Bond Requirements Vary From State to State
Have you ever sent send money to a family member or friend across the country or overseas? Have you purchased foreign currency or traveler’s checks before a big vacation?
If you have, you’ve probably used a Money Transmitter. When it comes to money transfers, there are more options now than ever before. Money Transmitters such as banks, check cash centers and online businesses make the job quick and easy. You can even use your smart phone to send money in a matter of seconds. But these money transfers aren’t without risk.
Most states require Money Transmitters to obtain a surety bond to protect their customers from fraudulent practices. When a Money Transmitter is bonded, customers can be assured that their money is safe in case criminal actions arise.
Money Transmitter Bonds can range from $25,000 to over $1 million, depending on the state requirements. Money Transmitters must be licensed and bonded in the states where their customers live, with the exception of Montana and South Carolina.
Where Do I Get a Surety Bond?
If you’re a Money Transmitter and your state requires a Surety Bond, you must purchase it from a Surety through a licensed agent, such as SuretyGroup.com.
SuretyGroup.com‘s Surety Bond Specialists can often give you same-day approval that makes the process quick and easy.
Have questions? SuretyGroup.com can help. Give us a call at 1-844-4eBonds (1-844-432-6637) and our Surety Bond Specialists can walk you through the bonding process.