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 381 of the Saint Paul Legislative Code for information about currency exchange.
Application Requirements
You must submit the following:
- Class N License District Council Form
- Class N License Application
- Lease / rental agreement or proof of ownership
- 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.
Inspections
This license requires inspection approvals from the Fire Safety Division 651-266-8989, Licensing 651-266-8989, and Zoning 651-266-9008. Zoning defines a Currency Exchange as an Alternative Financial Establishment under Section 65.501 of the Saint Paul Legislative Code. It is recommended you obtain Zoning approval prior to submitting your license application.
Fees
See Fee Table for current license fees.
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.