Who requires it
New York State Department of Financial Services — Money transmitters
License & permit · New York
New York Money Transmitter Bond
New York money-transmitter licensees must file surety bonds with the superintendent under Banking Law Article 13-B. Part 406.13 sets a minimum five-hundred-thousand-dollar bond protecting purchasers and holders of New York instruments, and a separate minimum seven-hundred-fifty-thousand-dollar bond when the licensee also sells New York traveler’s checks.
Common bond amount
$500,000+
Minimum $500,000 for New York instruments; separate minimum $750,000 when selling New York traveler’s checks; superintendent may require more.
How you file
File DFS bond forms with the money-transmitter license
Renewal
Maintain while licensed; increase when DFS or product scope requires
Who requires it
Persons licensed to transmit money or sell payment instruments under Banking Law § 641. Agents acting only for a licensee or payee follow the statute’s agency rules and are not the primary obligors on these Part 406 bonds.
How much is required
Section 406.13 establishes floors—not a volume chart like the mortgage schedules. The New York instruments bond must be at least $500,000, and a traveler’s-check bond must be at least $750,000 when that product is sold. The superintendent may require a higher principal based on the licensee’s business. Confirm the exact face DFS assigns before binding coverage.
How to get and file it
Complete the DFS New York instruments surety form—and the traveler’s-check form when applicable—with an insurer authorized in New York, then file the originals as part of the Article 13-B license application or ongoing NMLS maintenance DFS directs. Keep each required bond in force while licensed. Part 406 treats bond proceeds as a trust fund for instrument holders (and related statutory assignments) if the licensee becomes insolvent. Replace or increase coverage promptly when DFS raises the required principal or when you add traveler’s-check sales.
Cost note
Five hundred thousand dollars (or the higher superintendent-set amount) is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- New York instruments
- Minimum $500,000 surety bond
- Traveler’s checks
- Separate minimum $750,000 bond when that product is sold
- Issuer
- Bonding or insurance company authorized to do business in New York
- Higher faces
- Superintendent may set a principal above the regulatory floors
Official sources
Frequently asked questions
Is $500,000 always enough for a New York money transmitter?
It is the regulatory floor for the New York instruments bond. DFS can require a larger principal, and traveler’s-check activity needs its own minimum $750,000 bond in addition to the instruments bond.
Does this page cover virtual-currency licenses?
No. This guide covers Banking Law Article 13-B money-transmitter sureties under Part 406. Virtual-currency BitLicense or other DFS regimes have separate application paths and are not published here.
Related New York bond guides
Mortgage Broker Bond
$10,000–$100,000
Registered New York mortgage brokers must keep a surety bond on file with the Department of Financial Services while the registration is active. Section 410.14 of Title 3 of the NYCRR sizes the amount from ten thousand to one hundred thousand dollars using the number of New York applications reported on the annual Volume of Operations Report.
Mortgage Banker Bond
$50,000–$500,000
Licensed New York mortgage bankers must maintain a surety bond or permitted pledged deposit with the Department of Financial Services. Section 410.8 of Title 3 of the NYCRR sets the amount between fifty thousand and five hundred thousand dollars using the aggregate dollar amount of New York loans closed on the annual Volume of Operations Report.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a New York application
New York will be preselected. Choose your bond type in the application—we confirm the correct product against your agency form before anything is issued.
Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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