New York Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $500,000- $1,000,000 | $5,000- $10,000 | DFS |
Businesses engaging in regulated money transmission in New York generally must obtain a license from the New York State Department of Financial Services. The money transmitter bond helps protect purchasers and holders of New York instruments and supports the licensee's compliance with Article 13-B of the New York Banking Law.
Cost of the New York Money Transmitter Bond
The annual premium for a New York Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $500,000 to $1,000,000, estimated annual premiums range from approximately $5,000 to $10,000. Contact NNA Surety for a personalized quote based on your required bond amount and underwriting.
How the New York Money Transmitter Bond Works
The New York money transmitter bond is in favor of the Superintendent and protects purchasers and holders of New York instruments. The bond supports the licensee’s obligation to honestly and faithfully perform covered duties connected with the issuance, sale and payment of New York instruments.
The bond involves three parties:
Principal: Licensed money transmitter
Obligee: Superintendent of Financial Services of the State of New York
Surety: Bonding company
A claim against the bond may arise from covered failures involving New York instruments. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the New York Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
1. Complete the bond application.
2. Pay the $5,000 bond premium.
3. Receive the bond form and complete any required execution information.
4. File the required bond as directed for your New York money transmitter license.
Learn more about your New York surety bond options across the state.
Get Your New York Money Transmitter Bond
Stay compliant with New York licensing requirements by securing the required money transmitter bond. Call 855-457-2196 to speak with NNA Surety about your bond.