Texas Money Transmitter Bond: Your Complete Guide to Compliance
If you’re looking to obtain a Money Transmission License in Texas, you’ll need a Texas Money Transmitter Bond. This is a type of surety bond and is a legal requirement for any business operating in the money services industry, ensuring
compliance with state regulations.
Each state has its own licensing requirements, sometimes referred to as:
- Money Transmitter Bond
- Money Remitter License
- Money Services Business (MSB) License
- Check Casher or Sales of Check License
In Texas, the Department of Banking mandates this bond, while the licensing process is managed through the Nationwide Mortgage Licensing System (NMLS).
Why Do You Need a Texas Money Transmitter Bond?
A Money Transmission License is required for any business:
- Issuing or selling prepaid access cards and instruments such as checks, money orders and traveler’s checks
- Receiving money for transmission
- Foreign currency dealing or exchanging
- Providing third-party bill paying services
- Transporting currency
- Accelerated payment programs
- Payroll processing services
- Currency exchange (when requested as part of an application for money transmission)
This bond protects consumers by ensuring your business follows Texas Financial Code (Title 3, Chapter 15). If you fail to comply, claims can be filed against your bond.
Texas Money Transmitter Bond Amounts
The required bond amount depends on your financial standing:
- For a licensee with a tangible net worth in an amount not greater than 10 percent of the licensee’s total assets, the greater of:
-
- $100,000; or
- 100 percent of the licensee’s average daily money transmission liability in Texas for the most recently completed three-month period, up to a maximum amount of $500,000; or
- For a licensee with a tangible net worth in an amount greater than 10 percent of the licensee’s total assets, $100,000
Always verify the exact bond amount with the Texas Department of Banking before applying.
Important Notes:
- The bond remains active as long as your license is valid.
- The surety company can cancel the bond with a 30-day notice.
Texas Money Transmitter License Requirements
While Surety1 handles the bond, here’s what else you’ll need for licensing:
- Business plan
- Texas Money Transmitter Bond
- Background checks (for owners & key personnel)
- Prepaid access plan (if applicable)
- Audited & interim financial statements
- List of other state licenses (if any)
- Minimum net worth:
- $100,000 (for 4 or fewer locations)
- $500,000 ( for 5+locations)
- 2,500 application fee
Visit the NMLS checklist for more license information.
Additional Federal Requirements:
- Register as a Money Services Business (MSB) with FinCEN via the BSA E-Filing System.
How to Get Your Texas Money Transmitter Bond Fast
At Surety1.com, we make the bonding process simple and hassle-free:
- Complete our online application (takes minutes).
- Get a free quote, usually within 1 business day.
- Sign paperwork & make payment (all major credit cards accepted).
- Receive your bond—filed electronically with NMLS.
♦ Pro Tip: The business name on your bond application must exactly match your legal entity name on the license.
Why Choose Surety1 for Your Money Transmitter Bond?
- Nationwide coverage (licensed in all 50 states)
- Fast approvals & competitive rates
- A+ Rated by the Better Business Bureau (BBB)
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
About Surety1.com
Contact Surety1
Get Bonded Today & Start Your Money Transmission Business!
Call us now at (877)654-2327 or apply online at Surety1.com for a quick, no-obligation quote.
Each state has different requirements. Need a bond in another state? We can help!
Visit our State-by-State Guide to Money Transmitter Bonds
Start your application now and secure your Texas Money Transmitter Bond today!
How to Get Your Texas Money Transmitter Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.