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How Much Money do I Need for a Money Transfer License?

In the United States, the cost of applying for a money transmitter license can vary significantly depending on the state in which you plan to operate. Some states charge a flat fee for the application, while others charge a fee based on the amount of money you intend to transmit. For example, in California, the cost of applying for a money transmitter license is based on the amount of money you intend to transmit, with a minimum fee of $5,000 and a maximum fee of $100,000. In contrast, in Illinois, the cost of applying for a money transmitter license is a flat fee of $5,000.

In addition to the application fee, you may also be required to pay for other costs associated with the licensing process. These can include background checks, surety bonds, and other fees. The amount of these fees can also vary depending on the state in which you are applying.

It is important to research the specific requirements and fees for the state where you plan to apply for a money transmitter license, as they can vary significantly. You can typically find this information on the website of the state’s financial regulatory agency or by contacting the agency directly.

You can refer to this table which outlines (estimated) the various fees and charges for obtaining a money transmitter license in various US States: US Money Transmitter License (Pricing Sheet)

This page was last updated on January 4, 2023.