Number of licenses:
|License Types||Count as of
July 1, 2011
|Count as of
July 1, 2010
|Money Transmitter Authorized Delegates||9,036||8,845|
|Currency Exchanger Authorized Delegates||7||7|
A key element to a successful application submission is submitting the correct fees. A shortage of fees can create a delay in processing.
Overpayment can create confusion with refunds, especially if there is any delay in your receipt of the refund or you’re not sure what the refund is for. We wanted to take this opportunity to clarify Money Services fees. Last year, we had a couple of changes to the law that affected fees; they include the following:
In addition, while transaction fees for material changes have not recently changed, we do see inconsistencies in the fees submitted and would like to clarify the correct fee for specific items. See the table below:
|License Action||Fee||Additional Tips|
|New application||License fee of $1,000 and additional fee of $100 for each additional location where you or an authorized delegate will provide money services, up to a maximum of $5,000. The total fee for a new application will not exceed $6,000.||Submit the Washington Money Services License Application form and all accompanying attachments|
|Authorized Delegate additions, deletions, or amendments|
|Company amendments and material changes|
|The obtaining, revocation, or surrender of a money services license in any other jurisdiction||$30||Submit a letter of notification and explanation|
None at this time.