West Virginia Money Transmitter Bond Overview
- Purpose: To guarantee money transmitters operate ethically and keep honest records
- Who Needs It: All money transmitter professionals in West Virginia
- Regulating Body: The West Virginia Division of Financial Institutions
- Bond Amount: $100,000–$1,000,000
- Minimum Price: $1,000 or 1% of the bond amount
What Is a West Virginia Money Transmitter Bond?
If you’re applying for a money transmitter license in West Virginia, the Division of Financial Institutions (DFI) requires you to file a surety bond.
A West Virginia money transmitter bond protects the state and your clients from unethical money transmission practices. It also guarantees that you’ll keep accurate financial records.
Who Needs a Money Transmitter Bond?
If your business conducts currency exchange, transportation or transmission, you must be licensed and bonded with the DFI.
Federally-insured financial institutions, government agencies, and certain payment and currency service providers are exempt.
Bond Coverage Requirements for West Virginia Money Transmitters and Currency Exchangers
The minimum bond amount is $300,000 for money transmission and currency transportation or $100,000 for the sale of money orders and currency exchange.
Your bond amount will increase by 1% of the annual business volume in West Virginia greater than $10M at renewal, if applicable.
| Business Type | Minimum Bond Coverage |
|---|---|
| Sale of Checks | $100,000 |
| Currency Exchange | $100,000 |
| Money Transmission | $300,000 |
| Currency Transportation | $300,000 |
How Much Do Money Transmitter Bonds Cost in West Virginia?
West Virginia money transmitter bond premiums start at 1% of the bond amount. With excellent credit, you could pay just $1,000 for $100,000 coverage, or $3,000 for a $300,000 bond.
The surety will need to run a soft credit check and review your financials to determine your personalized rate. Click below to apply for a free quote today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a West Virginia Money Transmitter Bond Work?
A West Virginia money transmitter bond forms a legal contract and financial guarantee between three parties.
| Bond Party | Description |
|---|---|
| Principal | The money transmitter purchasing the bond |
| Obligee | The Division of Financial Institutions requiring the bond |
| Surety | The surety provider issuing the bond |
This bond is your financial guarantee to the West Virginia DFI that you’ll comply with state regulations and operate honestly.
What Is the Money Transmission Law in West Virginia?
Money transmission professionals in West Virginia must comply with WV Code Chapter 32A. This law prohibits the following practices:
- Failing to maintain or submit accurate financial records
- Misleading a consumer about fees or commissions
- Making a fraudulent transaction
- Allowing unauthorized delegates to conduct business
- Failing to remit the required renewal fees
If you commit any of these acts, you become liable for bond claims from clients or the state. The surety will pay valid claims up to the full bond amount. However, you must reimburse the surety.
How Do I Get a Money Transmitter Bond in West Virginia?
Our online portal makes the bonding process fast, easy and secure. This bond requires a quick credit check and financial statements for exact pricing.
Apply using the form on this page and you’ll receive a quote within one business day.
How Do I File My Bond?
We’ll upload your official bond form to NMLS on your behalf. However, you’ll need to grant authority to your issuing surety provider.
When you log in to your NMLS account, enter the surety’s name or surety identifier (NAIC/NPN) as found on your bond form. Your bond can’t be accepted by the DFI until you authorize the surety.
How Do I Renew My Money Transmitter Bond?
West Virginia money transmitter bonds expire annually. We’ll begin sending you reminders by phone and email 90 days before expiration.
- If your company handles over $10 million in West Virginia transactions in a year, your bond must increase by 1% of the excess. You’ll need to contact your surety company to update your bond amount.
- If your transaction volume is $10 million or less, simply pay the invoice to extend your bond for another year.
How Do I Update My Bond Information?
Your surety company can typically make small changes to your bond form, such as updating a trade name, by issuing a bond rider. You cannot update the bond form yourself.
If you purchased your bond from us, email [email protected] with the needed change.
How to Get a Money Transmitter License in West Virginia
The West Virginia Division of Financial Institutions licenses all money transmitter professionals through the NMLS. To apply, you’ll need to have a net worth of at least $50,000, plus an additional $25,000 for each authorized delegate location in the state.
First, register with the U.S. Department of Treasury as a money service business. Then, upload the following materials to NMLS:
- Criminal background check and credit report
- Business registration documents
- Certificate of Authorization
- Audited financial statements
- Management chart, org chart and business plan
- List of authorized agents (delegates) locations
- Payment for the $1,000 + $20 per additional location license fee
- Payment for the $120 NMLS processing fee
When Will My License Expire?
West Virginia money transmitter licenses expire annually on November 3. Renew through your NMLS and pay the following fees:
- Renewal fee: $250 + $20 per additional location
- Processing fee: $120 (company), $25 (branch) or $35 (individual)
If your license expires but your renewal has not yet been approved, you must stop all business until you receive confirmation.
