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Texas Money Services Bond

How much does a money services surety bond cost in Texas?

The Commissioner of the Texas Department of Banking requires money transmitters and currency exchangers to post surety bonds before conducting business in the state. The required bond amount varies based on the volume of money transmission services the business provides in a calendar year. The amount is equal to 1% of the license holder’s total yearly volume of money transmission business or applicant’s projected total volume of business in Texas for the first licensed year. The bond amount must be at least $300,000 with a maximum of $2,000,000. Applicants must verify their required amount of bond coverage with the state prior to bonding.

The price you’ll pay for your bond depends on both a review of your personal credit report and your required bond amount. Because these variables can fluctuate so much, the best way to find out exactly how much you’ll pay for your Texas surety bond is to request your free bond quote online!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Money Services 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.

Begin our simple bonding process by submitting a bond request or calling 1 (800) 308-4358. We can typically provide your complimentary bond quote within 1 business day of receiving your application.

Why do I need this bond?

By posting a Texas money services surety bond, principals (money transmitters and currency exchangers) pledge to conduct business according to the rules and regulations stated in the Texas Finance Code (Title 3, Chapter 151). Specifically, the bond ensures that principals faithfully apply all funds received in connection with any currency exchange or money transmission business.

If the principal fails to conduct business according to these terms, the bond protects the state and any consumer harmed by guaranteeing financial reimbursement up to the full amount of the bond.

Receive your free bond quote fast when you choose SuretyBonds.com!

What’s the fine print?

Money service bonds in Texas remain in effect for the entire term of the principal’s license or until canceled by the surety. The surety can cancel the bond by filing written notice of cancellation with the commissioner at least 30 days prior to the effective cancellation date.

How to provide money services in Texas

Posting a Texas money services bond is just the first step toward obtaining your license from the state to act as a money transmitter or currency exchanger. The following information, fees and documents must be submitted to the department to be eligible for a license:

  • background checks on applicants, share holders, principals and responsible individuals
  • list other states in which the applicant is licensed
  • all necessary application fees
  • business plans
  • prepaid access plan
  • audited financial statements
  • interim financial statements
  • familiarity with all applicable state and federal laws
  • $2,500 application fee
  • minimum net worth of $100,000 for 4 or fewer locations; $500,000 for 5 or more locations

License holders must pay annual license fees. More licensing information can be found in Chapter 151, Title 3 of the Texas Finance Code in the Additional Resources section below.

The Federal Crimes Enforcement Network (FinCEN) requires currency exchangers and money transmitters to register as money services business (MSBs) prior to state licensing. This requires currency exchangers and money transmitters to complete the registration process via the Bank Secrecy Act (BSA) E-Filing System. The link for this process can be found below.

Take the first step toward becoming licensed in Texas by purchasing the surety bond you need!

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Additional Resources

Money Service Business Application for Money Transmission

Money Service Business Application for Currency Exchange

Texas Department of Banking Applications & Forms Money Services Businesses

Finance Code Title 3. Financial Institutions and Businesses Subtitle E. Other Financial Businesses Chapter 151. Regulation of Money Services Businesses Subchapter A. General Provisions

Money Transmitter Law: Texas

BSA Requirements for MSBs

BSA E-Filing System

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