Each online currency exchanger licensee providing currency exchange services remotely (not over-the-counter). Required when: Obtaining and maintaining an online currency exchanger license under the Uniform Money Services Act. Exemptions: The director may provide an alternative to a bond (such as an assignment of a cer…
Overview
What it is.
Each online currency exchanger licensee providing currency exchange services remotely (not over-the-counter). Required when: Obtaining and maintaining an online currency exchanger license under the Uniform Money Services Act. Exemptions: The director may provide an alternative to a bond (such as an assignment of a cer…
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.
StateWABond amountThe bond amount is calculated at $10,000 for every $1 million of currency excha…Term lengthContinuousObligeeWashington State Department of Financial Institutions (DFI)RenewalThe penal sum of the bond must be reevaluated and calculated quarterly during the first year of licensing and thereafter annually based on the previous year's volume.Bond classLicense BondCategoryFinancial ServicesBondOnline currency exchangers—Surety bondStatutory referenceRCW 19.230.055JurisdictionState
