Money Transmitter or Currency Exchange Licenseing

Washington uses NMLS to manage Money Transmitter and Currency Exchange licenses.

NMLS streamlines the application process as well as the maintenance of your company’s license by providing a central location for company information and reducing the items you must mail to DFI. All applicants must use NMLS to apply for a Money Transmitter or Currency Exchange license.

Money Transmitter Licenses

Before you Apply for the Money Transmitter/Currency Exchanger license please read through the information on the following links. You will find information on barriers to getting the license, the cost of obtaining and maintaining the license, as well as a summary of some of the WACs that a company should be aware of once they obtain the license. None of these lists are all inclusive and are only intended to help you make an informed decision on whether you want to continue on the path to obtaining the license. If you have any questions you can call Consumer Services Licensing at 360-902-8703 or email dcs@dfi.wa.gov for additional information.

Application Requirements

View the Money Transmitter License Description to see the prerequisites at a glance and application requirements.

Bank account requirement
Under certain conditions DFI will issue a money transmitter license without proof of a business bank account. The applicant will have to sign an acknowledgment of the bank account requirement and will have to obtain a compliant bank account within six months of licensure. If your company needs the “Bank Account Acknowledgment” form (sample shown below) please email DCS@dfi.wa.gov with this request and a form will be emailed to you.

See: Sample Bank Account Acknowledgment

Apply for a Washington Money Transmitter License

Includes Currency Exchange and Third-Party Account Administrators

  1. New Application Checklist
    1. Complete any prerequisite requirements
    2. Identify and gather the items that will need to be electronically uploaded and entered in NMLS
    3. Identify and gather the items that will need to be sent to DFI

    If you do not have the items listed on the application checklist before applying, the processing of your application will be delayed and you risk your application being abandoned.

  2. Apply for Washington Money Transmitter License Through NMLS
    Complete and submit your application through NMLS, including paying the licensing fee.
  3. Mail Requirements to DFI Immediately
    Immediately mail the Money Transmitter New Application Checklist and the original surety bond to DFI (you must complete this within 5 business days of applying for a Money Transmitter License through NMLS).

    For U.S. Postal Service:
    Department of Financial Institutions
    Division of Consumer Services
    PO Box 41200
    Olympia WA 98504-1200

    For Overnight Delivery:
    Department of Financial Institutions
    Division of Consumer Services
    150 Israel Rd SW
    Tumwater WA 98501

Currency Exchange Licenses

Application Requirements

View the Washington Currency Exchange License Description to see the prerequisites at a glance and application requirements.

Apply for a Washington Currency Exchange License

  1. Review the New Application Checklist
    1. Complete any prerequisite requirements
    2. Identify and gather the items that will need to be electronically uploaded and entered in NMLS
    3. Identify and gather the items that will need to be sent to DFI

    If you do not have the items listed on the application checklist before applying, the processing of your application will be delayed and you risk your application being abandoned.

  2. Apply for Washington Currency Exchange License Through NMLS
    Complete and submit your application through NMLS, including paying the licensing fee.
  3. Mail Requirements to DFI Immediately
    Fax the Currency Exchange New Application Checklist to DCS@dfi.wa.gov. This must be completed within 5 business days of applying for a Money Transmitter License through NMLS.

Resources

NMLS Getting Started Guide

NMLS New Application Checklist for Money Transmitters

NMLS New Application Checklist for Currency Exchangers