Interbank Transactions Now Use IBAN Numbers

Ulaanbaatar, April 3, 2025 (MONTSAME). Mongolia has transitioned to the international standardized bank account numbering system. Going forward, only International Bank Account Number (IBAN) account numbers will be used when making inter-bank transactions.

Under the order of the President of the Bank of Mongolia, starting this month, the old account numbering system for citizens and businesses has been discontinued, and accounts are now being converted to the international standardized system. An IBAN account is a 20-digit account number recognized by international standards, consisting of a country code, check digits, and the bank and account number. Adopting IBAN numbers will make international transactions faster, more reliable, and less risky, with no duplication issues and no occurrences of mismatched names and accounts, and other advantages.

Furthermore, it should be noted that using an IBAN account does not change the original account number.