Washington D.C. Money Transmitter Bond

Individuals or businesses that transfer money or value for customers, issue or sell payment instruments or stored value, and handle consumer funds for domestic or international transfers must get a surety bond for licensure.

Required by the District of Columbia Department of Insurance, Securities and Banking (DISB), the Washington D.C. money transmitter bond ensures compliance with the D.C. Money Transmitters Act and protects consumers from financial loss.

Cost of a Washington D.C. Money Transmitter Bond

The cost of a Washington D.C. money transmitter bond is typically 1.5-5% of the required bond amount and may factor in your credit score, business financials, and operational risk.

How the Money Transmitter Bond Works

A Washington D.C. money transmitter surety bond is a financial guarantee you will comply with all applicable laws and regulations governing money transmission in the District. The money service bond includes three parties: 1) The licensed money transmitter (principal), 2) The Department of Insurance, Securities and Banking (obligee), and 3) The provider that issues the bond (surety).

If a consumer or the District suffers financial harm due to fraud, misrepresentation, or noncompliance, a claim may be filed against your bond. The surety investigates the claim and may pay damages up to the bond amount. You are then responsible for reimbursing the surety for any valid claim payments.

How to Get a Money Service Bond in Washington D.C.

Follow these steps to file your Washington D.C. money transmitter bond:

1. Complete our online quote form.
2. Receive a quote based on your qualifications.
3. Pay the premium and receive your bond.
4. File the completed bond form and power of attorney through the NMLS.

Get Your Washington D.C. Money Transmitter Bond Today

Our surety specialists make it easy to secure your Washington D.C. money transmitter bond at competitive rates. Apply today to stay compliant and keep your business moving forward.