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Who Needs a Money Transmitter License?

If you are engaged in any of the following activities, you are essentially classified as a money services business and as such, you need to be licensed as a money transmitter in each respective state that you are doing business:

  • Debt Management/Credit Counseling
  • Electronic money transmitting
  • Issuing traveler’s checks
  • Selling Traveler’s checks
  • Issuing money orders
  • Selling money orders
  • Bill payment
  • Issuing and/or selling drafts
  • Transporting currency
  • Issuing prepaid access/stored value
  • Selling prepaid access/stored value
  • Foreign currency dealing or exchanging
  • Virtual currency exchanging and trading services

This page was last updated on September 23, 2022.