New Jersey Money Transmitter License

Who Needs a Money Transmitter License in New Jersey?

If you’re starting out as a money transfer operator in New Jersey with money transmission services within and outside the United States, you will need to obtain a money transmitter license.

Under New Jersey law, money transmission activities by any means including payment instruments, electronic transfers, wire, facsimile, etc. for a commission or a fee or any other benefit requires a license.

Who is the financial regulator?

The Department of Banking and Insurance of the State of New Jersey regulates money transmitter licenses in the state.

How Much Time Does It Require To Receive A License In NJ?

Depending on the complexity of your business and application, the whole process can take about six to eight months.

What is the process of obtaining the License?

In order to apply for a money transmitter license in New Jersey, you will have to complete and submit your application to the Department of Banking and Insurance, New Jersey.

Along with personal information of the applicant, executive officers, partners, owners, etc. you will have to provide documents such as audited financial statements, your securities and exchange filings. In addition to this, you will also have to provide your banking information, the flow of funds, business activities, corporate structure, etc.

Effective 1st July 2019, all money transmitter license applicants are required to complete a fingerprinting process. This process is known as Live Scan and is a condition to secure a money transmitter license. More information on this here.

What is the cost of applying for a Money Transmitter License in nJ?

A non-refundable fee of US $700 has to be submitted along with your application.

The acceptable payment mode as stated by the government is a company check or a pay order, payable to Treasurer, State of New Jersey. Personal checks will not be accepted.

You will also need to build a compliance program, which can cost you somewhere between US$ 50,000 to US$ 90,000. However, this does not include the cost of your Anti-Money Laundering System, Transaction Monitoring System, your KYC costs, accounting costs, etc.

What is the minimum net worth for NJ Money Transmitter License?

If you’re seeking a foreign money transmitter license, the minimum required net worth is US$ 50,000. For every agent, an additional US$ 10,000 up to a maximum of US$ 400,000 will be required.

For applicants seeking a money transmitter license, the minimum required net worth is US$ 100,000. For every agent, an additional US$ 25,000, up to a maximum of US$ 1,000,000 will be required.

NJ Money Transmitter License Surety Bonding

For foreign money transmitter license application, surety bonding of US$ 25,000 is required.

For the money transmitter license application, surety bonding of US$ 100,000 is required.

How much time does it require to receive a license in NJ?

Depending on the complexity of your business and application, the whole process can take about six to eight months.


This page was last updated on June 1, 2023.