Ohio Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $500,000- $1,000,000 | $5,000- $10,000 | NMLS |
Businesses receiving money or its equivalent for transmission from people located in Ohio generally must hold a money transmitter license unless an exemption applies. Required by the State of Ohio, the money transmitter bond helps secure the licensee's faithful performance of obligations involving money received from people in Ohio for transmission.
Cost of the Ohio Money Transmitter Bond
The annual premium for an Ohio Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $500,000 to $1,000,000, estimated annual premiums range from approximately $5,000 to $10,000. Contact NNA Surety for a personalized quote based on your required bond amount and underwriting.
How the Ohio Money Transmitter Bond Works
The Ohio money transmitter bond protects eligible claimants by securing the licensed money transmitter’s faithful performance of covered obligations involving money received in Ohio for transmission.
The bond involves three parties:
Principal: Licensed money transmitter
Obligee: Superintendent of Financial Institutions, for the benefit of claimants
Surety: Bonding company
A claim against the bond may be brought for covered obligations under Ohio law. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the Ohio Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
1. Complete the bond application.
2. Pay the applicable bond premium.
3. Receive the bond form via email.
4. Download and file the bond as required for your Ohio money transmitter license.
Learn more about your Ohio surety bond options across the state.
Get Your Ohio Money Transmitter Bond
Stay compliant with Ohio licensing requirements by securing the required money transmitter bond. Call 855-457-2196 to speak with NNA Surety about the required bond amount and current premium.