Currency Exchange License

Overview

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.

Code Requirements

See Chapter 381of the Saint Paul Legislative Code for information about currency exchange.

Application Requirements

You must submit the following:

Inspections

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.

Fees

The annual administrative processing fee for a Currency Exchange License is $362.00.

Expiration/Renewal

The State of Minnesota Currency Exchange Licenses expire December 31 annually.  Your City of Saint Paul license will expire concurrently with the State license.