Money Services Business / Money Transmitter Bonds

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SINCE THE BEGINNING

Money Transmitter bonds are part of a growing industry as currency becomes easier to transfer.  Companies that turn to International Sureties find the bond process simple and our service personalized.  As you grow, we will be there to assist. Contact one of our bond specialists today.

For assistance with License & Permit Bonds, please contact one of our License & Permit Bond specialists:

Stephen Beahm

Cappy Kehoe

Roxanne Craven

David Joseph

FAQs

What is a Money Transmitter Bond?

A guarantee that you will play by the rules and perform your duties as a Money Transmitter licensee.

Three party instrument by which:

  1. One party – SURETY
  2. Guarantees that a second party – PRINCIPAL
  3. Will perform an obligation or duty owed to a 3rd party – OBLIGEE

KEY POINT – the Surety guarantees that a Money Transmitter will abide by State laws.

Is a Surety Bond an Insurance Policy?

No.  A Surety Bond is a form of credit extended to you, and it is not insurance.  In traditional insurance, the risk is transferred to the insurance company.  In suretyship, the risk remains with the Principal.  You are the risk.  Again, the protection of the bond is for the Obligee.

What will my bond amount be?

Your bond amount will depend on several factors:

Every state except Montana has a bond amount requirement, with many tied to transmission volume. 

No two states have identical laws or bond requirements, although recent regulation and the Uniform Money Services Act (UMSA) are set to provide framework with basic similarities across a handful of States.

What does a Money Transmitter Bond do?

The intent of the bond is to protect the Obligee/State and NOT the Principal/Money Transmitter. 

How do I qualify for a bond?

Complete the application form on this page for a response within the next business day.

The fundamental surety underwriting elements apply for any type of surety bond. 

Character – Are you a company of integrity? 

Capacity – Are you experienced, knowledgeable, and capable of fulfilling your obligations as a MSB?

Capital – Are you capable of reimbursing the Surety in the event of a bond claim/loss?

How much will my bond cost?

Your premium amount will be a percentage of the bond amount.

There is no one-size-fits-all answer; however, we continuously maintain some of the best facilities in the country.  Our exclusive bond programs available only through International Sureties are structured for a quick approval process and cost effective premiums.

What does my personal credit matter when applying for a Money Transmitter Bond?

When a surety extends credit to you in the form of a bond, they are vouching that you will abide by the terms of the bond.  If you do not, you are responsible for reimbursing the Surety for any losses they may incur as a result of any claims against your bond.  As such, the surety must make certain that you are of good credit to avoid claims.

What are the different Money Transmitter Licenses called?

It depends on the state but some other names include: 

Currency Exchange License

Check Cashing License

Money Transmission License

Seller of Payment Instruments License

Money Transmitters

Sale of Checks and Money Transmitters

Check Seller

Foreign Transmittal Agency

Check Cashing Services Registration

Check Cashing Services License

Currency Exchange Registration

Retail Grocery Store Check Casher License

Virtual Currency Business Activity Company License

Commercial Check Casher Company License

Money Order Seller and Money Transmitter License

Debt Adjuster

Seller of Checks

A Final Note on Money Transmitter Bonds

Statutory bond requirements are expected to increase/change substantially through 2021, and we are ready to help you navigate new waters.  International Sureties has developed a low-cost bond facility available to all qualified Money Services Businesses. We have the ability to quickly place bonds in all 50 states, and help you reduce the cost of statutory compliance.

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