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!
Why do I need this bond?
This bond ensures that money transmitter professionals comply with the stipulations outlined in the Pennsylvania Money Transmitter Act, Chapter 19 of Title 10 of the Pennsylvania Code. The bond protects money transmitter customers if the principal (the money transmitter) violates any rules or regulations of the Money Transmitter Act.
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 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.
