By opening an institutional current account at XacBank, you can accurately and efficiently control your spending without the constraints of time and location.
Feature:
- Currency - MNT, USD, EUR, JPY, CNY, CAD, AUD, RUB, KRW, GBP;
General services:
- International and local transfers, receive of payments;
- Various Foreign exchange payments.
Additional services:
- Employee salary transfers;
- Employee savings accounts;
- Cash collection;
- Standing order;
- Escrow account;
- Internet banking.
Advantages:
- Benefits from loan interest rate discount;
- Forex negotiation;
- Interbank transfer fee;
- Option to receive account information by an email;
- Ability to manage accounts 24 hour a day.
Interest rate, fees and terms:
| terms | MNT | USD | EUR | RUB | JPY | CNY | CAD | AUD | GBP | KRW | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal | effective | |||||||||||
| Annual interest rate | up to 100,000,000 MNT | 0.00% | 0.00% | - | - | - | - | - | - | - | - | - |
| 100,000,001 MNT – 1,000,000,000 MNT | 0.80% | 0.80% | ||||||||||
| above 1,000,000,001 MNT | 1.20% | 1.21% | ||||||||||
| Minimum requirements for account balance | 10,000 | 10 | 10 | 250 | 1,000 | 50 | 10 | 10 | 10 | 20,000 | ||
| Monthly service fee for keeping an account | 1,000 | 1 | 1 | 25 | 80 | 5 | 1 | 1 | 1 | 1,000 | ||
| Commission for cash withdrawals of received cashless transfers | 200 | 0.2% | 0.2% | 1.5% | 0.2% | 0.4% | only non-cash transaction | 1.5% | ||||
| Dormant account fee /monthly/ | 100 | 0.2 | 0.2 | 10 | 20 | 1 | - | - | - | - | ||
| Account closing fee | 3,000₮ | |||||||||||
transaction fees and commissions
| services | transactions | AMOUNT OF FEES (CURRENCIES) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| mnt | usd | eur | cny | jpy | aud | cad | rub | krw | gbp | ||
| Income transaction | Non-cash income | No commission | |||||||||
| Cash income | No commission | 0.20% | Non-cash transaction only | 20% | 1.50% | 0.30% | |||||
| Non-cash withdrawal | Transaction between XacBank accounts | Internet banking transaction fee - 0₮ | |||||||||
| Transaction fee at the branches - 0₮ | |||||||||||
| Transaction between banks | 200₮1 | 1 | 0.5 | 1000₮ | - | - | - | - | - | - | |
| Cash withdrawal2 | Cash | 200₮ | 0-10,000 USD - 5,000₮ 10,000-100,000 USD - 10,000₮ 100,000 USD - 20,000₮ | ||||||||
| Non-cash3 | 200 | 0.30% | 0.50% | 0.50% | 0.50% | - | - | 2.00% | 2.00% | 0.50% | |
Cash income transaction between banks | 2000₮ | ||||||||||
Correcting the transaction as customer’s request | 500₮ | ||||||||||
| SWIFT Statements of Account (MT940 & MT950)4 | One time | 2,000₮ | |||||||||
| Daily for a month | 30,000₮ | ||||||||||
1300 MNT for interbank non-cash transactions over 5 million MNT
2Withdrawal in the currency or in MNT /as exchange rate of the day/ for the local branches. Reserve a cash withdrawal within 1 business day if the withdrawal amount is $100,000 or above.
3Except loan disbursement transaction.
4If the amount of the fee is specified differently in a contract concluded with the customer, the amount of the fee shall be calculated according to the contract.
Required documents:
- Customer application form /download bank form here/;
- Official notarized copy of State Registration Certificate;
- Notarized signature of applicant /download bank form here/;
- Copy of charter of the company;
- Copy of ID card of the authorized person to dispose with an account;
- Official letter of Ultimate Beneficial Owner.
For more information, please contact your nearest XacBank branch, our customer service hotline 1800-1888, or reach the relationship manager responsible for your institution, please e-mail us at smerm@xacbank.mn
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