Currency Exchange, Transmission & Transportation Bond
Any person or entity seeking a license to engage in the business of currency exchange, money transmission, or currency transportation in West Virginia. Required when: Application for a Money Transmitter License under West Virginia Code Chapter 32A, Article 2. Exemptions: Banks, trust companies, savings banks, savings …
Overview
What it is.
Any person or entity seeking a license to engage in the business of currency exchange, money transmission, or currency transportation in West Virginia. Required when: Application for a Money Transmitter License under West Virginia Code Chapter 32A, Article 2. Exemptions: Banks, trust companies, savings banks, savings …
Who usually needs it
Any person or entity seeking a license to engage in the business of currency exchange, money transmission, or currency transportation in West Virginia.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateWVBond amountMinimum $100,000 for licensees engaged in currency exchange, sale of checks, or…Term lengthContinuousObligeeWest Virginia Division of Financial InstitutionsRenewalThe bond must be maintained continuously while the entity is licensed. At the time of license renewal, the licensee must report their annual transaction volume, and the bond amount is adjusted based on that volume and t…Bond classLicense BondCategoryFinancial ServicesBondCurrency Exchange, Transmission & Transportation BondStatutory referenceW. Va. Code § 32A-2-10JurisdictionState
