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
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.
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.
Money Transmitter Bond Cost in Missouri
Money transmitter bond cost is directly related to the amount of the bond that you need to post.
The amount can vary 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.
You can estimate your premium by using the free calculator below.
Surety Bond Cost Calculator
Tell us where to send you your FREE estimateSEND ME MY ESTIMATE!
We'll never share your information with third parties
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!