards, TransBank values the shared trust of its customers and continues to strengthen its position as a stable financial partner in the banking sector.

TransBank has established a correspondent relationship with DBS Bank, the leading bank of the Republic of Singapore, and successfully opened a Singapore dollar account. This enables TransBank’s customers to make Singapore dollar foreign transfers quickly and efficiently with favorable fee conditions.

DBS Bank, with a 57-year history, operates in 19 international markets and is recognized as one of the world’s most reputable major banks.

The expansion of cooperation with such a globally renowned bank reflects TransBank’s commitment to meeting international standards.

For more information about TransBank’s foreign payment services, please click HERE.

Commercial banks operating in Mongolia are gradually transitioning to the internationally recognized IBAN (International Bank Account Number) system in accordance with global standards. As part of this upgrade, TransBank will implement the IBAN account numbering system starting from April 1, 2025. This change will enable customers to use IBAN account numbers when conducting interbank transfers, and all interbank transactions will be required to use IBAN numbers. However, the use of IBAN account numbers will not be mandatory for transfers between TransBank accounts.

This update aims to enhance the security, speed, and reliability of transactions.

What is IBAN?

IBAN (International Bank Account Number) is a standardized account numbering system consisting of 20 characters, recognized under the international ISO 13616–1 and ISO 13616–2 standards. It provides a unified coding system for interbank transfers and includes information such as the recipient’s country and bank code.

The implementation of the IBAN system represents not only a technological upgrade but also a significant step towards aligning Mongolia’s banking sector with international standards, making banking services more accessible, reliable, and faster.

As of December 31, 2024, TransBank’s total assets reached MNT 1.1 trillion.

Through improvements in asset quality and growth in funding sources during the reporting period, the bank achieved a net profit of MNT 11.6 billion. Additionally, the credit risk-bearing capacity ratio increased to 87%, a 26-percentage-point rise compared to the previous year.

The bank’s prudential ratios remain within the regulation set by the Bank of Mongolia. The liquidity ratio stands at 31.8%, and the capital adequacy ratio is 25.2%, exceeding the required minimum by 13.2 percentage points.

During this period, TransBank made significant strides in enhancing its customer service culture, improving risk management practices, and optimizing internal operations. These efforts have bolstered the bank’s service availability, scope, efficiency, and competitiveness, while strengthening its long-term financial stability and capacity.

For detailed financial information, please click HERE.

Smishing (SMS + Phishing): This refers to attempts to steal personal and financial information through fraudulent SMS messages.

Mishing (Mobile + Phishing): This involves using phone calls to deliver deceptive information aimed at tricking individuals into revealing sensitive data.

Recently, there has been an increase in attempts to illegally obtain personal and financial information through fake messages containing content such as:

1. ““Your internet banking password has been locked; please reset your password.” (To activate the link, reopen the message or copy and paste the link into your Safari browser.)
2. “Suspicious transactions have been detected on your account; please verify using the following link:” https://transbankmnonga.mn (redirects to a fraudulent website)

These messages are designed to unlawfully access your financial and personal information. Please avoid clicking on suspicious links or entering your information.

Our bank never requests your information online via such messages. Therefore, refrain from clicking on links from unknown sources to protect your data.

Important reminders:

1. Do not provide personal information in response to unknown calls or messages.
2. Always verify and confirm official sources before taking any action.
3. In case of suspicion, contact the bank or relevant authorities directly.

TransBank’s total assets steadily increased to 985 billion MNT, with after-tax net profit rising by 88% year-on-year to reach 8 billion MNT.

During the reporting period, the bank fully complied with the regulatory capital adequacy requirements set by the Bank of Mongolia, with a quick ratio of 30.2% and a capital adequacy ratio of 23.9%.

Highlights of TransBank’s activities in Q3 2024 include:

• Through its representative offices in Beijing and Tokyo, the bank introduced innovative products and services tailored to meet the financial needs of its clients.
• Successfully implemented the international information security standard ISO/IEC 27001:2022, ensuring business continuity and operational stability.
• Expanded its private banking services in line with international best practices and opened a new branch in Minister Tower, located at the city center, to provide more accessible financial services to clients.

Dear valued clients, you are welcome to visit TransBank’s new branch, where you can conveniently access all banking services in one location with prompt and efficient service.

Click HERE to view the detailed Q3 2024 financial report.

TransBank, a provider of international-standard private banking services, has officially opened a new branch at Minister Tower, further expanding its operations to offer accessible financial services to its growing customers.

The opening ceremony was attended by valued customers, representatives from various business organizations, and TransBank executives.

Located in the prestigious Minister Tower, this new branch is designed to provide banking products and services tailored to the unique needs and lifestyles of its customers. The branch offers a sophisticated and comfortable environment, with highly qualified private bankers dedicated to delivering personalized service.

The Minister Tower branch will operate Monday through Friday, from 9:00 AM to 5:00 PM, offering efficient, one-stop access to all banking services.

For more information about TransBank’s branches, products, and services, please visit our official website at www.transbank.mn or contact our customer service at 1800-9999.

We warmly welcome you to our new branch at TransBank.

As mobile payments and digital banking usage continue to rise, ensuring the security of your smartphone and online banking access has become increasingly important. TransBank advises its clients to follow the cybersecurity recommendations below to proactively safeguard against potential risks.

When registering for digital banking:

1. Upon registering for digital banking, your registered email address will receive sensitive information such as transaction confirmations, one-time passwords (OTPs), and security questions. It is essential not to share your email password with anyone.
2. Do not share any verification codes sent to your registered mobile number or email address with others under any circumstances.
3. Always change the default login username that is initially created during registration.
4. When setting a password, avoid using easily guessable information such as your name, date of birth, mobile number, or account number.
5. Never store your password in visible places such as notes on your phone or on paper.

When using digital banking services:

1. Regularly monitor the list of registered and recently accessed devices used to log in to internet banking, and revoke access for any devices you no longer use. It is important not to verify or save login credentials on unfamiliar or untrusted devices.
2. Before installing any application, carefully review the permissions it requests. Only download and use applications from official sources such as the Google Play Store, Apple App Store, or Huawei AppGallery. Mobile applications may access, store, and transmit personal data from your device; therefore, it is important to familiarize yourself with your device’s security and privacy settings as a regular practice.
3. Do not leave your mobile phone or smart devices unattended. Enable automatic screen lock functionality and disable Bluetooth when not in use. Please be aware that when Bluetooth is left enabled, it may allow unauthorized individuals to remotely access or control certain functions of your mobile phone or other smart devices.
4. Before initiating any transaction, carefully verify the recipient’s name, account number, and all other relevant details for accuracy. Regularly review your digital banking statements, and refrain from providing goods or services based solely on another party’s transaction receipt or confirmation.
5. If you purchase and use a previously owned mobile device, perform a factory reset and delete any unnecessary applications to ensure your security.
6. Using a jailbroken or rooted device for digital transactions or entering personal information significantly increases the risk of password compromise, exposure to malware, and ineligibility for official application support. Therefore, it is strongly recommended to avoid jailbreaking or rooting your mobile device.
7. Prior to transferring ownership or selling a previously used smart device, users must securely remove all personal information – including data stored in applications, email accounts, and saved passwords – and perform a complete factory reset or device reformat to guarantee the confidentiality and integrity of their information.

If you suspect that your personal information has been compromised or notice any suspicious transactions on your account, it is strongly recommended that you promptly contact your bank branch or call the customer service hotline to temporarily suspend your banking access. Additionally, immediately change your digital banking password and update your personal information to protect your account.

TransBank Presents Its Financial Report for Q2 2024

TransBank recorded a net profit after tax of MNT 5.5 billion for the second quarter of 2024, reflecting a 92% increase compared to the same period last year.

The Bank fully complied with all prudential ratio requirements set by the Bank of Mongolia during the reporting period. Notably, its liquidity ratio stood at 30.8%, while the capital adequacy ratio reached 24.3%.

Key Highlights of Q2 2024:

1. In collaboration with UNION BANCAIRE PRIVEE (UBP), a leading Swiss private bank, TransBank introduced Wealth Management services, offering clients access to premium asset management solutions.
2. Moody’s, the international credit rating agency, reaffirmed the Bank’s credit rating at the “B3” level.
3. TransBank became the first Mongolian private bank to officially establish and launch operations through a representative office in the People’s Republic of China.
4. The Bank also introduced the “Billionaire Pure Metal” card, Mongolia’s first high-end stainless steel card made from pure metal, setting a new standard in premium banking products.

As Mongolia celebrates the 100th anniversary of the establishment and development of its banking system, TransBank extends its sincere gratitude to our clients and partners for their continued trust and collaboration.

Click HERE to view the full financial report for Q2 2024.