Overview of Pennsylvania Money Transmitter Bond Requirements

To become licensed as a money transmitter in Pennsylvania, you will need to submit a money transmitter bond in the amount of $1,000,000.

This license is regulated by the DOBS but applicants must complete the licensing process through the Nationwide Multistate Licensing System & Registry (NMLS).

Why do I require a bond?

This bond guarantees that licensed transmitters will comply with their legal obligations in conducting business.

If a transmitter violates the law and causes losses to anyone they provide services to, that person or persons may file a claim against the bond to secure compensation.

When action is brought against a bond, the surety that backs it must investigate the claim and determine the appropriate amount of compensation to extend. Depending on the nature of the violation and the amount of losses suffered, compensation can be even as high as the full amount of the bond.

If this is the first time you're applying for a surety bond, and want to know more about the purpose of surety bonds, see our ‘What is a surety bond' guide!

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

To find out how your bond cost is determined, what bond claims are, and how you can get bonded, see the sections below!

For further questions about getting bonded as a money transmitter in Pennsylvania, call us at (866)-450-3412 anytime!

What's The Cost of The Pennsylvania Money Transmitter Bond?

The cost of your surety bond is equal to a percentage of its total amount. That percentage is determined by the surety that issues your bond on the basis of the following factors.

Factors that influence your bond premium

The most important factor that influences a surety's decision about your bond premium is your personal credit score. The higher your credit score, the lower the cost of your bond is.

Applicants with excellent credit, over 700 FICO, are typically offered a rate that varies between .75% and 1.5% of the full bond amount.

Applicants with good to moderate credit can usually expect to get bonded upward of 1.5% and up to 5%.

Applicants who currently have a low or “bad" credit score are usually bonded at a rate between 5% and 15%.

To more accurately determine the rate at which to issue a bond, the surety may also request to review your:

  • Personal and business financial statements
  • Fixed and liquid assets
  • Work experience and record

Want to get an estimate on your bond, based on credit score? See the table below!

Pennsylvania Money Transmitter Bond Cost Based on Credit Score

License type

Bond Amount

Credit Score
Above 700 650-699 600-649 Below 599
Pennsylvania money transmitter $1,000,000 $7,500-$15,000 $10,000-$25,000 $25,000-$50,000 $50,000-$75,000

How Do Bond Claims Occur?

Section 6 of the Pennsylvania Money Transmission Business Licensing Law requires applicants for a money transmitter license to obtain a $1,000,000 surety bond.

The bond's purpose is to provide protection to the state of Pennsylvania and any person who is harmed by a transmitter due to the latter's failure to carry out their obligations in conducting business.

If a transmitter violates the provisions of the law and causes losses to one or several persons, these may bring an action against the bond to secure compensation for these losses.

The surety that backs the bond is then legally bound to investigate the matter and determine its validity and the possible amount of compensation it must extend.

When a surety covers a claim, the bonded transmitter is legally required to repay the surety in full. This is a central condition of every bond agreement - that liability is assumed by the bonded party that gives rise to a claim.

The best way to avoid a claim against your bond, and the difficulties this creates, is to comply with the conditions of your bond and your legal obligations! That way, the only cost associated with your bond is your initial bond premium.

Apply Here For Your Bond!

Ready to apply for your money transmitter bond? Get started by completing our simple bond application form, and we'll provide you with a free and exact quote shortly.

Start your surety bond application today! Why us?
  • The lowest possible rates
  • A 100% money-back guarantee
  • Access to specialty programs, not available to small agencies

If you require assistance with your application or want to know more about getting bonded, call us at (866)-450-3412!

Further Reading


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.