Money Transmitter License West Virginia
Who Controls the West Virginia Money Transmitter License?
The West Virginia Division of Financial Services issues a Money Transmitter license to entities involved in the business of currency exchange, transmission or transportation of money.
Activities Authorized by the West Virginia Money Transmitter License
This license authorizes the following activities:
- Currency exchange
- Currency transportation
- Currency transmission
- Check cashing and money order sales.
West Virginia Money Transmitter License Net Worth and Surety Bond
To acquire a Money Transmitter License in West Virginia, you need a minimum tangible net worth of $50,000. The Division of Financial Institutions requires Electronic Surety Bonds through NMLS. Required surety bond levels are determined as provided below:
- $100,000 if principal is licensed for currency exchange, sale of checks or money orders, or is a merchant licensed solely to engage in check cashing not incidental to the main business of a merchant.
- $300,000 if principal is licensed for money transmission or transportation.
West Virginia Money Transmitter License Cost
Step-by-Step Guide to Obtain a Money Transmitter License in West Virginia
- To apply for the West Virginia Money Transmitter License, your money services business has to be registered with FinCEN.
- West Virginia Money Transmitter License applications are done through the National Multistate Licensing System. Therefore you should visit both the NMLS website and the West Virginia Department of Financial Services site to read through the requirements.
- After understanding the requirements, you should upload the required documents such as financial statements, authorized agents, the company form, FINCEN registration details, bank account details etc.
- Pay all the fees required for the application and prepare a compliance and risk management program as required and the submit your application
- The process to get your MTL application approved will take approximately 3-6 months.
This page was last updated on August 29, 2022.