Washington Money Transmitter Bond
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How much does a money transmitter bond cost in Washington?
The Washington Department of Financial Institutions requires money services businesses to post surety bonds to legally work within the state. The applicant’s required bond amount is based on his or her money transmission dollar volume in the previous year, as well as the payment instrument dollar volume in the past year. Bond amounts must fall between $10,000 and $550,000. Applicants can find out their exact bond amount on the Department of Financial Institutions’ website, which is linked to from the "Additional Resources" section of this page. Applicants should verify their required bond amount with the state prior to bonding.
These bonds are subject to underwriting, which means the price of the bond depends not only on the required amount of bond coverage, but also on a review of the applicant’s personal credit report.
Don’t let low credit stop you from purchasing the surety bond you need! SuretyBonds.com offers an exclusive bad credit bonding program to help applicants qualify for their bonds quickly and easily. Request a free bond quote now!
Call 1 (800) 308-4358 or submit a bond request to connect with our team of surety bond experts. We can provide your free bond quote within one business day.
Why do I need this bond?
Money transmitter surety bonds in Washington exist to protect customers and the state from any fraudulent activity that might occur on behalf of the principal (money transmitter). By posting this bond, principals promise to never directly or indirectly use a scheme, device, or scam to defraud any person or knowingly make false or deceptive statements about fees and other terms of a money transmission or currency exchange.
If a money services business professional fails to adhere to the terms stated in Chapter 19.230 of the Revised Code of Washington, a claim can be filed against the bond. If the claim is found to be valid, the surety will reimburse consumers for any losses up to the full bond amount, and the principal must pay the surety for all damages paid out.
Have any questions? Call us at 1 (800) 308-4358 or fill out an online bond request form to begin the bonding process.
What’s the fine print?
Washington money transmitter surety bonds are continuous until canceled. If the surety decides to cancel this bond, written notice of cancellation must be given to the Director of the Department of Financial Institutions. Cancellation becomes effective 30 days from the receipt of said notice.
How to become a money transmitter in Washington
To become a licensed money transmitter professional in Washington, applicants must:
- complete any prerequisite requirements
- identify and gather the items to be electronically uploaded and entered into NMLS
- identify and gather the items to be sent to DFI
- provide proof of necessary net worth (between $10,000 and $3,000,000)
- file a surety bond
- provide a copy of their anti-money laundering program and most recent independent review
- submit individual background forms and credit reports
- provide relevant information for applicant, business, ownership and personnel
- pay $1,000 license fee (additional $100 per location up to $6,000)
A money transmitter license is valid from the date of issuance with no expiration date unless suspended or revoked by the Director of the Department of Financial Institutions. A complete application checklist can be found in the "Additional Resources" section of this page.
In addition to meeting the state requirements for a license, money transmitters in Washington must register as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN). This registration process is completed through the Bank Secrecy Act (BSA) E-Filing System. A link to this site is posted below.
Take the first step toward becoming a licensed money transmitter by purchasing the surety bond you need.
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