Including licensing fees in various regions and for different types of licenses like in the US (with and without states like NY, CA, TX), Canada, and the UK and EU for EMI, API, and SPI licenses?
Single Money Transmitter License in the US (Excluding NY, CA, and TX)
- You’ll Need Around: $75,500 – $780,000
Single License in the US, including NY, CA, TX
- You’ll Need Around: $125,500 – $975,000+
Multiple US State Licenses
- You’ll Need Around: $150,500 – $725,000
Nationwide Licenses in the United States
- You’ll Need Around: $350,500 – Several million
License in Canada
- You’ll Need Around: CAD 76,000 – CAD 275,000
EMI License in the UK
- You’ll Need Around: £155,000 – £900,000 (approx. $186,000 – $1,080,000)
API License in the UK
- You’ll Need Around: £86,500 – £395,000 (approx. $104,000 – $474,000)
SPI License in the UK
- You’ll Need Around: £46,500 – £225,000 (approx. $56,000 – $270,000)
EMI License in the EU
- You’ll Need Around: €176,500 – €655,000 (approx. $191,000 – $711,000)
API License in the EU
- You’ll Need Around: €101,500 – €415,000 (approx. $110,000 – $450,000)
SPI License in the EU
- You’ll Need Around: €31,500 – €295,000 (approx. $34,000 – $320,000)
This casual wording gives a more approachable estimate of the funds required, covering application fees, surety bonds, legal and compliance costs, and operational costs. Keep in mind, these are general estimates and the actual amount may vary.
You may also want to look at this answer: What are the estimated costs for starting a money transfer business, including obtaining licenses in different scenarios such as single or multiple US states, Canada, and for various licenses in the UK and EU?
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This page was last updated on February 8, 2024.
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