Idaho Money Transmitter License Overview
Who Controls the Idaho Money Transmitter License
The Idaho Department of Finance issues a Money Transmitter License to entities engaged in the sale or issuance of payment instruments, engaged in the business of receiving money for transmission or engaged in the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer.
Activities Authorized by the Idaho Money Transmitter License
This license authorizes the following activities:
- Electronic money transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Foreign currency dealing or exchanging
Idaho Money Transmitter License Net Worth and Surety Bond
To acquire a Money Transmitter License in Idaho, you need a minimum tangible net worth of $50,000. You shall also be required to submit a surety bond of $10,000 or a premium in the amount of $250.
Idaho Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Idaho. The process will take approximately three months.
A Guide on How to Apply for a Money Transmitter License in Idaho
When applying for your money transmitter license in Idaho, you will first have to register your money services business with FinCEN. Next, you will have to create an account with NMLS to start your application. Prior to starting the application process, make sure you go through the rules and regulations set out by the Idaho Department of Finance, and prepare your documents for submission accordingly. Once you start your application, you will have to comply with all the requirements pertaining to the required documents and fees. Failing to do so will require you to restart your application process in NMLS. After you’ve submitted your details, you will have to wait for almost three to six months to get a reply from the regulator.
—
This page was last updated on May 31, 2023.
–