Currency Exchange

Currency exchange is defined as the conversion of the currency of one government into the currency of another government, but does not include the issuance and sale of travelers checks denominated in a foreign currency. 







Fees

• Initial - $1000 plus $20 for each additional location operated or identified as an authorized delegate location within the State of West Virginia. The maximum fee assessed is $10,000.
• Renewal - $250 plus $20 for each additional location operated or identified as an authorized delegate location within the State of West Virginia. The maximum fee assessed is $10,000.

Net Worth Requirement
$50,000 plus an additional $25,000 for each additional authorized delegate location within the State of West Virginia. The maximum net worth required is $1 million.


Bond or Deposit Requirement
The Bond or alternative Deposit of Securities required is $100,000 plus an additional $25,000 for authorized delegate location within the State of West Virginia. The maximum bond or deposit required is $1 million.


Designation of Principals
Applicants must identify those persons who are principals. Principals are defined as a licensee's owner, president, senior officer responsible for the licensee's business, chief financial officer or any other person who performs similar functions or who otherwise controls the conduct of the affairs of a licensee. A person controlling 10% or more of the voting stock of any corporate applicant is a principal. Each principal of the Applicant is subject to a background investigation and must furnish fingerprints unless exempted under state law pursuant to Chapter 31A, Article 2, Section 4(b)(4).


Questions may be addressed to Shelia Johnson or Ruth Holt via email or in writing to: