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Washington Money Transmitter / Services Business Bond

Washington Money Transmitter / Services Business Bond

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Who Requires the Money Transmitter / Services Business Bond and Why Is It Needed?

A Money Transmitter Bond (aka Money Services Business Bond) is a surety bond required in Washington for those having applied for a license to transact business as provided by law under Chapter 19.230 Revised Code of Washington. The surety bond ensures faithful compliance by the money transmitter with the provisions of the Act and all rules and regulations set forth by the Director of the Department of Financial Institutions of the State of Washington. The surety bond obligates the bonded principal to pay to the state and to any person all amounts due relating to the provisions of the Act. A new Washington law has now eliminated other forms of security that a money transmitter may furnish in lieu of a surety bond. The bill also requires online currency exchangers to post a surety bond as a licensing requirement. The bond amounts range from $10,000 to $50,000, based on the previous year's currency exchange dollar volume.  

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Washington Money Transmitter / Services Business Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.




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