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South Carolina Money Transmitter License

South Carolina Money Transmitter License Overview

According to the Nationwide Licensing System, before applying for the South Carolina license, you are advised to send an email to license@bofi.sc.gov detailing the operations you intend to carry out in the state including in order to determine the correct licensing jurisdiction.

This license is required for any company or person engaging in the business of money transmission or advertising, soliciting, or holding itself out as providing money transmission. Money transmission means selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission. Money transmission does not include the provision solely of delivery, online or telecommunications services, or network access.

Who Regulates the License?

The regulator that governs the money transmitter license in South Carolina is the South Carolina Office of the Attorney General.

The Nationwide Mortgage Licensing System handles all new license applications, fee submissions, and all other related matters. You can find application instructions and other details on this page which also provides a checklist for new license applicants.

Activities Authorized by the License

This license authorizes the following activities

  • Electronic Money Transmitting
  • Issuing and/or Selling Traveler’s Checks
  • Issuing and/or Selling Money Orders
  • Bill Paying
  • Issuing and/or Selling Drafts
  • Issuing and/or Selling Prepaid Access/Stored Value
  • Foreign Currency Dealing or Exchanging
  • Other- Money Services

South Carolina Money Transmitter License Fees

The application fee of this license is $2,250. You will need a minimum tangible net worth of $250,000 . You shall also be required to provide a surety bond in the amount of $50,000 or premiums of $1,250.

South Carolina Money Transmitter License Cost and Time

The application for this license will take approximately five to six months.

Steps to Apply for a Money Transmitter License in South Carolina

One key prerequisite for your money services business to be granted a money transmitter license in South Dakota is FINCEN registration. Therefore, you must ensure that you registered with the Financial Crimes Enforcement Network (FINCEN).You will then need to create an account on the Nationwide Multistate Licensing System website since you can only submit applications electronically through NMLS. Read through the site as well as South Carolina’s Office of the Attorney General to gain an understanding of what is required of you. Finally, you should gather all the documents required, pay all the required fees and submit the application. You will have to wait approximately five to six months to get your license.

This page was last updated on August 29, 2022.