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Minnesota Money Transmitter Bond

How much does a money transmitter bond cost in Minnesota?

The Minnesota Department of Commerce requires money transmission professionals to post surety bonds in order to legally perform services as a money transmitter within the state of Minnesota. Prior to contacting a surety bond specialist, prospective money transmitters should contact the state in order to find out the exact bond amount they’ll need to post. This specific bond amount will range from anywhere between $25,000 and $250,000. The premiums will vary depending on the number of business locations where the principal intends to conduct business.

These bonds are subject to underwriting, meaning your financials will be used to help determine the exact amount you’ll pay for the bond. Our team of specialists at SuretyBonds.com make the bonding process quick and easy for you. Get a free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Money Transmitter Bond Varies Starts at 1.5% 3-9% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form. You can typically expect to receive a free no obligation bond quote within 1 business day of submitting an application.

Why do I need this bond?

Minnesota money transmitter bonds exist to ensure that principals (money transmitter professionals) perform services in accordance with the Minnesota Money Transmitters Act and all other laws applicable to the business of money transmission in Minnesota. If the principal conducts business in a dishonest manner, consumers will not be held responsible for any financial damages they did not commmit themselves. The principal will then be responsible for reimbursing the surety for any expenses paid out in a timely and professional manner.

Are you ready to post a money transmitter bond? Click here to begin!

What’s the fine print?

Minnesota money transmitter bonds must expire on December 31. If the surety or the principal decide to terminate the bond prior to its set date of expiration, a written notice must be submitted and filed with the obligee prior to cancellation.

How to become a money transmitter in Minnesota

It is illegal to operate as a money transmitter in the state of Minnesota without first obtaining the proper license permitting you to do so. The following pieces of information must be submitted at the time of application:

  • application prescribed by the the Commissioner
  • credit report
  • financial statements
  • disclosure questions
  • business plan
  • certificate of good standing
  • management chart
  • surety bond
  • money services business registration

In addition to filing an application, the applicant must submit all required licensing and filing fees at the time of application.

In order to obtain a money transmitter license in Minnesota, the applicant must have a minimum net worth of an amount specific to the number of business locations where he or she operates.

Don’t wait to get bonded. Begin our simple bonding process today!

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Minnesota Department of Commerce - Money Transmitters

Minnesota Statutes - Chapter 53 B. Money Transmitters

Money Transmitter License

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