Washington Currency Exchanger Bond Guide
If you’re applying for a currency exchange license in Washington, you’ll need this surety bond.
Bond Overview
- Purpose: To protect the public from fraud, theft or financial loss
- Who Needs It: Money services businesses involved in currency exchange
- Regulating Body: The Washington DFI, Division of Consumer Services
- Required Coverage: Varies based on funds handled
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Washington Currency Exchanger Bond?
A Washington currency exchanger bond holds currency exchange licensees financially responsible for upholding state laws and regulations.
The DFI will help determine the exact bond amount you need during the licensing process.
How Much Do Currency Exchanger Bonds Cost in Washington?
Washington currency exchanger bonds cost a small percentage of the required bond amount, typically 1–10%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Currency Exchanger Bond?
The Washington DFI’s Division of Consumer Services requires this bond as part of the licensing process for money services businesses that provide currency exchange services.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Washington currency exchanger bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll upload the bond directly to NMLS on your behalf.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Washington Currency Exchanger Bond Work?
As with all surety bonds, a currency exchanger bond creates a legal contract between three parties:
- Principal: You, the money services business filing the bond
- Obligee: The Washington DFI, Division of Consumer Services requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of the Uniform Money Services Act of Washington.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your currency exchanger bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
