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Money services business bond cost

The Florida Department of Banking and Finance requires money services businesses to post surety bonds in varying amounts. The amount of the bond must be equal to 2% of the total amount of money handled by the business in the previous fiscal year.

For new businesses, the bond amount must be equal to 2% of the projected amount of money handled in a 1-year period. The minimum bond amount is $50,000 and the maximum is $2,000,000. Applicants should verify their bond amount with the Office of Financial Regulation before coming to Surety Bonds.

These bonds are subject to underwriting, so the price you’ll pay depends on your required bond amount and a review of your personal credit report. The best way to find out exactly how much you’ll pay is to request a free bond quote now.

Why this bond

Florida money services business bonds ensure that all customers of money services businesses are protected from any fraudulent acts that may occur. By posting this bond the money transmitter, payment instrument issuer, check casher or foreign currency exchange agrees to abide by all rules, laws and regulations stated in Chapter 560 of the Florida Statutes.

Money services business bond details

Money services business bonds in Florida are continuous until canceled. If the surety chooses to cancel this bond prior to the 1-year expiration date, it must notify the Office of Financial Regulation in Florida in writing 30 days prior to terminating the bond.

These bonds must be canceled and rewritten every year to ensure the bond amount stays current.

Become a money services business

To become a licensed money services business in Florida, applicants must complete the state-issued application packet and submit the following materials:

  • Fingerprint card
  • Legal name and address of the applicant
  • Applicant’s written anti-money laundering program
  • Financial documents for business
  • Proof of net worth of at least $100,000 (additional $10,000 per location in FL)
  • $40.50 filing fee
  • $375 application filing fee (additional $38 per location in FL)
  • Required surety bond
  • And more

For additional licensing information, visit the Additional information section of this page.

Florida money services businesses must also register as an MSB for the Federal Crimes Enforcement Network (FinCEN) before they can commence operations. To complete the registration process, applicants must go to the Bank Secrecy Act (BSA) E-Filing System.

Apply for your surety bond

Get a FREE Money Services Business Bond Quote Today! Click here to begin