M Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Our verdict
M Bank is a Mongolian bank aimed at business customers, pairing a MNT 0 monthly fee with fixed savings paying 8% to 13% over terms of 1 to 24. It suits companies parking cash for a set period, and less suitable for anyone who needs easy access or a wide currency choice.
Key facts
- Best for
- Fixed-term savings with no monthly fee for Mongolian business customers.
- Monthly fee
- MNT 0↗
- Currency conversion fee
- 1.5%↗
- Currencies
- 5↗
- Free ATM withdrawals
- MNT 0↗
- Transfer fee
- 0 MNT between own and M bank accounts; 250 MNT interbank up to 5 million MNT; 500 MNT above 5 million MNT; 100 MNT bill payment↗
- Legal entity
- M LLC↗
- Headquarters
- Mongolia↗
- Support channels
- Email, Phone, Help-centre, Community↗
- Audience
- Business
- Pricing model
- No monthly fee
- Features
- Free ATM withdrawals, Joint account
- Official website
- m-bank.mn
Savings
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- XLinkedInfacebook.com
Pros and cons
Pros
- The everyday account carries a monthly fee of MNT 0 and ATM withdrawals are free at MNT 0
- Fixed deposits pay 8% to 13% over 1 to 24 from a MNT 10,000 minimum deposit
- Joint accounts and free ATM use both appear in free atm and joint account
- Transfers between your own accounts and M bank accounts are free, against €20 for international remittance
Cons
- Closing a fixed deposit before maturity brings a fee and a reduced penalty rate
- Card conversion at 1.5% is above the 0.5% site median
- Currency coverage is 5, against an everyday account upper quartile of 21.5
Who it suits
- Companies in Mongolia that can leave surplus cash on deposit for a set term
- Businesses sharing a balance through a joint account
- Firms paying a supplier abroad, since payouts run to a bank destination
Who should look elsewhere
- Readers who want a many currency wallet, such as Skrill, given coverage of 5 and conversion at 1.5%
- Spenders comparing PayPal Colombia, which charges a monthly fee of $0 and asks for no 1 to 24 deposit
- Euro cost comparisons with Plazo ES, at a monthly fee of €0, when entry starts with a MNT 10,000 minimum deposit
How M Bank compares
9.0 vs 8.7
9.0 vs 8.6
9.0 vs 8.0
9.0 vs 8.9
9.0 vs 9.1
9.0 vs 9.2
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 9.0A monthly fee of €0 suits readers after a payment account rather than a MNT 10,000 deposit.
9.0 vs 8.7
9.0 vs 9.5
9.0 vs 9.4
9.0 vs 9.3
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.1
9.0 vs 9.0
9.0 vs 9.0
9.0 vs 8.9
9.0 vs 8.9- 9.0 vs 8.9
9.0 vs 8.7
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.4
9.0 vs 8.3
9.0 vs 8.2
9.0 vs 8.1- 9.0 vs 8.1
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 9.1
Where M Bank is available
- Available
- Mongolia
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep an account open?+
The everyday account carries a monthly fee of MNT 0, placing M Bank in the no monthly fee group. Transfers between your own accounts and M bank accounts are free, while interbank payments and bill payments carry small charges. Cash machine withdrawals come under the free allowance at MNT 0.
What do the savings pay and how long is the money locked up?+
Savings run at a fixed rate of 8% to 13% over terms of 1 to 24, with a minimum deposit of MNT 10,000. Interest is earned daily and contract dates are set by day, so the placement behaves like a fixed deposit rather than an instant access account.
Can I take my savings out before the term ends?+
Terms run 1 to 24, and closing a fixed deposit before maturity brings a fee and a reduced penalty rate. Because the account kind is fixed, the product fits holders who can leave the money untouched rather than those treating savings as a spending buffer.
How many currencies can I hold and what does conversion cost?+
M Bank holds 5, and card conversion is charged at 1.5%. That sits above the 0.5% median across the site, so card spending away from the home currency costs more here than at a lower conversion brand. Local payments avoid the charge.
What payment and cash access do I get?+
Withdrawals are free under the allowance of MNT 0, and a joint account is part of free atm and joint account. Transfers between your own accounts and M bank accounts cost nothing, with interbank transfers charged up to a set limit and a higher amount above it, and bill payments charged separately.
Who is M Bank built for?+
The listed audience is business, so the range skews to companies rather than private savers. Support runs on email, phone and help centre, giving phone and email help alongside a help centre and a community. The joint account suits co-founders or a couple sharing one balance.
Can I send money abroad and how is it paid out?+
International remittance carries a fee of €20, and payouts run to a bank destination. That makes it a straightforward route for a company paying a supplier abroad, as long as the recipient can be paid into a bank account.
Sources
- apps.apple.com/us/app/m-bank/id1455928972 checked September 26, 2026
Backs: Legal entity
“Seller M LLC; Copyright © M LLC 2022”
- m-bank.mn/en checked September 26, 2026
Backs: Audience, Headquarters, Support channels
“We also haven't forgotten businesses side.”
- m-bank.mn/en/corporate/international-remittance checked September 26, 2026
Backs: Payout methods, Fee to send 1,000
“When will the payment be credited to the beneficiary's account”
- m-bank.mn/en/retail/account checked September 26, 2026
Backs: Currencies, Features, Pricing model, Monthly fee
“Account minimum balance ₮0 | $10 | ¥50 | €10 | ¥1000/yen/”
- m-bank.mn/en/retail/card/m-visa-card checked September 26, 2026
Backs: Currency conversion fee
“M Visa card ... International transaction fee with exchange conversion 1.5%”
- m-bank.mn/en/retail/payment checked September 26, 2026
Backs: Free ATM withdrawals, Transfer fee
“Cash withdrawal ₮0 (USD - 0.3%)”
- m-bank.mn/en/retail/savings checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Rate type, Term
“Set custom date - Set your dates by day and earn daily interests. ... Closing an account /before maturity/ ₮1,000 ... Penalty rate 2.4%”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Related by the facts
Guides
M Bank
Fixed-term savings with no monthly fee for Mongolian business customers.