Money Transmitter Bond
Secure | No Obligation | Takes 2 Minutes
Information on Money Transmitter License Bonds
Most states require money transmitters to get bonded as a licensing requirement. Money transmitter bonds are used to ensure that the money transmitter will adhere to industry laws and other standards. Money transmitter bonds may also be referred to as money remitter bonds, money services business bonds, or check casher bonds.
As with other types of surety bonds, money transmitter or remitter bonds guarantee that a business is licensed appropriately and adheres to industry regulations. Greater industry regulations and stricter licensing requirements for money transmitters have been put into place in the past decade due to revolutions in digital commerce and online payments. If you are an online retailer and accept credit card payments through your website or have a mobile application that allows peer-to-peer money transfers, you are most likely required to post a surety bond. Transmitter bonds are also now a necessary expense for wire transfer companies.
How Much Does a Transmitter Bond Cost?
The exact bond cost is based on how much coverage is required by the state you are getting bonded in. Your precise bond amount is determined by several factors, including current net worth and financial condition, percentage of money transmission sales and other relevant criteria. In most cases, highly qualified applicants will generate the best rates for this type of surety bond and should expect to pay a premium of 1-3% of the bond amount, which means $25,000 of coverage would cost between $250 and $750. The best way to determine what you’ll pay is to get a free, no-obligation surety bond quote today.
Money Transmitter Bond Costs by State
Bond costs and requirements vary greatly from state to state because they are established at the state level.
SuretyBonds.com can issue money transmitter bonds nationwide. To get started, select your state below or call 1 (800) 308-4358 for more information about money transmitter bonds.
What are the Money Transmitter Licensing Requirements?
Although the specific requirements differ between states, money transmitter applications almost always require the following to be accepted by the obligee:
- Name and business address
- Identifying information (taxpayer identification number, social security number, etc.)
- Payment of fees (initial application fee, annual renewal fee, criminal background fee)
- Financial information
- Criminal background check
For a comprehensive list of your state’s money transmitter licensing requirements, select your state on the map.
If you have any questions about money transmitter surety bonds or are ready to receive a quote for one, give us a call at 1 (800) 308-4358 or fill out a bond request online.
Receive Your Transmitter Bond Quickly
Our surety experts are ready to walk you through every step of the bonding process. Once your application is complete, your account manager will shop to find you the best available rate for your money transmitter bond. The bond will be issued as soon as payment is received.
Many states allow money transmitter bonds to be uploaded electronically to NMLS, the Nationwide Multistate Licensing System. This makes the process of getting your bond faster and easier. If your state doesn’t yet allow for your bond to be uploaded electronically to NMLS, a copy of your bond will arrive immediately upon issuance via email and your original bond form will be mailed according to your shipping preferences. What are you waiting for? Get started now!
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.