6.77%
Batgerel.B
7.24%
Minjin.G
9.26%
Radnaabazar.P
63.95%
Benefits
- Available in ten (10) major currencies, including Моngolian Tugriks (MNT), USD, EUR, CNY, JPY, RUB, KRW, GBP, SGD and HKD.
- Make various domestic and international transactions;
- Cash deposits and withdrawals;
- Foreign exchange at competitive rates;
- Manage your business accounts using our online banking service, from anywhere, at any time.
Terms and conditions
Terms | MNT | USD | EUR | CNY | JPY | RUB | KRW | GBP | SGD | HKD |
Annual interest rate | 3.0%* | 1.2%* | 1.2%* | 1.2%* | 1.2%* | – | – | – | – | – |
Monthly service fee | No fee | |||||||||
Account opening fee | No fee | |||||||||
Minimum balance requirement | 5,000 | 5 | 5 | 35 | 500 | 100 | 5,000 | 5 | 5 | 3 |
* denotes the maximum interest rate for the product. |
Fees and charges
Eligibility or required documents
- Application form for legal entities /download here/;
- An official letter on company letterhead for opening a new bank account;
- Notarized copy of ‘State Registration Certificate’;
- Notarized copy of Company’s ‘Charter or Memorandum of Association (MOA);
- Notarized signature of applicant /download here/;
- Declaration of Beneficial Ownership /download here/;
- Copy of ID card of the authorized personnel to operate an account;
- Additional documents /if necessary/.
Domestic Bank Guarantee
Any procurement of goods and services financed by the state budget of Mongolia, typically require three types of bank payment guarantees. The Transport and Development Bank issues those guarantee services to the beneficiaries. These include:
- Bid Bond
- Performance Bond / Security
- Advance Payment Guarantee
Payment Guarantee
In a business relationship, the parties are obliged to fulfill certain obligations under the contract, and in the event of failure to perform its obligations. The payment guarantee ensures the performance of the all parties in accordance with the terms and condition of the signed contract.
Advantages of the Bank Guarantee
Key advantages for the importer:
- Reduce the risks of international trade across different countries
- Lower cost
- Allows 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 process including loading and transportation of goods.
- Assure the 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.
- Lower cost enables the importer to increase their trade turnover.
Key advantages for exporter:
- The exporter may receive payment after the goods are shipped, but the payment risk is very low because the importer’s payment risk is guaranteed 100% by Bank.
- The definite payment date allows the exporter to manage its cash flow effectively.
- If exporter fails to receive payment on due date from importer, exporter has full right to provide demand to the Guarantor bank and payment shall be received within 5 banking days in according to the International Banking Practice.
- You can transfer importer’s payment risk to your country’s any bank and able to receive payment from your account bank.
Bank Guarantee – Process Flow
/видео оруулна/
Fees and Commission
BANK GUARANTEE |
Fees and commission |
Issuance of Bank guarantee |
USD 100.0 |
Amendment on amount /from increased amount/ |
USD 30.00 |
Amendment on terms and condition |
USD 30.00 |
Cancellation of guarantee |
USD 50.00 |
Advising of bank guarantee |
USD 20.00 |
Document check under the payment demand |
USD 50.00 |
Advising of amendment to terms and condition |
10.00 USD |
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
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.