Mongolia is very much a cash-based society. The Mongolian currency is the Tögrög, abbreviated to MNT. You can use credit cards in some hotels, shops and restaurants in Ulaanbaatar and ATMs are widely available.
ATMs are also becoming more common in other towns, and some international debit cards can be used to withdraw Mongolian Tögrögs. Travellers’ checks are no longer accepted. You can transfer money to Mongolia using commercial means like Western Union or Money Gram.