Currency Transmission

Currency transmission or money transmission is defined as engaging in the business of selling or issuing checks or the business of receiving currency for the purpose of transmitting the currency or its equivalent by wire, facsimile, or other electronic means, or through the use of a financial institution, financial intermediary, the federal reserve system, or other funds transfer network. It also includes the transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and use in commercial or consumer transactions. 







Fees
  • Initial - $1,000 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 $300,000 for Currency Transmission by Wire or other electronic means plus an additional $25,000 for each authorized delegate office in the state up to a maximum of $1 million dollars.

The Bond or alternative Deposit of Securities required for entities engaged in the Sale of Money Orders and Travelers Checks is $100,000 plus an additional $25,000 for each 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) of the WV Code.


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

West Virginia Division of Financial Institutions 
900 Pennsylvania Ave
Suite 306 
Charleston, West Virginia 25302