Mongolian currency tugrik is nominated as the worst performing currency by BBC in last month.
Coz of the huge inflation of up to 30% in Mongolia & being super dependent on imported items from overseas countries, buying in foreign currency, mongolian consumer economy is heading to it’s lowest level & salary in mongolian tugrik is no longer strong enough to afford daily expenses, which results locals to migrate to another countries, preferably to developed countries like Australia, Canada or Korea, wherever they can be allowed to work to make a living.
Some of Mongolian students’ savings are no longer matching to the expected figure in Australian dollars to start the course in Australia or continue their current Australian studies. Parents in Mongolia are struggling to bring over thousands dollars more than the planned amount due to their local currency can not perform well to buy the expected amount of dollars. Exchange rate fluctuates on a daily basis and is getting worse day by day.
Banking could have been the best known trusted way maybe but it consumes time & money when someone’s maximum allowed time period is due by today or tomorrow to pay the tuition after pre visa grant or enrollment is getting closed in a minute or maybe it’s accruing penalty or causing expired visa or coe or sometimes overseas transactions cause deductions on its way by school or correspondent banks or other unknown ways & lots of students don’t know that they have to transfer extra amount to avoid issues and delays and end up seeing a few dollars shortage to re-transfer again which may cost way over than the transferring amount. Getting back or expecting the refund is even far worse than paying in full. Some issues r noted here: https://gegeen.wordpress.com/2013/08/27/australian-surgaltiin-tulburiin-shiljuulegtei-holbootoi-tulgamdsan-asuudluud-mglaus-com/
Some Mongolian students in Australia, who are dependent on their parents income or savings are returning because the sufficient fund to supply is no longer available from their home country.
Some hopefuls to come & study in Australia are not longer able to afford the Australian tuition just because of this currency rate difference. We are trying to minimize the problem by encouraging Mongolians in Australia to help by bringing their dollars to offer lower rate to the ones who need but any individuals’ & entity’s resources are limited & can reach to some part of those who need help.
From mongolia there are hundreds of our own students trying to send their tuition in a cheaper way but it’s a seasonal necessity that goes up during universities’s main intake period & even though the community in Australia is well prepared, it just can’t handle that one way stream at this stage.
It’s gonna go down soon when most intakes are closed so there are people with tugriks out there already atm but needing more fund in aud here.
As we are attending to some of our students’ enquiries we are needing the other way transaction stream from Australia to Mongolia & are happy to pay interest & can offer security for a few days fund in Australia or can we can give some1 trustworthy from transferring body’s network in mongolia in tugrik straight away until they really need it there. Both way works
Imagine a single transaction of 1 student can go over 10-20k $ for tuition & living expenses to buy by the world’s worst performing currency, so the help for 10-20 students can easily go over 6 digit worth of $ placed in one side easily. As we noticed there are over 10 people trying to do it on a daily basis but due to the lack of knowledge in forex they end up loosing 3-4 digit $ easily if their incoming & outgoing transactions they found do not match well & stay in one side for a week.
Lucky to see some foreigners, who visited before or worried about Mongolia are trying to boost the economy in their own way e.g by supplying foreign currency to the country but its not really organized or structured well so it can not affect that much to see a proper result.
Whoever is out there, wanting to discuss what can be done, u r more than wlcm. If you have an australian dollar in aus then ask what u can do with it. Paybe it can bring u over 15% p.a as I was told by some aussies who are sending money to Mongolia. Let’s do something.