Money Transmitter Bonds

A money transmitter is a business that provides money transfer services or payment services. For those who perform such business, it is compulsory to purchase a money transmitter bond. This bond is needed by companies that use the banking system to transfer, wire, or otherwise send money between parties. The purpose of this bond is that it ensures that the money reaches the intended party safely. If, by any chance, a problem arises, the bond will reimburse the party whose money was mishandled.

Like any surety bond, the money transmitter bond also requires three parties; the obligee, the principal and the surety.

The Obligee is the party that requires the bond.

The Principal is the money transmitter business that purchases the bond. It is the company that provides payment services or sends money from one location to another via the U.S. Federal Reserve banking system.

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The Surety is the company which evaluates the principal’s financial history and reputation and approves and provides the bond.

Prior to companies purchasing a bond from the surety, they must submit to a credit check. If their application is approved, they move on to the next phase of screening.

In order to ensure the easiest and most cost effective ways when obtaining a money transmitter bond, the following items, among others, will be required:

  • Applicant’s name and business address
  • Identifying information (taxpayer identification number, social security number, etc.)
  • Fees
  • Successful criminal background check
  • Maintenance of permissible investments
  • Surety bond

Surety Bond Professionals is a money transmitter bond company which offers cheapest money transmitter bonds in Massachusetts, Connecticut, New Hampshire and other major parts in the US. Get your free quote today by using our bond application form. Contact a money transmitter surety bond agency, to get an instant cheap money transmitter bonds quote now.

Get your free quote today by using our money transmitter bond application form.

If you have any questions, please contact us for help.