Platly powered by Finvenit

Your Own Money Transmitter License Costs $250,000 and Two Years

You don't have to buy one. Operate as an authorized delegate under Platly's MSB registration and state money transmitter licenses — legally, under your own brand, in two to four weeks. Below is what the alternative actually costs.

See if your state is covered

What Getting Your Own License Costs

Every state is a separate application, a separate bond and a separate examination. These are the ranges operators run into.

Application fees

$500 – $5,000+

Per state. Filed individually, and most are non-refundable if you are denied.

Surety bond

$10k – $500k+

Set per state by volume and risk — from $10,000 in Washington or Wyoming to $500,000 in New York. California can reach $7 million. You pay roughly 1–5% of the bond amount every year.

Minimum net worth

$100k – $1M+

Capital you must hold and evidence, scaling with the size of your business.

Time to license

12 – 24 months

Across all 50 states, running applications, exams and remediation in parallel.

Industry estimates put full 50-state licensing at $250,000–$435,000 upfront and around $225,000 a year to maintain, driven largely by bond sizing as volume grows. Figures vary by state, volume and risk profile — treat them as ranges, not quotes, and confirm with licensing counsel.

The Legal Route Around It

This is not a loophole. It is how most of the money-transfer counters in the United States already operate.

Federal law draws a line between a money services business and the agent of one. Under 31 CFR § 1022.380(a)(3), a person who is a money services business solely because they serve as an agent of another money services business is not required to register with FinCEN separately.

The regulation's own example is a supermarket that acts as an agent for a money order issuer — it does not register, because the principal already has. That supermarket is close to exactly who we build for.

Platly holds the FinCEN MSB registration and the state money transmitter licenses. You operate as an authorized delegate under them: your brand on the storefront and the app, our licenses and compliance program underneath. State rules for authorized delegates differ, so we confirm the position for your state before you launch.

Transmitting money without either your own license or a principal's is a federal offence under 18 U.S.C. § 1960 and a state offence almost everywhere. If that describes your situation today, coming under a licensed transmitter is the route out — see the FAQ below. This page is general information, not legal advice.

Your Own License vs. Operating Under Ours

Same business, same brand, same customers. Different path to legal.

FeatureYour own MTLAuthorized delegate
Upfront licensing cost$250,000+None
Time before your first transaction12-24 months2-4 weeks
Surety bonds in every state
Minimum net worth requirement
Annual maintenance & renewals~$225,000/yrIncluded
Write your own AML program
Handle state examinations
Sanctions screening & SAR filing
Your own brand and pricing
50+ payout corridors from day one

What Platly Carries For You

The licensing is the visible part. This is the rest of it.

FinCEN MSB registration
State money transmitter licenses
Written AML program & independent audit
KYC and identity verification
Real-time sanctions screening (OFAC, UN, EU)
Transaction monitoring and SAR filing
Regulatory examinations and reporting
5-year record retention

More detail on the compliance program is on our compliance page, and the launch sequence is on how it works.

Questions Operators Ask

Do I need my own money transmitter license to send money for customers?
Not if you operate as an authorized delegate of a licensed money transmitter. Under 31 CFR 1022.380(a)(3), a business that is a money services business solely because it acts as the agent of another money services business is not required to register with FinCEN separately. Platly holds the MSB registration and the state money transmitter licenses; you operate under them. State requirements for authorized delegates vary, and we confirm the position for your state during onboarding.
How much does a money transmitter license actually cost?
Application fees run roughly $500 to $5,000 per state, surety bonds from $10,000 to $500,000 or more depending on the state and your volume, and most states impose a minimum net worth between $100,000 and $1 million. Industry estimates put full 50-state licensing at $250,000 to $435,000 upfront with around $225,000 a year in maintenance. Costs scale with transaction volume, mainly through bond sizing.
How long does it take to get licensed in all 50 states?
Typically 12 to 24 months. Each state is a separate application with its own requirements, background checks and examination process. Operating as an authorized delegate removes that timeline — most Platly operators go live in 2 to 4 weeks.
I already move money informally for my community. Can I become compliant?
Yes, and this is one of the most common reasons operators come to us. Coming under a licensed transmitter is the recognised route to operating legally: your transactions run through Platly's regulated rails, with KYC, sanctions screening and recordkeeping applied from the first transfer. Because you would be operating under our registration, our compliance team reviews the history of any business in this position before onboarding. Tell us openly what you have been doing — it is the fastest way through, not a barrier.
What happens if you transmit money without a license?
Operating an unlicensed money transmitting business is a federal offence under 18 U.S.C. 1960, and separately a violation of state law in nearly every state. Penalties include seizure of funds, fines and criminal liability. This is precisely the exposure the authorized delegate model removes.
Am I still responsible for compliance as an authorized delegate?
You follow the AML program we provide — verifying customers, escalating anything unusual, keeping records. What you do not do is write the program, hold the licenses, file the Suspicious Activity Reports, or face the state examinations. Platly's compliance team does that, and trains your staff on their part.
Which states can I operate in?
Platly is registered with FinCEN as a Money Services Business and holds money transmitter licenses across the states we serve. We confirm coverage for your specific state and corridor mix before you sign — no surprises after launch.

Find Out What Your State Requires

A 30-minute call: your state, your corridors, and whether the authorized delegate route fits your business.

Request a DemoSee Compliance