West Virginia Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $25,000 - $500,000 | $375 - $15,000 | State Commissioner |
Businesses receiving money for transmission by wire, facsimile or electronic transfer in West Virginia must meet state licensing and bonding requirements. Required by the State of West Virginia, the money transmitter bond protects claimants and supports compliance with applicable money transmission laws.
Cost of the West Virginia Money Transmitter Bond
The annual premium for a West Virginia Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $25,000 to $500,000, estimated annual premiums range from approximately $375 to $15,000. Complete the quote form to begin the required bonding process.
How the West Virginia Money Transmitter Bond Works
The West Virginia money transmitter bond protects claimants by holding licensed money transmitters financially accountable for complying with state requirements governing the receipt, handling, transmission and payment of money.
The bond involves three parties:
Principal: Money transmitter
Obligee: State of West Virginia
Surety: Bonding company
A claim against the bond may be filed for covered violations of West Virginia money transmission requirements. The principal is responsible for reimbursing the surety for valid claims paid under the bond.
How to Get the West Virginia Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the $3,000 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your West Virginia money transmitter license.
Learn more about your West Virginia surety bond options across the state.
Secure Your West Virginia Money Transmitter Bond
Ready to meet West Virginia licensing requirements? Call 855-457-2196 to speak with NNA Surety and get bonded.