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Online currency exchangers—Surety bond

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…

Bond amount"The bond amount is calculated at $10,000 for every $1 million of currency exch…
State or jurisdictionWashington
ObligeeWashington State Department of Financial Institutions (DFI)

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

Amounts can vary

Selected requirement: "The bond amount is calculated at $10,000 for every $1 million of currency exch…. Other available requirements: "The bond amount is calculated at $10,000 for every $1 million of currency exchange dollar volume based on the previous twelve months' volume. The minimum surety bond amount is $10,000 and the maximum is $50,000.". Exact options still depend on the obligee, state, and underwriting.

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2323 yearsHelping clients and agents
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…

Who usually needs it

Each online currency exchanger licensee providing currency exchange services remotely (not over-the-counter).

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 depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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23 years

Offering service to clients and agents alike.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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