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West Virginia Money Transmitter Bond

How much does a money transmitter bond cost in West Virginia?

The West Virginia Department of Financial Institutions requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $300,000 minimum coverage.

This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts at SuretyBonds.com make the bonding process fast and easy for all applicants. Request your free bond quote now!

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

If you’re ready to become bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request. We can typically provide your free, no-obligation bond quote within 1 business day of submitting an application.

Why do I need this bond?

West Virginia money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 32A of the West Virginia Code and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice and causes for license suspension and revocation include:

  • knowingly or repeatedly violating Chapter 32A of the West Virginia Code or any rule or order lawfully made or issued pursuant to this article
  • failing to remit its required renewal fees
  • failing or refusing to keep the surety bond or other security required by section 10 of Chapter 32A

Other causes for license suspension and revocation can be found below in the Important Links section.

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What’s the fine print?

West Virginia money transmitter licenses remain in effect for one year and can be renewed with a $250 annual fee for the principal location and an additional $20 fee for each additional location. The applicant must have a minimum net worth of $50,000 to apply for this license.

How to become a money transmitter in West Virginia

To become a licensed money transmitter in West Virginia, applicants must provide the following information on the license application:

  • legal name of the applicant and their principal business addresses
  • location of the applicant’s official books and records
  • list of all states in which the applicant currently conducts money transmission activity

Other license application requirements can be found below in the Important Links section.

In addition, applicants must submit a nonrefundable $1,000 application fee.

Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.

Take the first step toward becoming licensed in West Virginia by purchasing the surety bond you need quickly, easily and accurately!

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West Virginia Department of Financial Institutions

West Virginia Code Chapter 32A - Money Transmission Services

  • West Virginia Code 32A-2-4: License Application Requirements
  • West Virginia Code 32A-2-25: License Suspension and Revocation

West Virginia Money Transmitter License Application and Surety Bond Form

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