(877) 654-2327

Surety1 was Founded in 2003.  Low-Cost Bond Provider.  Over 150,000 Happy Customers and Counting!   Apply For Your Bond >

Wisconsin Money Transmitter Bond

Bond Requirements and Online Application

To 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 This 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 1.5% 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: Wisconsin Department of Financial Institutions
  • Minimum bond amount: $10,000
  • Maximum bond amount: $300,000
  • 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 60 days before the effective date of the cancellation.

This bond guarantees the obligee will comply with the Seller of Checks Law in Chapter 217 of the Wisconsin Statutes along with other Wisconsin state laws. The bond will be revoked if the principle acts against the bond.

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.)

License requirements:

  • Surety bond
  • $800 + $5 for each additional location non-refundable license application fee
  • Positive networking capital
  • Legal name and residential address of applicant and partners/trustees if applicable
  • List of all business locations
  • Net worth of at least $100,000
  • Federal tax ID and/or Social Security number
  • Notarized signature

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

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 Wisconsin must also register as a money services business (MSB) with the Federal Crimes Enforcement Network (FinCEN). The registration process must be completed by the Bank Secretary Act (BSA) e-filing system.


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

How to Get Your Wisconsin 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 Wisconsin Money Transmitter 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