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How Much Does a Money Transmitter Bond Cost in Missouri?
The cost of a Money Transmitter Bond in Missouri starts around $1,000. While the full bond amount needed is $100,000 or more, you only pay a small percentage of that amount to get bonded (typically 1% - 10%).
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Missouri Money Transmitter Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
The amount you pay to get a Money Transmitter Bond is known as a bond premium or bond rate. Having good credit is the main factor for getting a low bond rate. However, other factors may also be considered, including business financials, assets, past bonding history, and industry experience.
See our guide: How Much Does a Surety Bond Cost? for more information.
How to Get a Money Transmitter Bond in Missouri
1. Fill Out an Online Application
The quickest and easiest way to apply for a Missouri Money Transmitter Bond is to use our online application.
Information that you will need on hand includes:
- Bond Name (Money Transmitter Bond)
- Bond Amount (Varies)
- Your Contact Information
Unsure about the bond amount you need? Don’t hesitate to contact us.
Not long ago, we helped a Missouri client figure out the amount he needed for his Money Transmitter License renewal. Getting the wrong bond amount can delay getting your new license, so we understand how important it is to get it right the first time around!
2. Get a Bond Quote
After your application is processed, a bond quote will be sent to the email you provided. If you are happy with your quote, head to our website.
3. Purchase Your Bond
Log in to our website, sign the indemnity agreement, and pay for your bond.
A printable copy of the completed surety bond form will be sent via email. The original bond will be sent through mail.
Missouri Money Transmitter Bond Requirements
To get a Money Transmitter License in Missouri, you must secure a Money Transmitter Bond. This bond is one of the main requirements for getting licensed by the Missouri Division of Finance.
Per Senate Bill No. 1359—which includes the Money Transmission Modernization Act of 2024—any person engaging in the business of money transmission must be licensed. Money transmission is defined as transmitting money on behalf of another person or persons. This includes:
- Selling or issuing payment instruments (traveler’s checks, money orders, etc) to a person located in Missouri
- Selling or issuing stored value to a person located in Missouri
- Receiving money for transmission from a person located in Missouri
- Payroll processing services
The amount of a Missouri Money Transmitter Bond for initial licensing applications is $100,000. However, the renewal amount will vary depending on business financials.
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Bond |
Total Bond Amount |
How the Bond Amount is Calculated |
|
Initial bond for all licensee applicants. |
$100,000 |
Set amount to accompany initial application. |
|
Renewal bond for licensees selling payment instruments or stored value cards |
$100,000 - $1,000,000 |
The greater of: $100,000 or five times the high outstanding balance from the previous year. |
|
Renewal bond for licensees receiving money for transmission |
$100,000 - $1,000,000 |
The greater of: $100,000 or five times the highest transmission amount in a single day during the previous year. |
Regardless of the amount of the bond, each one operates the same—it is a contract between three parties.
- Principal – money transmitter that needs to get bonded
- Obligee – Organization requiring the principal to get the bond (Missouri Division of Finance)
- Surety – the company that issues and financially backs the bond (Ex. JW Surety Bonds)
If a money transmitter conducts business unethically or unlawfully, a claim can be made against their bond to recover damages caused. The surety initially pays for any valid claims, but the transmitter is required to pay them back in full.
See What is a Surety Bond? for more information on how bonds work.
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