What are the required parts of a receipt?
The California Financial Code requires eight items to be part of every receipt. The receipt must: • Include the name and address of sender (customer). • Include the name and address of beneficiary (recipient). • List the amount of money, in dollars, that the customer wishes to send. (This is often referred to as the Net Exchange, Net Amount, or Sent Amount. ) • Clearly indicate the rate of exchange, if the recipient is to receive payment in a currency other than dollars. See #6 • List the amount of all fees, commissions, and other charges. • State the total amount of money the customer is to present to the transmitter. • State the total amount to be delivered to the beneficiary. Normally, this amount would equal the net exchange (Item A) times the rate of exchange (Item B). However, sometimes the disbursing party in the beneficiarys country also charges a fee. If the transmitter requires that a specific disbursing party be used in the transmission, the transmitter shall disclose the am
