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How much does a money transmitter bond cost in Pennsylvania?
The Pennsylvania Department of Banking and Securities requires money transmitters to post a surety bond to become licensed and operate legally in the Commonwealth. The typical bond amount required is $1,000,000.
The amount you’ll pay for your bond will vary pending a review of your personal financial history. Find out your bond cost by requesting your free quote today!
Ready to become a licensed money transmitter in Pennsylvania? Get started by calling 1 (800) 308-4358 or completing our online bond request form.
Why do I need this bond?
This bond ensures that money transmitter professionals comply with the stipulations set forth in the Pennsylvania Money Transmitter Act, Chapter 19 of Title 10 of the Pennsylvania Code. The bond protects money transmitter customers in the event that the principal (the money transmitter) violates any rules or regulations of the Money Transmitter Act.
Begin the bonding process and fill out our online bond form to receive your free quote!
What’s the fine print?
Pennsylvania money transmitter bonds remain in full force and effect until cancellation. This bond may be canceled with written notice, sent to the Pennsylvania Department of Banking and Securities 30 days before the effective cancellation date.
How to become a money transmitter in Pennsylvania
Pennsylvania requires money transmitter professionals to become licensed in order to legally conduct business. Licensing requirements include:
- At least five years’ experience in business
- Minimum net worth of $500,000
- $1,000 non-refundable licensing application fee
Check with the Commonwealth of Pennsylvania for a full list of requirements.