Virginia Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%-3%) | Source |
| $250,000 - $1,000,000 | $3,750 - $30,000 | State Commissioner |
Businesses that receive money or monetary value for transmission in Virginia generally must hold a money transmitter license and maintain the security required by the Commonswealth. The Virginia money transmitter bond helps protect claimants and supports compliance with Virginia's money transmitter law.
Cost of the Virginia Money Transmitter Bond
The premium varies by bond amount and underwriting. The minimum security is $100,000. Unless the tangible-net-worth alternative applies, the required amount is the greater of $100,000 or 100% of average daily Virginia money transmission liability for the most recent quarter, up to $1 million. Contact NNA Surety for current pricing or call 855-457-2196
How the Virginia Money Transmitter Bond Works
The Virginia money transmitter bond provides financial security for obligations arising from licensed money transmission activity and must remain in a form satisfactory to the Virginia State Corporation Commission.
The bond involves three parties:
Principal: Money transmitter
Obligee: Commonwealth of Virginia
Surety: Bonding company
A claim may be filed when a licensee fails to meet covered obligations under Virginia law. The principal must reimburse the surety for valid claims paid. Learn more about the bond claim process.
How to Get the Virginia Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the quoted bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Virginia money transmitter license.
Learn more about your Virginia surety bond options.
Secure Your Virginia Money Transmitter Bond
Ready to meet Virginia's licensing requirements? Speak with NNA Surety about pricing and next steps. Call 855-457-2196