GSL / Offshore and International Law / Offshore Banking / Bank of Mongolia

How to open a bank account in Bank of Mongolia

Beginning of cooperation Last contact Last update
April, 2018 December, 2021 April, 2021

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Main requirements:

  • can open an account for an offshore company;
  • can open an account without beneficial owner visiting Mongolia;
  • Mongolia is not party to CRS protocol for automatic exchange of information;
  • can make USD payments;
  • no requirements for the minimum balance;
  • issues bank cards;
  • can work with cryptocurrency companies;
  • pre-approval procedure – a positive reply means the account is most likely to be opened;
  • incoming charges (USD SWIFT) - 0; outgoing charges appr. USD 35;
  • minimum balance of account - USD/EUR 20;
  • Internet banking in the English language;
  • Russian-speaking staff

696 views 0
    Expand all Сollapse all

    Bank's characteristics

    General information and rating

    Двигайте таблицу
    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated Not rated Not rated N/R
    Двигайте таблицу
    Year of foundation 2000
    History The bank was founded after 2000
    Bank’s shareholders Major shareholders are domestic individuals
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    Minimum requirements

    Двигайте таблицу
    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    20 No restrictions 25 1 No restrictions
    Двигайте таблицу
    Minimum balance, € Minimum balance - 20 USD/EUR
    Transactions permitted per month No restrictions as to the number of transfers
    Initial deposit of funds, € When opening an account you need to deposit: bank fee for account opening USD 4 + minimum balance USD 20
    Deadline for the initial deposit, month When activating the account
    Minimum turnover, €/year No restrictions as to the turnover

    Tariffs and services

    Двигайте таблицу
    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    36 0 20 N/A N/A
    Двигайте таблицу
    Outcoming transfer, € SWIFT - USD 20 (fix) + USD 6(min)-16(max) (depending on the amount)
    Incoming transfer, € No fees are charged on incoming transfers
    Account maintenance, €/year Annual fee for account - EUR 20 per year
    Distant access to the account Internet banking
    Financial products The bank offers a full range of personal banking services, including cash and settlement operations, investment banking, brokerage services, depositary services, loans, deposits, guarantees
    Credit/debit cards VISA, local debit cards

    Account opening procedure

    Двигайте таблицу
    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Necessary Detailed Savings & current
    Двигайте таблицу
    Visit to the bank An account can be opened without a visit to Mongolia
    Required For legal entities: set of corporate documents, completed bank forms for the company and the owner, bank statements from another bank for 3 months, office rent agreement, cash flow chart, ownership structure chart etc. For individuals (directors / shareholders / beneficial owners / attorneys): proof of ID (passport), proof of address (not older than 3 months), CV, bank reference
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
    Business description Detailed: in addition to business description, the origin of funds and nature of transactions needs to be disclosed: Business description for the company – description, website, links to groups in social media and mass media; Business description for group/holding/resident business – description, website, links to groups in social media and mass media; Cash flow chart (incoming and outgoing transfers, to/from whom, for what, counteragents’ names/websites, average sum of a transfer/transfers per month, turnover per year); Details of beneficial owner – passport (international and internal with residential address, short business or professional bio), in what other companies he/she is also a shareholder and/or director. Depending on the information provided, additional documents may be requested.
     
    Need a consultation from a specialist?

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN