Who Needs a Money Transmitter License

If you are engaged in any of the following activities, you are essentially classified as a money services business and as such, you need to be licensed as a money transmitter in each respective state that you are doing business: Debt Management/Credit Counseling Electronic money transmitting Issuing traveler’s checks Selling Traveler’s checks Issuing money orders Selling money orders Bill payment Issuing and/or selling drafts Transporting currency Issuing prepaid access/stored value Selling prepaid access/stored value Foreign currency dealing or exchanging Virtual currency exchanging and trading services