Money transmitters in Texas have to post a surety bond to the state’s Department of Banking in order to get licensed. The surety bond guarantees you will follow the Texas Finance Code. It protects the licensing body and the general public against any illegal actions that you engage in while conducting your activities as a money transmitter.

The bond amount that you have to post is between $300,000 and $2,000,000. It’s set by the Department of Banking on the basis of your actual or projected yearly volume of business in Texas.

The bond amount is different from the final price you have to pay to get bonded. This is called the bond premium, and is usually between 1% and 5% of the required amount. If you have to post a $500,000 bond, for example, your cost is likely to be between $5,000 and $25,000 if your finances are in good shape.

Your bond premium is determined by your personal credit score, business finances, and assets and liquidity. By examining these factors, the surety you apply with can assess the risk of providing you with a bond. Your bond price is likely to be lower if your overall finances are solid.

For more details about how your bond cost is set, you can consult our surety bond cost page.

Lance Surety Bonds offers its Bad Credit Surety Bonds program to help applicants with problematic finances. If you have a low credit score, tax liens, bankruptcies, or civil judgements, you can almost always still get bonded with us.

Bad credit bond premiums are in the range of 5% to 10%. The increased bond price compensates for the higher risk involved. We work with a number of A-rated, T-listed surety companies, so we can still shop around and select the best bond option for your case.

You can get your bond right way. Just apply online for a free, no-obligations Texas money transmitter bond quote. Once you complete your full application and attach all the needed paperwork, we can also provide you with an exact bond price.

Check out our How to Get Bonded page for all the information about the way bonding works.

Have more questions? We’re here to help. Just call us at (877) 514-5146.

Your money transmitter bond is not protection for your business. Instead, it safeguards the interests of your customers. You can face a bond claim if you transgress from your legal obligations.

If a claim is proven, harmed parties can receive compensation up to the penal sum of your bond. The surety covers the costs at first, but you have to repay it afterwards. Besides being a heavy financial burden, bond claims are also an obstacle to getting bonded in the future. The best course of action is to avoid them as much as possible.