Money Services Business Money Transmitter License

Money Transmitter License - How to Get Licensed to Operate? If you are on this page, chances are you are unable to get a money transmitter license for your business. In the US, being licensed in all the states is quite a feat that has only been achieved by the biggest money transfer businesses. For startups and new money transmitters, getting licensed is a nightmare. It is not enough to be registered with FinCEN, you must also apply for a license in each of the states where your business will operate. This means you have to pay the high cost of getting a license for each state if you want to work in the whole country. Aside from the high fees that you will be paying, you will also be spending considerable amounts of time in collecting and compiling all the required documents by each state regulator. It can often take up to 2 years before your business has a money transmitter license for all 50 states, Washington DC, and 3 US territories. ...