End of September 2005 five Mongolian bank branches closed in Korea which caused a sometimes devastating situation for Mongolians who work there, trying to support their family back in Mongolia. The Mongolian Embassy in Korea worked hard to solve the problem and has now made it possible to transfer money through the Shinkhan Bank of Korea. Shinkhan bank was established in 1982 and has 300 branches in Korea. Any branch can help to transfer money and even transfer order is written in Mongolian. If your transfer up to 2000$ deduction fee would be 9000 won which is 50% less than what was offered before.