Any person or business entity engaging in the business of money transmission in Ohio, which includes receiving money or its equivalent for transmission, such as currency exchangers, wire transfer services, and issuers of payment instruments. Required when: Required as a condition for obtaining and maintaining a money …
Overview
What it is.
Any person or business entity engaging in the business of money transmission in Ohio, which includes receiving money or its equivalent for transmission, such as currency exchangers, wire transfer services, and issuers of payment instruments. Required when: Required as a condition for obtaining and maintaining a money …
Who usually needs it
Any person or business entity engaging in the business of money transmission in Ohio, which includes receiving money or its equivalent for transmission, such as currency exchangers, wire transfer services, and issuers of payment instruments.
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.
StateOHBond amount$300,000Term lengthContinuousObligeeOhio Department of Commerce, Division of Financial InstitutionsRenewalThe bond remains in effect until canceled by the surety with 30 days' written notice to the Superintendent. The associated money transmitter license must be renewed annually through the Nationwide Multistate Licensing S…Bond classLicense BondCategoryFinancial ServicesBondMoney Transmitter BondStatutory referenceOhio Revised Code 1315.07JurisdictionState
