South Carolina Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $50,000- $500,000 | $750- $15,000 | Money Services Division |
Businesses engaging in money transmission in South Carolina generally must be licensed unless an exemption applies. Required by the State of South Carolina, the money transmitter bond helps secure the licensee's compliance with state money transmission requirements and provides financial protection for covered obligations.
Cost of the South Carolina Money Transmitter Bond
The annual premium for a South Carolina Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $50,000 to $500,000, estimated annual premiums range from approximately $750 to $15,000. Contact NNA Surety for a personalized quote based on your required bond amount and underwriting.
How the South Carolina Money Transmitter Bond Works
The South Carolina money transmitter bond provides financial protection by guaranteeing the licensed money transmitter will faithfully perform covered obligations related to money transmission.
The bond involves three parties:
Principal: Licensed money transmitter
Obligee: State of South Carolina
Surety: Bonding company
A claim against the bond may be filed for covered obligations involving the licensee. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the South Carolina 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 South Carolina money transmission license.
Learn more about your South Carolina surety bond options across the state.
Get Your South Carolina Money Transmitter Bond
Stay compliant with South Carolina 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.