Currency Transportation

Currency transportation is to knowingly engage in the business of physically transporting currency from one location to another in a manner other than by a licensed armored car service exempted under § 32A-2-3 of the W. Va. Code.

The term armored car service means a service provided by a person transporting or offering to transport, under armed security guard, currency or other things of value in a motor vehicle specially equipped to offer a high degree of security. Persons seeking to claim an exemption shall notify the commissioner of intent to do so and demonstrate that they qualify for its use.  





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