Create Currency License For Free

If you plan to start a business as a currency exchange company, also known as a check-cashing company, you will first need a currency exchange license. For any business that provides check cashing services for a fee that is not a bank, this business license is a requirement by state and federal law.

State licensing requirements for money transmitter businesses Surety bond. FBI criminal background check. Fingerprints. Financial statements. Credit report. Meeting minimum net worth qualifications (for licensee) Business plan. Certificate of Good Standing.

As stated in Section 641(1) of the Banking Law, ?No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person ...

When you are filing an application for a new money transmitter license for California, the fee is $5000. Keep in mind that this is a NON-REFUNDABLE fee and if your application is incomplete, you will not get any money back. This means you will have to submit the $5000 again when you re-apply with a completed form.

A money transmitter is a service that transfers money for businesses. In the United States, they are a category within a larger group of Money Service Businesses, also known as MSBs. Any business that issues money orders, traveler's checks, or other types of monetary value can be classified as an MSB.

Businesses that are money transmitters need licenses from the New York State Department of Financial Services (DFS). Money transmitters sell or issue methods of payment, or send and receive money by wire transfer. Licensed businesses must display license information at their location.

$3,000 application fee. $15 credit report fee (per person)