The ProSure Group

Florida Money Transmitters Bond / Florida Money Services Business Surety Bond

Over the past decade, greater industry requirements and stricter licensing requirements have been put in place due to revolutions in digital commerce and online payments. To obtain a money transmitter license, many states require a surety bond, called a money transmitter bond. Money transmitters are often held to a high standard as they are expected to handle their client's money responsibly and lawfully. If you are an online retailer that accepts online payments, you will most likely need this type of bond.

What are Florida Money Transmitter Bonds?

  • Money transmitter bonds are often a requirement in every state of the U.S. to obtain a money transmitter license. They are used to guarantee companies that use payment services will protect their consumers. Due to a history of fraudulent and inaccurate money transmissions, a surety bond is needed by any company using payment services to ensure the business will adhere to all the laws and requirements in their industry. For example, if the company fails to transfer the customer's funds as agreed to, the bond can compensate the consumer for the unlawful acts. Money transmitter bonds are a necessary expense for wire transfer companies.
  • Per Chapter 560 - Money Services Businesses, of the Florida Statutes, a money transmitter is any corporation, LLC, LLP, or foreign entity qualified to do business in the State of Florida which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer with this country, or to or from this country.
  • A payment instrument issuer is defined as any corporation, LLC, LLP, or foreign entity qualified to do business in the State of Florida which sells a check, draft, warrant, money order, traveler's check, electronic instrument, or other instrument, payment of money, or monetary value whether or not negotiable.
  • We can write Money Transmitter Bonds in every state except Montana (a surety bond is not currently required to be posted in Montana).
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If your business uses money transmitters, you will need to secure a surety bond to obtain your money transmitter license. The surety bond is required by whatever state you're in if you are using payment services, including wire, facsimile, electronic transfer, or payment instruments, such as money transmitters. Money transmitters are involved in the process of selling, issuing, or delivering payment instruments. These include checks, electronic payment transmissions, and money orders. This is a common licensing requirement if a business uses money transmitters, and each state determines the bond amount. The state you are in will determine the bond amount, of which you will pay a percentage of that amount.

  • The amount you will pay will be a small percentage based on your personal credit score. For example, if you have a good credit score, you can pay as little as 1% of the bond. The range for those with decent credit will be about 2–5%, but with poor credit, you could pay more. Contact us for a free quote so you will know the exact amount you will be paying.
  • Florida Money Services Business Bonds or FL Money Transmitter Bonds are individually underwritten so the cost can vary and is primarily dependent on the credit score of the applicant and the required surety bond amount; sometimes, but rarely, personal financials and business financials may be required depending on credit standing. Customers with good credit scores (generally 680 or higher) could qualify for a rate as low as 1% of the bond amount. Of course, we can typically handle all credit types — from excellent to poor — as such those terms vary.
  • The security bond amount specific to each applicant is determined by the combined U.S. dollar total of money transmissions and payment instruments sold in a one year period multiplied by 2%. This calculation determines the required amount of the security bond and is always rounded up to the nearest $50,000 increment (for example, if the annual amount of funds handled times 2% is equal to $150,001, then the bond amount would be $200,000). The law requires a minimum security bond amount of $50,000 and states that the maximum bond amount required is $2,000,000.
  • The Florida Office of Financial Regulation, Division of Consumer Finance, administers the license and requires a corporate surety bond in pursuant to Section 560.209, Florida Statutes. The Obligee on the bond is the Financial Services Commission of the State of Florida as Head of the Office of Financial Regulation.
  • Money Transmitters are also required to maintain a federal registration as a Money Services Business (MSB) and comply with federal recordkeeping and reporting requirements.
  • Every state, with the exception of Montana, requires a money transmitter bond from any company that uses money transmitters. Once you obtain the surety bond, you will file it with your state.

The Florida Money Transmitter Bond runs continuously from effective date until canceled. The bonding company will bill for the bond annually. It is likely that variations in business volume each year will require either cancellation and rewriting, or amending the bond periodically as the Florida Office of Financial Regulation, Division of Consumer Finance may dictate.

Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has handled hundreds of bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.

What you will need to submit to obtain your license:

  • Completed application form (OFR-560-01) with all requested attachments and documentation
  • Money Services Business Surety Bond (Form OFR-560-06)
  • Fingerprints for background check
  • Copy of the applicant’s written anti-money laundering program as required under 31 C.F.R. ss. 103.125
  • Applicant’s audited financial statements prepared in accordance with U.S. GAAP
  • All licensees are required to maintain a minimum net worth of $100,000
  • Application fee: $375 for Transmitters and/or Payment Instrument Issuers (Part II), $38 per branch office and for each location of an authorized vendor
  • And more.

Registration with the U.S. Department of Treasury, Financial Crimes Enforcement Network (FinCEN) is required within 180 days of the date the business was established. Applicants must register using the Bank Secrecy Act (BSA) E-Filing System.

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Type Bond Obligee Bond Amount
License Florida Money Services Business (Money Transmitter) Surety Bond Financial Services Commission of the State of Florida as Head of the Office of Financial Regulation
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