Minnesota Money Transmitter Bond Guide

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All money transmitters in the state of Minnesota are required to get a Minnesota Money Transmitter Bond in order to get licensed. Money transmitter licenses are issued by the Nationwide Multistate Licensing System (NMLS).

As per the Minnesota statutes, Chapter 53B, money transmission is defined as:

  • Selling or issuing payment instruments (ex. owning and operating ATMs)
  • Selling or issuing stored value to a person located in MN (ex. selling gift cards)
  • Receiving money for transmission 
  • Providing electronic transfer of funds
  • Providing virtual currency exchanging/trading services

The amount of this surety bond ranges from $100,000 to $500,000. However, you only have to pay a small fraction of this amount to get bonded. 

We dive into bond cost, how to get a Minnesota money transmitter bond, and more in the guide below.

How Much Does a Minnesota Money Transmitter Bond Cost?

A Minnesota money transmitter bond costs an average of 1% - 7% of the total bond cost. For example, a $100,000 bond will generally cost anywhere from $1,000 - $7,000 annually. 

The cost of an MN money bond is heavily dependent on two factors—the bond amount you need and your credit score. 

  1. The bond amount you need is whichever of the following is greater:
    • $100,000; or
    • An amount equal to 100 percent of the average daily money transmission liability in Minnesota (calculated for the most recently completed quarter) to a maximum of $500,000. 
  2. Your credit score determines the cost of your bond. This is also known as a yearly premium or bond rate. 


The table below provides a ballpark estimate of bond costs. Want a specific quote? 

Fill out our quick and easy online bond form for a free estimate. 

Bond Amount

Excellent Credit (675+) 

Average Credit

(600 – 675) 

Bad Credit

(599 and below) 


$1,000 - $3,000

$3,000 - $5,000

$5,000 - $10,000


$1,500 - $4,500

$4,500 - $7,500

$7,500 - $15,000


$2,000 - $6,000

$6,000 - $10,000

$10,000 - $20,000


$3,000 - $9,000

$9,000 - $15,000

$15,000 - $30,000


$5,000 - $15,000

$15,000 - $25,000

$25,000 - $50,000


Can You Get a Minnesota Money Transmitter Bond with Bad Credit? 

Yes, you can get a Minnesota money transmitter bond with bad credit. 

However, not all surety companies will issue them since applicants with poor credit are considered higher risk. At JW Surety Bonds, we consistently bond clients with credit issues—some of which have been turned away by other bonding companies. 

For example:

A couple weeks ago we had a client, James, who called looking to get bonded. James was applying to get his NMLS Money Transmitter license and required an MN money transmitter bond. The problem is, his credit score was below 600, so two other sureties had already denied his bond application. After running his application through one of our in-house underwriters, we were able to issue James his bond. He was thrilled that we were not only able to get him bonded but also that we were able to do so quickly to get his application back on track.

See our Bad Credit Surety Bonds Guide for more information. 

Why Do You Need a Money Transmitter Bond?

A money transmitter bond protects the public against fraud and misconduct. It reimburses the affected parties if a money transmitter mishandles funds or conducts any other unethical or illegal activity related to money transmission.

The surety that issued to bond will initially cover any valid bond claims to cover damages and losses. However, the money transmitter must then pay back the surety in full, plus any legal expenses. 

How to Get a MN Money Transmitter Bond

Getting a Minnesota surety bond with JW Surety Bonds is quick and easy — we can often get you bonded in as little as 1-2 business days. Here's what you can expect. 

1. File a Bond Application

You can apply for a money transmitter bond online or by calling us at (888) 592-6631. In both instances, we will need basic information such as:

  • The bond type you need (MN money transmitter bond)
  • The bond amount
  • Your name and contact information.

Once your bond goes through the underwriting process, a quote will be sent your way. Note that our online application is the best way to get bonded quickly as it is available 24/7 and provides an instant quote. 

2. Sign the Indemnity Agreement & Pay

To secure your bond, sign the contract we email and send it back to us via email or fax. Your invoice will also be emailed to you.

3. Send Your Bond

An Electronic Surety Bond (ESB) will be sent to you. Double-check that all the information is correct (your name, the obligee's name, the amount, etc.). If so, send it to the Nationwide Multistate Licensing System (NMLS).

Money Transmitter Bond Requirements in Minnesota

Money transmitters in the state of Minnesota are required to get a Money Transmitter License through the NMLS. Beyond the Minnesota money transmitter surety bond or security device required by the Minnesota Department of Commerce, applicants for this licensure also need the following.


Net Worth

At all times, a licensee must maintain a tangible net worth that is:

  • The greater of $100,000; or 3 percent of total assets for the first $100,000,000; 
  • 2 percent of additional assets between $100,000,000 to $1,000,000,000; 
  • 0.5 percent of additional assets over $1,000,000,000.

Business Plan

Submit a copy of your business plan that includes information such as the management/organization structure, corporate history, management team, marketing strategies, and operational plan.


  • Bank Account: Have a business bank account(s) with a federally insured financial institution.
  • Credit Report: Authorize a credit report, as well as complete an Identity Verification Process (IDV) and an individual attestation.
  • Trade Name Certificate: If operating under a name other than your legal name, you must submit a copy of your Trade Names/Assumed Name Registration Certificate. 
  • Workers’ Compensation Insurance: Proof of workers' compensation insurance as required by Minnesota Statutes, Section 176.181, subd. 2.
  • Certificate of Authority/Good Standing Certificate: Foreign corporations or companies must upload a Certificate of Good Standing that demonstrates authorization to do business in the applicant's state of incorporation or organization formation. Minnesota companies must upload a Certificate of Authority from the Minnesota Secretary of State.
  • Permissible Investments: A list of the company's permissible investments, along with their market or book value. 

Background Check

Per state regulations, license applicants must complete a criminal background check (CBC) through NMLS.

License Fee

The license fee is currently $4000, plus $100 for application processing. 

Note that exemptions from this license are offered to banks, credit unions, and various other financial services. For more about licensing requirements, authorized delegates, and the application process, visit our Guide to Getting a Money Transmitter License

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