We present the first dynamical study of the globular cluster system of NGC 4636. This giant elliptical galaxy is claimed to be extremely dark matter dominated, according to X-ray observations. Using the VLT with FORS2/MXU, we obtained velocities for 174 globular clusters. The clusters have projected galactocentric distances in the range 4 to 70 kpc, the overwhelming majority lie within 30 kpc. We find some indication for a rotation of the red (metal-rich) clusters about the minor axis. Out to a radius of 30 kpc, we find a roughly constant projected velocity dispersion for the blue clusters of ~200 km/s. The red clusters exhibit a distinctly different behavior: at a radius of about 13 kpc, the velocity dispersion drops by ~50 km/s to about 170 km/s which then remains constant out to a radius of 30 kpc. Using only the blue clusters as dynamical tracers, we perform Jeans-analyses for different assumptions of the orbital anisotropy. Depending on the anisotropy and the adopted M/L-values, we find that the dark matter fraction within one effective radius can vary between 20% and 50% with most a probable range between 20% and 30%. A main source of uncertainty is the ambiguity of the velocity dispersion in the outermost bin. Although the dark halo mass still cannot be strongly constrained, NGC 4636 does not seem to be extremely dark matter dominated. The derived circular velocities are also consistent with Modified Newtonian Dynamics.