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.
Multistate Money Services Business Licensing
Washington State DFI participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program page of the NMLS Resource Center for more information.
Applying for a Money Transmitter License
Before you apply for the Money Transmitter 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 cslicensing@dfi.wa.gov for additional information.
Bank Account Requirement
Money transmitter applicants must maintain a business bank account for conducting money transmission. Under certain conditions DFI will issue a money transmitter license without proof of a business bank account. For more information please contact us at cslicensing@dfi.wa.gov or (360) 902-8703.
How To Apply for a Washington Money Transmitter License
Includes Currency Exchange and Third-Party Account Administrators
- Review the Money Transmitter New Application Checklist
- Complete any prerequisite requirements
- Identify and gather the items that will need to be electronically uploaded and entered in NMLS
Applying for a Currency Exchanger License
Before you apply for the Currency Exchanger license please read through the information on the following links. If you have any questions you can call Consumer Services Licensing at 360-902-8703 or email cslicensing@dfi.wa.gov for additional information.
How To Apply for a Washington Currency Exchange License
- Review the Currency Exchange New Application Checklist
- Complete any prerequisite requirements
- Identify and gather the items that will need to be electronically uploaded and entered in NMLS
- 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.
- Apply for Washington Currency Exchange License Through NMLS
Complete and submit your application through NMLS, including paying the licensing fee.