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XacBank review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

XacBank suits people in Mongolia who want a local current account with no monthly fee and a fixed term deposit paying well above the site median rate of 3%. The currency conversion fee of 1.5% is the trade-off, and a term deposit only suits money you can leave.

Key facts

Best for
A no-fee current account in Mongolia paired with a fixed term deposit.
Monthly fee
MNT 0↗
Currency conversion fee
1.5%↗
Currencies
10↗
Legal entity
Khas Bank JSC (ХасБанк ХК)↗
Headquarters
Mongolia↗
Founded
2001↗
Support channels
Email, Phone, Help-centre↗
Audience
Teens
Pricing model
No monthly fee
Features
Free ATM withdrawals
Official website
xacbank.mn

Savings

Headline rate
9.38% to 12.68%↗
Rate type
Fixed↗
Term
3 to 24 months↗
Minimum deposit
MNT 20,000↗
Access terms
Term deposit of 3-24 months; early termination before contract end costs 3,000 MNT; deposits at any time; interest may be credited to a linked current account via standing order↗
Account kind
Fixed↗

Facts checked September 26, 2026, 7 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaXfacebook.cominstagram.comyoutube.com

Pros and cons

Pros

  • Monthly fee of MNT 0 on the current account, so everyday banking costs nothing to run
  • Fixed term deposit paying 9.38% to 12.68% over 3 to 24, ahead of the site median of 3%
  • Free ATM withdrawals listed among the card features
  • Support runs on email, phone and help centre

Cons

  • Currency conversion costs 1.5% on card spending, well above the site median of 0.5%
  • The fixed deposit asks for a minimum of MNT 20,000 and charges for early termination before the contract ends
XacBank

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Scored 9.0 / 10 by VaultCue.

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Who it suits

  • Mongolian households keeping everyday spending in a local current account
  • Savers who can leave money for a fixed term and want the rate locked
  • Teenagers starting a first card relationship

Who should look elsewhere

  • PayPal Colombia, Skrill and eToro, if you need fee-free currency conversion, since XacBank charges 1.5% on card conversion
  • Skrill, if you want to move money without tying it to a contract, as the XacBank deposit charges for early exit

How it compares on our data

XacBank holds 10 currencies, ranking 103 of 379 on the site. Its currency conversion fee of 1.5% places it at 194 of 312, behind the site median of 0.5% but inside the 2.08% upper band. Local banking is the strength, conversion is the weakness.

How XacBank compares

Where XacBank is available

Available
Mongolia

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does the XacBank current account cost each month?+

The current account carries a monthly fee of MNT 0, so running it costs nothing. That matches the site median of €0. Card spending abroad is where charges appear, with a conversion fee of 1.5%.

How good is the fixed term deposit rate?+

The term deposit pays 9.38% to 12.68% on a fixed basis, which sits well above the site median of 3% and the upper band of 4.15%. The rate is fixed, so it does not move once set.

How long must I leave money in the deposit?+

The term runs 3 to 24, and a minimum of MNT 20,000 is needed to open it. The site median term is 12 months, so this is a standard locking period.

Can I get my money out early?+

Early termination before the contract end carries a fee, and the deposit can be topped up at any time. Interest can be pushed to a linked current account by standing order, so the money keeps working while it is locked.

Which currencies can I hold?+

The current account supports 10 currencies, which ranks 103 of 379 across the site and clears the site median of 5. XacBank is headquartered in Mongolia, so the local currency is the anchor.

What is the card conversion fee?+

Converting on card costs 1.5%, ranking 194 of 312. The site median is 0.5%, so frequent foreign spending is where this account is weakest.

Who can open an account and what support is there?+

The card range is aimed at teens, and the legal entity is Khas Bank JSC (ХасБанк ХК). Support runs on email, phone and help centre, and the bank was founded in 2001, so it is an established local institution.

Sources

Compiled from 8 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Deposit protection.

XacBank

XacBank

A no-fee current account in Mongolia paired with a fixed term deposit.

9.0/10See alternatives