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
  • Alabama
    Money Transmitter
    Alabama Securities Commission
  • Alaska
    Uniform Money Services Act Bond
    STATE OF ALASKA
  • Arizona
    Money Transmitter Application
    State Of Arizona
  • California
    Check Sellers Bond
    CA Commissioner of Business Oversight
  • California
    Money Order, Money Gram, Buypay Bond
    PNB Remittance Center, Inc.
  • Connecticut
    Money Transmission Licensee
    Banking Commissioner
  • Delaware
    SALE OF CHECKS AND TRANSMISSION OF MONEY SURETY
    OFFICE OF THE STATE BANK COMMISSIONER
  • Delaware
    Casher of Checks, Drafts or Money Orders Surety
    Office of the State Commissioner
  • District of Columbia
    Check Casher Bond
    DC Department of Insurance
  • Florida
    MONEY SERVICES BUSINESS SURETY BOND FORM
    Financial Services Commission, Dept of Fin Serv
  • Georgia
    Sale of Payment Instruments or Money Transmission
    GA Department of banking and Finance
  • Hawaii
    BOND FOR INVESTMENT ADVISER IN SECURITIES
    Department of Commerce and Consumer Affairs
  • Hawaii
    Money Transmitters License
    Dept of Commerce and Consumer Affairs
  • Idaho
    INDEMNITY BOND FOR INVESTMENT ADVISER
    Idaho Department of Finance, Securities Bureau
  • Idaho
    SURETY BOND FOR MONEY TRANSMITTERS
    Department of Finance - Securities Bureau
  • Illinois
    Transmitters of Money
    Department of Financial & Professional Regulaton
  • Iowa
    Money Transmitter Bond
    State of Iowa
  • Kansas
    Uniform Surety Bond Form
    Securities Commissioner
  • Kansas
    Money Transmitter Bond
    OFFICE OF THE STATE BANK COMMISSIONER
  • Kentucky
    Investment Advisors
    Department of Financial
  • Kentucky
    Deferred Deposit Service/Check Cashier
    Department of Financial Institutions
  • Louisiana
    SALE OF CHECKS/MONEY TRANSMISSION SURETY
    Office of Financial Institutions
  • Maine
    Uniform Surety Bond
    Maine Securities Division
  • Maryland
    Investment Advisor
    Securities Commissioner
  • Maryland
    Global Express Money Orders Inc. Indemnity Bond
    Gloabl Express Money Orders, INc.
  • Massachusetts
    Uniform Surety
    State of Massachusetts Securities Division
  • Massachusetts
    Money Transmitter Bond
    MA Division of Banks
  • Michigan
    Money Transmission Services Provider Bond
    Office of Financial Services
  • Minnesota
    Investment Advisor
    State Of Minnesota
  • Minnesota
    Money Transmitter
    STATE OF MINNESOTA DEPARTMENT OF COMMERCE CURRENCY
  • Missouri
    Check Issuer
    Director of Finance
  • Nebraska
    Bureau of Securities Bond
    Nebraska Department of Banking and Finance
  • Nebraska
    Delayed Deposit Services Business Bond
    Nebraska Department of Banking & Finance
  • Nevada
    Check Cashing Bond
    Financil Institutions Division
  • Nevada
    Money Transmitter Bond
    FINANCIAL INSTITUTIONS DIVISION
  • New Jersey
    Money Transmitter.Foreign Money Transmitter
    NJ Commissioner of Banking
  • New York
    Money Transmitter Bond
    Department of Financial Services
  • North Carolina
    Investment Advisor's
    NC Secretary of State
  • Oregon
    Investment Advisor Surety
    Oregon Department of Consumer & Business Services
  • Oregon
    Money Transmitter
    Department of Consumer & Business Services
  • Other
    BOND AND SURETY (MEMO)
    Memo Money Order Company Inc
  • Pennsylvania
    Uniform Surety Bond
    PA Securities Commission
  • Pennsylvania
    Money Transmitter Bond
    Merchants Express Money Order Company, Inc.
  • South Carolina
    BROKER-DEALER AND INVESTMENT ADVISER SURETY
    State of South Carolina
  • South Carolina
    Investment Advisor (Blue Sky)
    State of South Carolina
  • South Carolina
    BROKER-DEALER AND INVESTMENT ADVISER SURETY
    State of South Carolina
  • South Dakota
    Uniform Surety Bond
    Division of Securities
  • Tennessee
    Investment Advisor Bond
    State of Tennessee Securities
  • Texas
    Money Services Bond
    Texas Banking Commissioner
  • Utah
    Investment Advisor
    State of Utah-Dept of Commerce- Div of Securities
  • Utah
    Corporate Indemnity Bond of Investment Adviser
    State of Utah
  • Utah
    Third-Party Payment Surety Bond
    Utah Department of Financial Institutions
  • Vermont
    Investment Advisor Bond
    Department of Financial Regulation
  • Virginia
    Money Order Sales and Money Transmission Bond
    State Corporation Commission
  • Washington
    Investment Adviser Surety
    WA Securities Division
  • Washington
    Check Seller Business Bond
    WA Department of Financial Institutions
  • Washington
    Operate Money Services Business
    Department of Financial Institutions
  • West Virginia
    Money Currency Exchange, Transmission & Transporta
    THE STATE OF WEST VIRGINIA
  • Wisconsin
    Seller of Checks Bond
    Department of Financial Institutions

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!