Can Banks Sponsor Money Transmitter Licenses?

bank

Renting a license is never a good idea. However, bank sponsorship is a different. Yes, banks can sponsor your money transmitter license. In this setting, banks will handle the money movement and channeling on your behalf.

Essentially, the bank will act as the program manager. Under bank sponsorship, you will be relieved of all banking needs as well as the need to obtain a license. All funds will be handled by the bank under FBO (for benefit of) account.

In addition to this, there are a few additional conditions set out by the bank. If you agree to these, the bank will take the deal forward.

Here’s a great guide to help you find out more about these conditions and how you can find a partner bank: Can a US bank sponsor my company to provide money transmitter license?