Money Transmitter or Currency Exchange Licenseing

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.

Money Transmitter Licenses

Application Requirements

View the Money Transmitter License Description to see the prerequisites at a glance and application requirements.

Bank account requirement
Under certain conditions DFI will issue a money transmitter license without proof of a business bank account. The applicant will have to sign an acknowledgment of the bank account requirement and will have to obtain a compliant bank account within six months of licensure.

See: Sample Bank Account Acknowledgment

Apply for a Washington Money Transmitter License

Includes Currency Exchange and Third-Party Account Administrators

  1. New Application Checklist
    1. Complete any prerequisite requirements
    2. Identify and gather the items that will need to be electronically uploaded and entered in NMLS
    3. 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.
  2. Apply for Washington Money Transmitter License Through NMLS
    Complete and submit your application through NMLS, including paying the licensing fee.
  3. Mail Requirements to DFI Immediately
    Immediately mail the Money Transmitter New Application Checklist and all attachments to DFI (you must complete this within 5 business days of applying for a Money Transmitter License through NMLS)

    For U.S. Postal Service:
    Department of Financial Institutions
    Division of Consumer Services
    PO Box 41200
    Olympia WA 98504-1200

    For Overnight Delivery:
    Department of Financial Institutions
    Division of Consumer Services
    150 Israel Rd SW
    Tumwater WA 98501

Currency Exchange Licenses

Application Requirements

View the Washington Currency Exchange License Description to see the prerequisites at a glance and application requirements.

Apply for a Washington Currency Exchange License

  1. Review the New Application Checklist
    1. Complete any prerequisite requirements
    2. Identify and gather the items that will need to be electronically uploaded and entered in NMLS
    3. 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.
  2. Apply for Washington Currency Exchange License Through NMLS
    Complete and submit your application through NMLS, including paying the licensing fee.
  3. Mail Requirements to DFI Immediately
    Immediately mail the Currency Exchange New Application Checklist and all attachments to DFI (you must complete this within 5 business days of applying for a Money Transmitter License through NMLS)

    For U.S. Postal Service:
    Department of Financial Institutions
    Division of Consumer Services
    PO Box 41200
    Olympia WA 98504-1200

    For Overnight Delivery:
    Department of Financial Institutions
    Division of Consumer Services
    150 Israel Rd SW
    Tumwater WA 98501

Resources

NMLS Getting Started Guide

NMLS New Application Checklist for Money Transmitters

NMLS New Application Checklist for Currency Exchangers