How difficult is it to obtain a money transmitter license?
Money Transmitter License
Asked by Question Bot05/May/20151 answer
1 Answer
F
Faisal Khan
Answered 05/May/2015
In addition to what other have cited, I'd like to add it is just a difficult process, one that requires money, patience and then some added patience.
It takes anywhere from 1 to almost 2 years to amass them all. Some States at times weren't even accepting applications (like NY till recently, etc.) so you have to be cognizant of that.
Depending on your business area, it could be from something easy to outright difficult (with respect to the application filing). Then there are audited financials, compliance, minimum net worth, etc.
Some States like the NY, CA and TX are difficult to get. Especially NY and CA. The commissioners can be unnecessary hurdles. They really do expect you to play to their authoritative tone. With application fees, attorney fees, and the minimum bonds, you'd be looking at US$ 2 Million as a starting point in getting your licenses (and this would also take about 1-2 years).
Brian Roemmele, Mike Townsend and I recently did a podcast on the very same subject, you can listen to it here: Everything About Money Transmitter Licensing
It takes anywhere from 1 to almost 2 years to amass them all. Some States at times weren't even accepting applications (like NY till recently, etc.) so you have to be cognizant of that.
Depending on your business area, it could be from something easy to outright difficult (with respect to the application filing). Then there are audited financials, compliance, minimum net worth, etc.
Some States like the NY, CA and TX are difficult to get. Especially NY and CA. The commissioners can be unnecessary hurdles. They really do expect you to play to their authoritative tone. With application fees, attorney fees, and the minimum bonds, you'd be looking at US$ 2 Million as a starting point in getting your licenses (and this would also take about 1-2 years).
Brian Roemmele, Mike Townsend and I recently did a podcast on the very same subject, you can listen to it here: Everything About Money Transmitter Licensing