Move other people’s money, and the state wants proof you’ll do it right.
One of the largest license bonds there is
If you are licensed to transmit money — wire transfers, payments, and increasingly virtual currency — your state banking regulator requires a surety bond as part of the license. It guarantees you will handle and transmit customer funds lawfully and remain solvent, and the required amounts are among the highest of any license bond.
What a money transmitter bond guarantees
The bond guarantees to the state financial regulator (and, through it, to consumers) that you will hold and transmit customer funds lawfully, remit them properly, and stay solvent. It is a state requirement — separate from federal FinCEN MSB registration, which does not itself require a bond. Many states treat crypto and virtual-currency businesses as money transmitters, so those firms hit these requirements too.
How the amount is set — and why it varies so much
Most states set a minimum that increases with transmission volume and the number of locations or agents, up to a statutory cap. The result is the widest range of any license bond: from around $10,000–$25,000 minimums to $1 million or more. Multistate transmitters must satisfy each state separately, though many states now coordinate licensing through the NMLS and the Money Transmitter Modernization Act.
Money Transmitter Bond requirements by state
The required amount and authority differ by state — and sometimes by city or county. Select your state below for the specifics, or request a quote and we will confirm the exact requirement that applies to you.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- North Carolina
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
Frequently Asked Questions
How much is a money transmitter bond?
It varies enormously by state — from roughly $10,000–$25,000 minimums to $1 million or more — and usually scales with your transmission volume and number of locations. Tell us your states and we’ll confirm the current requirements.
Is this different from FinCEN MSB registration?
Yes. Federal FinCEN registration as a money services business is separate and doesn’t require a surety bond. The bond is a state money transmitter license requirement.
Do crypto businesses need a money transmitter bond?
In many states, yes — virtual-currency and crypto businesses are treated as money transmitters and must meet the same bonding requirements. It depends on the state.
How do I get a money transmitter bond through Cory Washington & Co.?
Request a quote or contact our team. We confirm your exact requirement, market your bond across multiple surety companies that compete for it, and handle the filing. Cory Washington & Co. LLC is licensed in all 50 states.
All surety bond descriptions on this website are provided by Cory Washington & Co. LLC strictly for general informational purposes. They are not intended to be, and should not be relied upon as, legal, financial, or bonding advice. Surety bonds are not insurance. Bond requirements — including amounts, obligees, and bond forms — are set by government authorities and other obligees and change over time; the information presented is general in nature and does not guarantee the availability, terms, conditions, or amount of any bond. Actual bond terms are governed by the bond form issued by the surety and the requirements of the obligee, and any bond remains subject to underwriting approval. Nothing on this website creates or implies an agent-client relationship, binds a surety, or issues a bond. Cory Washington & Co. LLC expressly disclaims any liability for actions taken, or not taken, based on the content provided here. For advice regarding your particular situation, please confirm current requirements with the relevant authority and consult directly with a licensed professional at Cory Washington & Co. LLC.