1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does a Florida Money Services Business Bond Cost?
The cost of a Florida money services business bond is between $500 and $200,000. The bond is required for money transmitters, and the bond amount is between $50,000 and $2 million. You do not need to pay the full bond amount to meet the state’s requirement.
Our surety company is authorized to sell bonds in Florida, and we have served the state for over a decade. By purchasing your money services business bond from us, you can pay a bond premium between 1% and 10%.
Your rate is determined by a review of your credit rating, financial strength and professional experience. Over 99% of our applicants qualify for a bond through our simple process.
We work with applicants with all credit scores. With a 700 or higher credit score, your rate will be between 1% and 3%. A $50,000 bond in this case costs between $500 and $1,500.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Florida Money Services Business Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get a Florida Money Services Business Bond
1. Apply For Your Bond
Through our three-step process, you could set up your bond quickly. To purchase your money services business bond in Florida, simply take a few minutes to complete the online application.
Sam, a new customer, recently applied for a money services business bond using our online application. He appreciated being able to complete all of the steps online and to get his bond later that day. Today, Sam runs a thriving money transmitter business in Miami.
2. Get Your Bond Quote
We provide immediate bond quotes, so our applicants never wait long to learn about the cost of their money service business bond. For applications that are complex and require greater review, a quote is available in 48 hours or less.
3. Purchase Your Bond
Wrapping up your bond purchase is easy to do. Take a moment to pay your bond premium online, and we will email your bond to you without delay. If desired, we can also mail your bond.
Our friendly bond experts are eager to support you with your bond purchase. If you have questions or need assistance, please let us know. Contact us online or by phone at (877) 514-5146.
Money Services Business Bond Requirements in Florida
To work as a money transmitter in Florida, you must have a money services business bond. The required bond amount ranges from a minimum of $50,000 to a maximum of $2 million, with adjustments based on the licensee's financial condition, number of locations, and expected transaction volume.
The obligee is the Financial Services Commission of the State of Florida as Head of the Office of Financial Regulation. The bond runs continuously, but it can be canceled by the surety. To do so, the surety must provide a 30-day written notice to the Office of Financial Regulation.
To remain licensed, you must maintain your money services business bond. Your bond’s premium is due annually. To help you maintain your bond, we will contact you each year prior to the due date with payment instructions.
How to Get Your Money Transmitter License in Florida
The Office of Financial Regulation is the authority on money transmitter licensing in Florida. The licensing standards are established by Chapter 560.1401, Florida Statutes. The following items are required for a money transmitter license:
- Application
- Surety bond
- Application fee
- Criminal history background check
- Fingerprint scan
If you have questions about the rules and regulations for money transmitters in Florida, please contact:
Florida Office of Financial Regulation
200 E. Gaines Street
Tallahassee, FL 32399
Phone: (850) 487-9687
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!