MSB licensing is the first step for your money service business to help your clients effectively complete their money transactions.
A money service business (MSB) is an individual or organization that conducts business as:
• A currency dealer or exchanger
• A check casher
• An issuer or seller of traveler´s checks, money orders, or other stored value.
Any MSB that transmits money inside the US or abroad, on behalf of another person or people is a Money Transmitter. If your business is paid to transfer money or monetary value and exceeds $1,000 in transfers on the same day and the transactions fall into the following categories:
• Check Cashing
• Currency Dealing or Exchange
• Money Transfer Services for (any amount)
• Traveler´s Checks
• Money Orders.
Money transmission operations are highly regulated on both state and federal levels. Money transmitters need both federal and state licenses.
$35K
Filing fee
$25K
Filing fee
$1K
Filing fee
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