Pennsylvania Money Transmitter Licensing Requirements:


Who needs to be licensed as a money transmitter licensee?

Under Pennsylvania statute, persons engaging in transmitting money for a fee must obtain a money transmitter license from the Department of Banking.

Specific license requirements for Pennsylvania money transmitters.

To apply for a license in the state of Pennsylvania requires the following fees and documentation:

• Full name of applicant, if an individual, or partner, if a partnership
• Each trustee and officer or director thereof, if the applicant is a trust, corporation, joint stock association, or unincorporated association
• Each other business in which applicant and any affiliated companies are engaged, and the name and address of each agent or sub-agent conducting business in Pennsylvania
• An investigation fee of $1,000, which shall not be subject to refund but which shall constitute the licensee fee, if license is granted
• A financial statement demonstrating net worth of at least $500,000
• Required bond

What are the Pennsylvania surety bonding requirements?

Bonding requirements for Pennsylvania money transmitter license include:
Requirements in Pennsylvania include a $1,000,000 bond.


Additional resources: Pennsylvania Money Transmitter Act