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

How to open a bank account in Bank of Mongolia

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April, 2018 December, 2021 April, 2021

GSL reference about the bank

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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

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    Bank's characteristics

    General information and rating

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    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
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    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

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    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
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    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

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    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
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    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

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    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
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    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.
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