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Washington Money Transmitter Bond

Bond Requirements and Online Application

To obtain a money transmitter license, you must provide a Washington Money Transmitter Bond. All states have a similar requirement,depending on your state, this license may be called money remitter, money services business, check cashier, or sales of check license.

Why Do I Need a Washington Money Transmitter 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 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% of the bond amount.

money transmitter bond

 

Money Transmitter Bond

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

  • Required by: Washington Department of Financial Institutions
  • Minimum bond amount: $10,000
  • Maximum bond amount: $550,000
  • Valid: Continuous

This bond type is continuous, which means it is in full force until it is cancelled. If the bond is cancelled, the principle must notify the obligee of the cancellation within 30 days before the effective date of the cancellation.

This bond ensures that the principle will comply with Chapter 19.230 of the Revised Code of Washington.

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

 Money Transmitter 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.)

Licensing requirements:

  • Collect items to be sent to DFI
  • Surety bond
  • Net worth of at least $10,000
  • $1,000 license fee + $100 for each additional business location
  • Background checks
  • Credit reports

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

The money transmitter license is valid from the date of issuance without an expiration date  unless it is suspended or revoked by the Director.

The license application can be filled out using an electronic system referred to as  NMLS. Although, for businesses that are not conducting multi-state businesses or do not want to use the electronic application system can also have access to other application forms.

Money transmitters in Washington must also register as a money services business (MSB) with the Federal Crimes Enforcement Network (FinCEN). The

See a checklist for new money transmitter license applications from NMLS.

How do I get a a Washington Money Transmitter Bond?

Surety Solutions Insurance Services, Inc. (Surey1) makes it easy for you. We offer an easy to navigate, online application. Once completed you will receive  a firm quote form one of our friendly and knowledgeable agents, usually within one business day. The you make payment, sign some paperwork and your bond will be filed electronically with the NMLS.

Surety1 has been writing Washington surety bonds since 2003 and is rated A+ by the Better Business Bureau. 

How to Get Your Washington Money Transmitter 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 Washington Money Transmitter Bond!   If you have any questions, please call us at 877-654-2327.
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