What is a Money Transmitter Bond?
A money transmitter bond is a surety bond which guarantees the honest and professional rendering of services by money transmitters, in compliance with state regulations.
This bond protects the public, and the state in which it is issued, from dishonest money transmitters who misuse, withhold or steal funds made available to them by customers. Some form of money transmitter bond is required by most states.
Questions about Money Transmitter Bonds in Virginia
How much does a money transmitter bond cost?
Your cost is a percentage of the bond’s total amount, determined by your surety. When calculating your cost, sureties will consider your personal credit score, among a number of factors. Other factors include personal and business financial statements, as well as your industry experience and your asset profile. Since money transmitter bonds are considered risky, sureties are very cautious and selective when underwriting them.
Applicants who have a high credit score can expect a rate that is between 1%-3% of the total bond amount. Those with a lower score can expect a rate upward of 4% of the total amount.
If you would like a free quote on your bond, simply follow the application link and submit your surety bond application. We will provide you with your free, no-obligations quote as soon as we have processed your application.
Can I get a money transmitter bond with bad credit?
It depends. It is possible to get a money transmitter bond with bad credit, but only under certain conditions. Since these bonds are considered high-risk, they are usually issued after careful scrutiny by sureties, and sometimes bad credit applicants get turned down in the process.
Our Bad Credit Surety Bonds program offers low-credit applicants a better chance of getting bonded, despite their credit score. To make this possible, we have an ongoing partnership with a number of the best sureties in the country, all of which are A-rated and T-listed.
Due to the nature of the bonds, and because of the applicants’ lower scores, rates under this program are higher than standard market rates.
Whether you have a high or low credit score, we at Lance Surety Bonds always do our best to ensure that all of our customers get bonded at the lowest possible rate by sourcing rates from a variety of markets.
How to get your money transmitter bond
Getting your bond is easy. Just apply online through our secure application tool and submit your form. We will get back to you with your free bond quote as soon as possible.
If you have any questions in the meantime or require assistance with your application, just call us at (877)-514-5146. Our surety bond professionals will be happy to provide you with additional information, and assist you if you need any help.
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Kimberlee AblesQuick 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!
Andrew PoincotLong 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!
Margie MartinezWe 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!