Money Transmitter Bond Overview
A money transmitter surety bond is a type of license and permit bond which money transmitters need in order to get licensed in their state. Almost all states, with few exceptions, require such bonds upon licensing. The bond’s purpose and function is to protect the public and the state from theft and fraud by dishonest money transmitters. An example of this would be not transferring a person’s funds intentionally.
In other words, the money transmitter bond guarantees that such businesses and individuals will comply with all state laws and industry regulations concerning money transmitters. It guarantees that they will adhere to best business practices and conduct business honestly. It also guarantees that if a money transmitter is found to be in breach of a law or regulation, a claim can be filed against their bond and obligees can be compensated for losses or damages.
This bond is applicable and necessary for all businesses that offer some form of payment services that include transmitting money from one location to another. This includes, among others, online merchants, wire transfer companies, and even money lenders. What type of companies need to obtain such a bond in any given state is subject to state laws and regulations. If you have any doubts whether this bond is relevant for you, consult your local authorities.
Because of the nature of the industry, money transmitter bonds are usually considered a risk. Due to the danger of theft and fraud, rates for these bonds can be higher than for most. Despite this risk, the actual bond rate can vary greatly, depending on the company doing the bonding and the applicant. In order to get the best rate, an applicant should pick a knowledgeable agent with a good understanding of the market. Through our longstanding professional relationships, Bryant Surety Bonds has the ability to place this bond at a savings to you. We are able to find the lowest rates on money transmitter bonds in all states. Give us a call!
You can begin your online application by selecting your bond from the table below. Give us a call if you can't find it or need any help from us.
Find the Bond You Need
The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".
|Alabama||Uniform Surety Bond||Securities Commission||Apply Now|
|Alabama||Money Transmitter||Alabama Securities Commission||Apply Now|
|Alaska||Uniform Money Services Act Bond||STATE OF ALASKA||Apply Now|
|Arizona||Money Transmitter Application||State Of Arizona||Apply Now|
|California||Check Sellers Bond||CA Commissioner of Business Oversight||Apply Now|
|California||Money Order, Money Gram, Buypay Bond||PNB Remittance Center, Inc.||Apply Now|
|Connecticut||Money Transmission Licensee||Banking Commissioner||Apply Now|
|Delaware||SALE OF CHECKS AND TRANSMISSION OF MONEY SURETY||OFFICE OF THE STATE BANK COMMISSIONER||Apply Now|
|Delaware||Casher of Checks, Drafts or Money Orders Surety||Office of the State Commissioner||Apply Now|
|District of Columbia||Check Casher Bond||DC Department of Insurance||Apply Now|
|Florida||MONEY SERVICES BUSINESS SURETY BOND FORM||Financial Services Commission, Dept of Fin Serv||Apply Now|
|Georgia||Sale of Payment Instruments or Money Transmission||GA Department of banking and Finance||Apply Now|
|Hawaii||BOND FOR INVESTMENT ADVISER IN SECURITIES||Department of Commerce and Consumer Affairs||Apply Now|
|Hawaii||Money Transmitters License||Dept of Commerce and Consumer Affairs||Apply Now|
|Idaho||INDEMNITY BOND FOR INVESTMENT ADVISER||Idaho Department of Finance, Securities Bureau||Apply Now|
|Idaho||SURETY BOND FOR MONEY TRANSMITTERS||Department of Finance - Securities Bureau||Apply Now|
|Illinois||Transmitters of Money||Department of Financial & Professional Regulaton||Apply Now|
|Iowa||Money Transmitter Bond||State of Iowa||Apply Now|
|Kansas||Uniform Surety Bond Form||Securities Commissioner||Apply Now|
|Kansas||Money Transmitter Bond||OFFICE OF THE STATE BANK COMMISSIONER||Apply Now|
|Kentucky||Investment Advisors||Department of Financial||Apply Now|
|Kentucky||Deferred Deposit Service/Check Cashier||Department of Financial Institutions||Apply Now|
|Louisiana||SALE OF CHECKS/MONEY TRANSMISSION SURETY||Office of Financial Institutions||Apply Now|
|Maine||Uniform Surety Bond||Maine Securities Division||Apply Now|
|Maryland||Investment Advisor||Securities Commissioner||Apply Now|
|Maryland||Global Express Money Orders Inc. Indemnity Bond||Gloabl Express Money Orders, INc.||Apply Now|
|Massachusetts||Uniform Surety||State of Massachusetts Securities Division||Apply Now|
|Massachusetts||Money Transmitter Bond||MA Division of Banks||Apply Now|
|Michigan||Money Transmission Services Provider Bond||Office of Financial Services||Apply Now|
|Minnesota||Investment Advisor||State Of Minnesota||Apply Now|
|Minnesota||Money Transmitter||STATE OF MINNESOTA DEPARTMENT OF COMMERCE CURRENCY||Apply Now|
|Missouri||Check Issuer||Director of Finance||Apply Now|
|Nebraska||Bureau of Securities Bond||Nebraska Department of Banking and Finance||Apply Now|
|Nebraska||Delayed Deposit Services Business Bond||Nebraska Department of Banking & Finance||Apply Now|
|Nevada||Check Cashing Bond||Financil Institutions Division||Apply Now|
|Nevada||Money Transmitter Bond||FINANCIAL INSTITUTIONS DIVISION||Apply Now|
|New Jersey||Money Transmitter.Foreign Money Transmitter||NJ Commissioner of Banking||Apply Now|
|New York||Money Transmitter Bond||Department of Financial Services||Apply Now|
|North Carolina||Investment Advisor's||NC Secretary of State||Apply Now|
|Oregon||Investment Advisor Surety||Oregon Department of Consumer & Business Services||Apply Now|
|Oregon||Money Transmitter||Department of Consumer & Business Services||Apply Now|
|Other||BOND AND SURETY (MEMO)||Memo Money Order Company Inc||Apply Now|
|Pennsylvania||Uniform Surety Bond||PA Securities Commission||Apply Now|
|Pennsylvania||Money Transmitter Bond||Merchants Express Money Order Company, Inc.||Apply Now|
|South Carolina||BROKER-DEALER AND INVESTMENT ADVISER SURETY||State of South Carolina||Apply Now|
|South Carolina||Investment Advisor (Blue Sky)||State of South Carolina||Apply Now|
|South Carolina||BROKER-DEALER AND INVESTMENT ADVISER SURETY||State of South Carolina||Apply Now|
|South Dakota||Uniform Surety Bond||Division of Securities||Apply Now|
|Tennessee||Investment Advisor Bond||State of Tennessee Securities||Apply Now|
|Texas||Money Services Bond||Texas Banking Commissioner||Apply Now|
|Utah||Investment Advisor||State of Utah-Dept of Commerce- Div of Securities||Apply Now|
|Utah||Corporate Indemnity Bond of Investment Adviser||State of Utah||Apply Now|
|Utah||Third-Party Payment Surety Bond||Utah Department of Financial Institutions||Apply Now|
|Vermont||Investment Advisor Bond||Department of Financial Regulation||Apply Now|
|Virginia||Money Order Sales and Money Transmission Bond||State Corporation Commission||Apply Now|
|Washington||Investment Adviser Surety||WA Securities Division||Apply Now|
|Washington||Check Seller Business Bond||WA Department of Financial Institutions||Apply Now|
|Washington||Operate Money Services Business||Department of Financial Institutions||Apply Now|
|West Virginia||Money Currency Exchange, Transmission & Transporta||THE STATE OF WEST VIRGINIA||Apply Now|
|Wisconsin||Seller of Checks Bond||Department of Financial Institutions||Apply Now|
Money Transmitter Bond Cost
Money transmitter bond cost is directly related to the amount of the bond that you need to post. Different states have specified different amounts for money transmitter bonds. Bond amounts can vary from as little as $5,000 to as much as $2,000,000 in certain states and are determined on an individual basis.
The amount can vary so greatly because it is tied to the volume of money transmissions that a business provides during the course of a year. The greater the amount of transmissions, the higher the need for a guarantee - and the greater the amount of the bond.
Based on this amount, a surety will determine the cost or premium of your money transmitter bond. When determining this rate, sureties will usually take into account your personal credit score as an indication of your financial stability and health. Personal credit is seen as one of the most reliable indications, but in certain cases other financial details such as your personal and business financial statements are also taken into account.
Applicants with exceptional and high credit score can expect rates that vary between 1%-4% of the total bond amount. Those with slightly lower credit scores usually receive a rate that is in the 5-8% range. To apply for a money transmitter bond with bad or poor credit, see below.
One way to get the lowest and best rate is by carefully picking the surety you work with. By working with us, you will be receiving rates from some of the best surety companies in the country.
We only work with and represent A-rated and T-listed sureties - which guarantees their stability and the quality of their backing, placing them among the top companies in the industry. Through our long partnership with these companies we have received access to some of the lowest and most exclusive rates on all types of bonds in all states.
If you’re wondering how rates on money transmission bonds are determined and which other factors a surety may take into account, have a look at our expert surety bond cost guide! There you will find plenty of information on the subject. If you have more questions, don’t hesitate to call us!
Bad Credit Money Transmitter Bond Program
Since money transmitter bonds often have high amounts and are riskier to underwrite than most bonds, some companies may be averse to bonding applicants with poor or no credit. This is so because such applicants present a greater risk.
We have worked long on creating a program that can accommodate and address the needs of applicants with less-than-perfect credit. Our Bad Credit Surety Bond Program is the result of this work and it offers such applicants the possibility to get bonded, despite their financial difficulties or bad credit.
Naturally, rates under this program are higher, due to the higher risk. Yet, we are able to help most applicants get their bonds and always get the best and lowest rate for everyone who comes to us, in accordance with their unique situation!
How to Get Your Money Transmitter Bond
Your money transmitter bond is just a few steps away. First, apply online through our secure application tool. You’ll have to fill in a number of details about your money transmitter bond.
Once you submit your application, it’ll usually take us a few hours for us to process it, or up to a day or two in some rare cases. We’ll then provide you with an entirely free quote on your bond. From there, we will only need to sort out a few details before we underwrite your bond.
If you would like to consult with us before you apply or you have questions about your particular case, make sure to call us at (866) 450-3412! We will gladly help you out with any information about money transmitter bonds you may need and respond to all of your questions. We look forward to hearing from you!