Currency Exchange License
A currency exchange is any person, except a bank, trust company, savings bank, savings and loan association, credit union, or industrial loan and thrift company, engaged in the business of cashing checks, drafts, money orders or travelers' checks for a fee. Currency exchange does not include a person who provides these services incidental to the person's primary business if the charge for cashing a check or draft does not exceed $1 or 1% of the value of the check or draft, whichever is greater. If you have questions, contact DSI at 651-266-8989, or email the DSI Message Center.
You must submit the following:
- Class N City License Application
- Zoning Business Application
- Lease / rental agreement or proof of ownership
- A site plan floor plan
- Required fee
- NOTE: The Minnesota Department of Commerce is the primary licensing authority for a Currency Exchange, and you are required to obtain a Minnesota Department of Commerce Currency Exchange (Check Cashers) license. The review of the State and City license must be conducted together at the same time. It is recommended you obtain City of Saint Paul Zoning approval prior to submitting an application.
This license requires inspection approvals from the Saint Paul Fire Department (Phone: 651-266-8989), Licensing (Phone: 651-266-8989), and Zoning (Phone: 651-266-9008). Zoning defines a Currency Exchange as an Alternative Financial Establishment under Section 65.511 of the Saint Paul Legislative Code. It is recommended you obtain Zoning approval prior to submitting your license application.
The annual administrative processing fee for a Currency Exchange License is $362.00.
The State of Minnesota Currency Exchange Licenses expire December 31 annually. Your City of Saint Paul license will expire concurrently with the State license.