A Washington Currency Exchange Bond is one requirement to obtain a Currency Exchange License in the state. It is a type of surety bond and is required not just for Currency Exchangers located in the state, a Surety Bond is required for all Currency Exchangers that conduct online Currency Exchange. Any company that exchanges the money of one government for money of another government is required to obtain a Currency Exchange license. While the license is required by the The Washington State Department of Financial Institutions (DFI), the application and license administration is managed via the Nationwide Mortgage Licensing System (NMLS).
Activities Authorized Under This License
- Transporting Currency
- Foreign Currency Dealing or Exchanging
To see the pre-requisites for the license and the license application check list, click here.
About the Surety Bond
Currency Exchanger licensee must maintain a surety bond in an amount based on the previous year’s money transmission dollar volume. The minimum surety bond must be at least ten thousand dollars, and not to exceed fifty thousand dollars. The penal sum of the bond must be calculated quarterly during the first year and thereafter annually. The required bond amount is:
|Amount of Currency Exchange Conducted in the State||Surety Bond Amount|
|Zero – $999,999.99||$10,000|
|$1,000,000 – $1,999,999.99||$20,000|
|$2,000,000 – $2,999,999.99||$30,000|
|$3,000,000 – $3,999,999.99||$40,000|
|$4,000,000 or more||$50,000|
The Washington Currency Exchange Bond is required to protect the public. Should the surety suffer a loss under the bond, it will seek restitution from the bond principal (licensee). A surety bond is not insurance for the licensee. The cost of the surety bond is quite reasonable. While we cannot provide a firm quote without an application, in general the cost is from 1% to 3% of the bond amount.
How to Obtain a Washington Currency Exchange Bond
At Surety1.com, we make it easy to obtain this surety bond:
- Complete our easy to navigate and secure online application. 1
- Review your free, no obligation quote from one of our surety bond professional agents, usually within one business day.
- Sign some paperwork and pay the surety bond premium.
Once these steps have been completed, the Washington Currency Exchange Bond will be filed electronically by Surety1.com, directly with the the NMLS.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
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. We also maintain an A+ rating from the Better Business Bureau.
How to Get Your Washington Currency Exchange 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.