🇲🇳 Sending to Mongolia¶
MN · MNG
IBAN required SWIFT BIC required
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Required information¶
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IBAN
20 characters: MN + 2 check digits + 4-digit bank identifier + 12-digit domestic account number. Mandatory for all interbank and international transactions from 1 April 2025 per Bank of Mongolia directive., e.g. MN121234123456789123.
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SWIFT BIC
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BIC plus 4-digit national bank code embedded in IBAN
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Purpose-of-payment code (strongly advised)
Free-text purpose; Bank of Mongolia publishes no purpose code list
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Beneficiary address
For your end users
Double-check the beneficiary's full name (no initials), account number, and bank SWIFT/BIC against what their bank has on file. International wires can take 1-5 business days and may be delayed by sanctions screening.
Last reviewed by GIB compliance on 2026-05-21. Reference material only.
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Currency
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Typical settlement
1-2 business days typical; longer for cross-border with FX or compliance review.
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SWIFT BIC
Required
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Local clearing
BANKNET — RTGS (Bank of Mongolia)
Account format¶
How beneficiary account numbers are structured for Mongolia. Failure to match this format is the single most common reason wires are rejected at the destination.
| Field | Value |
|---|---|
| Format tier | IBAN required |
| Length | 20 characters: MN + 2 check digits + 4-digit bank identifier + 12-digit domestic account number. Mandatory for all interbank and international transactions from 1 April 2025 per Bank of Mongolia directive. |
| Validation regex | ^MN[0-9]{2}[0-9]{4}[0-9]{12}$ |
| Example | MN121234123456789123 |
Routing identifiers¶
Which routing codes the wire-creation API call must include for Mongolia.
| Field | Value |
|---|---|
| SWIFT BIC | Required |
| BIC plus 4-digit national bank code embedded in IBAN | Required |
| Format | 4 numeric digits (positions 5 to 8 of IBAN) |
| Directory | ↗ Source |
| Local clearing | BANKNET — RTGS (Bank of Mongolia) |
Address format¶
How Mongolia expects the beneficiary address to appear on the wire. Free-form variations frequently trigger compliance holds.
- Recipient Full Name
- Apt + Building
- Khoroo (subdistrict)
- Duureg (district)
- City
- 5-digit Postal Code
- MONGOLIA
| Field | Value |
|---|---|
| Postal code | Optional — validated against the format below when provided |
| Postal code regex | ^[0-9]{5}$ |
| Example | Apt 5, Building 12, Khoroo 4, Sukhbaatar District, Ulaanbaatar 14200, Mongolia |
Purpose of payment¶
Put the purpose in the remittance information (<RmtInf><Ustrd>) of the ISO 20022 wire-creation request, as the code format below describes.
Requirement: Highly recommended
GIB check: a missing or unexpected purpose is reported as a validation warning; the wire is not held.
Not yet confirmed
We have not yet confirmed this country's purpose-of-payment requirement against a central-bank or correspondent-bank source. Including a purpose is recommended. We update these guides as we confirm each country.
Non-standard element
For Mongolia, the purpose is placed in <RmtInf> (remittance info), not the standard <Purp> element.
| Field | Value |
|---|---|
| Code format | Free-text purpose; Bank of Mongolia publishes no purpose code list |
| Authoritative source | ↗ View source |
Operational notes¶
| Field | Value |
|---|---|
| Currencies accepted | MNT |
| Typical settlement | 1-2 business days typical; longer for cross-border with FX or compliance review. |
| Banking holidays | ↗ Calendar |
Known issues:
- Mongolia adopted IBAN nationally on 1 April 2025; pre-cutover 14-16 digit legacy account numbers no longer accepted by interbank systems.
- Internal-bank (on-us) transfers may still accept legacy account numbers per individual bank policy.
- Not FATF grey-listed as of 13 February 2026.
Common rejection reasons¶
Documented patterns that cause this country's banks to return wires. Universal reasons (sanctions holds, missing BIC) aren't repeated here.
Beneficiary name mismatch (initials, abbreviations, punctuation, or transliteration differences from what the beneficiary bank has on file).
Account number format error (wrong length, wrong check digits, or non-standard characters).
Missing or invalid SWIFT/BIC code.
Insufficient remittance information (unclear economic reason for the payment).
Sanctions or compliance hold (OFAC / EU / UN / local screening).
IBAN check-digit failure (since 1 April 2025 cutover, non-IBAN domestic numbers are rejected by ACH+ and RTGS).
Bank identifier (4-digit code) not in BoM-published registry.
RTGS routing required for transactions over MNT 3 million; ACH+ for smaller amounts.
Validate before you send¶
Check identifiers before you submit. The IBAN check runs in your browser (format plus the ISO 13616 MOD-97 check digit). GIB's API checks the IBAN format for countries where an IBAN is required. The BIC lookup searches GIB's BIC directory and needs a dashboard login.
IBAN check
Format: ^MN[0-9]{2}[0-9]{4}[0-9]{12}$ · MOD-97 (ISO 13616) check digit verified locally.
BIC lookup
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References¶
First-party sources — central banks, FX regulators, ISO registries. Always re-verify against these before pushing volume to a new corridor.
Disclaimer
These country guides aggregate information from central banks, regulators, and industry-standard references. Global Innovations Bank reviews them on a rolling cadence and notes the verification date on each page. Payment-corridor rules change between releases, so we cannot guarantee continued accuracy.
Always verify against the primary sources linked in the References section before going live in a new corridor. Re-check applicable sanctions lists (OFAC, EU, UK, UN consolidated, and any state-level requirements) at the time of payment, since designations shift between our refreshes.
For fintech partners on GIB's sponsor-bank rails, these guides do not replace your BSA/AML, KYC, sanctions-screening, or transaction-monitoring obligations under your program agreement with GIB.
Nothing in this material constitutes legal, tax, or regulatory advice, and wire-acceptance decisions remain at the discretion of GIB Compliance and the destination bank.