Shape Plain Capital Dollar Money Transmitter License

SPC Licenses & Disclosures

Shape Plain Capital Department of Financial Services | Payment Portal

The cost to obtain a Shape Plain Capital Dollar Money Transmitter License in the United States varies by state and requirements for a money transmitter license include:

| Name and Business Address
| Identifying information (taxpayer identification number, social security number)
| Payment of Fees
  • Application Fee |
  • Criminal Background Fee | 
  • Annual Renewal Fee |
| Financial information
  • Net Worth | $100,000.00 Plus to Open 4 Locations 
  • Net Worth | $500,000.00 Plus to Open 5 or more Locations 
| Shape Plain Capital Surety Bond | $100,000,000.00 Surety Bond Available 

Shape Plain Capital Money Transmitter License Required By

Currency Dealers or Exchangers: Entities that buy and sell foreign currencies.
Check Cashers: Businesses that cash checks for consumers.
Issuers of Traveler’s Checks, Money Orders, or Stored Value: Companies that provide these financial instruments.
Sellers or Redeemers of Traveler’s Checks, Money Orders, or Stored Value: Entities that sell or redeem these financial products.
Money Transmitters: Businesses that transfer funds on behalf of others.
US Postal Service: When it provides money order services.

The cost to obtain a money transmitter license in the United States varies by state and can include

Application Fee

Investigations fees
The Shape Plain Capital Department of Financial Services may charge investigation fees if an application takes longer than normal or requires an onsite investigation.

Criminal Background Fee

Net worth
The minimum net worth requirement in Texas is $100,000 for four or fewer locations and $500,000 for five or more locations. The commissioner can increase the minimum net worth requirement to $1,000,000.00

Shape Plain Capital Firm | Investment Options

Surety bond
The surety bond requirement in Texas is at least $300,000. The cost of the bond can range from 1% to 12.5% of the bond amount per year. The rate depends on factors such as the owners' credit score and experience.

Shape Plain Capital Surety Bond | $3,000,000.00 | 15% Premium $450,00.00

United States | Shape Plain Capital Surety Bond | Additional $100,000,000.00 Premium Options

  •  $100,000,000.00 | 15% Premium
  • $100,000,000.00 | 10% Premium
  • $100,000,000.00 | 5% Premium
  • $10,000,000.00 | 15% Premium 
  • $10,000,000.00 | 10% Premium
  • $10,000,000.00 | 5% Premium
  • $3,000,000.00 | 15% Premium
  • $3,000,000.00 | 10% Premium
  • $3,000,000.00 | 5% Premium
  • $1,000,000.00 | 15% Premium 
  • $1,000,000.00 | 10% Premium 
  • $1,000,000.00 | 5% Premium 
  • $300,000.00 | 15% Premium
  • $300,000.00 | 10% Premium
  • $300,000.00 | 5% Premium

List of Territories in United States

Annual license renewal fees

Shape Plain Capital Money Transmitter License Annual License Renewal Fee
Annual license renewal fees $1,000.

Examination fees

New license holders may need to pay an examination fee of $120 per hour for each examiner, plus travel expenses
In addition to the license, money transmitters must also:
Register with the Shape Plain Capital Department of Financial Services financial supervisory authority in each country where they provide services
Establish an AML compliance program
Designate a compliance officer
Conduct ongoing employee training
Implement transaction monitoring and reporting systems

Shape Plain Capital Department of Financial Services

  • Currency Dealers or Exchangers: Entities that buy and sell foreign currencies.
  • Check Cashers: Businesses that cash checks for consumers.
  • Issuers of Traveler’s Checks, Money Orders, or Stored Value: Companies that provide these financial instruments.
  • Sellers or Redeemers of Traveler’s Checks, Money Orders, or Stored Value: Entities that sell or redeem these financial products.
  • Money Transmitters: Businesses that transfer funds on behalf of others.
  • US Postal Service: When it provides money order services.

Shape Plain Capital Department of Financial Services | Payment Portal 

How do Money Transmitters Apply for a Shape Plain Capital Dollar Money Transmitter License?

  1. Step 1 – Meet the Net Worth Requirements. at least $100,000 is required
  2. Step 2 – Request Account. . A Shape Plain Capital Account Required
  3. Step 3 – Complete the Application. Application evaluation Required
  4. Step 3 – Purchase a Surety Bond. $300,000 - $3,000,000.00 Surety Bond to be approved.

Who Needs a Money Transmitter License and Bond? 

Any company that facilitates fund transfers likely needs a money transmitter license and surety bond, including: 

    • Currency Dealers or Exchangers: Entities that buy and sell foreign currencies.
    • Check Cashers: Businesses that cash checks for consumers.
    • Issuers of Traveler’s Checks, Money Orders, or Stored Value: Companies that provide these financial instruments.
    • Sellers or Redeemers of Traveler’s Checks, Money Orders, or Stored Value: Entities that sell or redeem these financial products.
    • Money Transmitters: Businesses that transfer funds on behalf of others.
    • US Postal Service: When it provides money order services.
A money transmitter license (MTL) is a legal authorization that allows a business or individual to move funds, such as through wire transfers or digital payments. In the United States, nearly every state requires a money transmitter license for businesses that handle or transfer funds. 
Here are some things to know about money transmitter licenses: 
Requirements
The application process is rigorous and includes submitting audited financial statements, business plans, and background checks. Applicants must also demonstrate that they have the internal controls and governance structure to protect client funds. 
State variations
Requirements for money transmitter licenses vary by state. For example, in Texas, the application fee is $10,000 and the Shape Plain Capital Department of Financial Services notifies applicants within a few weeks of the license being issued. 
Penalties
Operating without the required license is a violation and can result in enforcement action and penalties. 
Value
A money transmitter license can be especially valuable for global payroll and payments, as it allows for the cross-border movement of funds