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Alaska Money Transmitter Surety Bond

Bond Requirements and Online Application

Alaska Money Transmitter Surety BondTo obtain a money transmitter license, every state requires a surety bond. Depending on your state, this license may be called money remitter, money services business, check casher, or sales of check license.

Why Do I Need The Alaska Money Transmitter Surety Bond?

A surety bond is made to protect the public. In basic terms, it guarantees your business will adhere to all laws and requirements in your industry. In the event your business conducts unlawful acts, a consumer of your services may file a claim on the bond.

Nearly any company that offers payment services requires a money transmitter bond. Due to a history of fraudulence and inaccurate money transmissions, state agencies now require this bond to protect consumers. While this bond does not protect the business owner, it offers proof that your business handles clients’ money responsibly.

How Much Will the Alaska Money Transmitter Surety Bond Cost?

The cost of the bond, the “premium,” depends largely on the bond amount and the applicant’s financial status. The state requiring the bond determines the amount. At Surety 1, we will find you the lowest quote for your bond, starting at only 1.5% of the bond amount.

money transmitter bond


Money Services Businesses Bond

In order to get your money transmitter’s business license, you’ll need a bond.

  • Required by: Alaska Department of Commerce
  • Minimum bond amount: $25,000
  • Maximum bond amount: usually $150,000
  • Valid: Continuous with yearly renewal fee

The bond amount is $25,000 plus $5,000 for each business location, including internet, web portals, branches, and delegate locations.

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

Bond to be filed electronically through the NMLS

On February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will begin receiving new Electronic Surety Bonds (ESB) through NMLS for the Money Transmitter License. Surety1 is an approved broker within the NMLS.

Money Services Businesses License

These are additional details about the licensing process that you should be aware of. (Only the bond is handled at Surety1, but this information will help you get your license.)

License requirements:

  1. Complete application procedure
  2. Company business documents
  3. Licensing History: MSB licenses held, applied for, denied or revoked
  4. Litigation: pending and closed
  5. Branch locations and/or authorized delegate list
  6. List of foreign agents
  7. Surety bond
  8. Financial information/net worth requirement

All licensing fees are required by the obligee, not the surety company.

See required forms for this license.



How to Get Your Alaska Money Transmitter Surety Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Alaska Money Transmitter Surety Bond!   If you have any questions, please call us at 877-654-2327.
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days