Money Transmitter Bonds

Most states require money transmitters to get bonded as a licensing requirement. Learn how they work and where to apply for one in this guide. 

What Is a Money Transmitter License Bond?

Money transmitter surety bonds ensure that money transmitters adhere to industry laws and regulations. They may also be referred to as the following terms: 

• Money remitter bonds
• Money services business bonds
• Check casher bonds

Stricter licensing requirements for money transmitters are being implemented due to the growth in digital commerce and online payments. Money transmitter bonds hold businesses accountable for complying with federal industry regulations. 

SuretyBonds.com is licensed to issue money transmitter bonds nationwide. As the industry’s top surety provider, we offer the best service, fastest delivery and most affordable prices. We also issue check casher/seller bonds in various states.

How Much Does a Money Transmitter Bond Cost?

The exact cost of a money transmitter bond is based on the bond coverage amount, which is determined by state requirements. Highly qualified applicants with strong credit can expect to pay a premium of 1–3% of the money transmitter bond amount. This means $25,000 of coverage would cost $250–$750. 

The factors determining your exact money remitter surety bond cost will include: 

• Current net worth and financial condition
• Percentage of money transmission sales
• Other relevant financial criteria (varies per state) 

Select your state below for information on money transmitter bonds in your area:

Who Needs a Money Transmitter License and Bond? 

Any company that facilitates fund transfers likely needs a money transmitter license and surety bond, including: 

• Online retailers accepting credit card payments
• Mobile applications allowing peer-to-peer money transfers
• Wire transfer companies
• Currency exchangers and dealers

Platforms like Venmo, PayPal, CashApp and Square are common examples of money transmitters. 

Getting an Online Money Transmitter Bond with Bad Credit

Don’t let your financial situation keep you from getting the bond you need. Our Bad Credit Bonding Program helps us approve 99% of applicants. Apply now to see if you qualify.

What Are Money Transmitter Licensing Requirements?

Although the specific requirements differ between states, money transmitter license applications almost always require the following information:

• Name and business address
• Identifying information (taxpayer identification number, social security number, etc.)
• Payment of fees (initial application fee, annual renewal fee, criminal background fee)
• Financial information
• Criminal background check

For a comprehensive list of your state’s money transmitter licensing requirements, select your state on the map above.

How Fast Can I Get My Money Transmitter Surety Bond?

Once your application is complete, an expert will find the best available rate for your money transmitter bond. The bond will be issued immediately after you pay your invoice.

Many states allow money transmitter bonds to be uploaded electronically to the Nationwide Multistate Licensing System (NMLS). If your state doesn’t allow electronic uploading, we’ll deliver both a digital and physical copy of your original bond form.