What is proof of remittance?

What Is a Remittance Receipt?

A remittance receipt is the “proof of transfer” generated by a bank or payment app after a transaction. It serves as an official confirmation that funds have been sent and processed by the system.

Remittance receipts are commonly used to verify that a payment has been credited, provide evidence in case of delays or errors, and maintain transaction records. For individuals depositing fiat, engaging in OTC trades, or making cross-border transfers, remittance receipts are essential for customer service interactions and risk control procedures.

Why Are Remittance Receipts Important?

Remittance receipts are crucial because they help quickly trace the movement of funds, reducing disputes and wait times.

For example, if a bank transfer deposit is delayed, submitting the reference number and timestamp from your remittance receipt allows customer support to locate the transaction on their backend, identify whether the delay is due to bank processing or incorrect payment details, and resolve the issue efficiently. In OTC trades, sellers typically release crypto assets only after confirming receipt of the buyer’s remittance receipt and verifying the incoming funds on their bank end. In cross-border scenarios, remittance receipts are also required for compliance checks. As of 2024, most banks and leading payment apps offer electronic receipts for easy online storage and submission.

What Information Does a Remittance Receipt Include?

A remittance receipt usually contains key transaction details: sender’s name or account, recipient’s name or account, transfer amount, fees, transaction time, reference number or transaction ID, remarks or memo, and the bank or payment provider’s identifier.

Physical paper receipts may feature counter stamps or machine-printed marks; electronic receipts often include QR codes or verification codes for authenticity checks. When submitting to customer support or counterparties, it is standard practice to retain necessary information while obscuring sensitive fields.

What Is the Web3 or Blockchain Equivalent of a Remittance Receipt?

On-chain, the equivalent of a remittance receipt is the “transaction hash”—a unique identifier for each blockchain transfer.

Using a blockchain explorer (public transaction query website), you can enter a transaction hash to view transfer details, including sender address, recipient address, amount, block timestamp, and network gas fees. For exchange deposits or on-chain dispute resolution, a transaction hash functions as a publicly verifiable “digital receipt,” serving a role similar to traditional remittance receipts.

How to Obtain a Remittance Receipt?

Step 1: In your bank or payment app, access the “Transfer Records/Transaction Details” and locate the relevant transaction.

Step 2: Click “View Receipt/Electronic Proof,” export as PDF or take a screenshot for safekeeping. For in-person transfers at a bank counter, request a paper receipt.

Step 3: For on-chain transactions, copy the “transaction hash” from your wallet’s transaction details page or use the wallet’s integrated link to open a blockchain explorer and save the transaction page link or screenshot.

Step 4: Organize your files per customer support or platform requirements, ensuring key fields like reference number, timestamp, and amount are clearly visible while masking unnecessary personal information.

How to Submit Remittance Receipts for Gate Deposits or OTC Trades?

If your fiat deposit on Gate is delayed, submitting your remittance receipt helps customer support trace your funds.

Typically, you upload an electronic receipt or clear screenshot via ticketing system or live chat, and fill in transfer time, amount, and reference number. For delayed on-chain deposits, providing the transaction hash and network information (e.g., which blockchain) helps expedite verification. In OTC scenarios, after completing a bank transfer, buyers should provide the remittance receipt to sellers and wait for confirmation before assets are released; in case of disputes, platform risk teams require both parties to submit remittance receipts and supporting evidence.

What Is the Difference Between Remittance Receipts and Transaction Hashes?

Remittance receipts are issued by banks or payment apps for fiat transfers; transaction hashes are generated by blockchain networks for on-chain asset movements.

Remittance receipts rely on bank accounting systems and private information, with verification typically performed internally or via receipt verification codes. Transaction hashes can be checked by anyone using public blockchain explorers—offering greater transparency. Both serve as “verifiable proofs of transaction,” but are not interchangeable: fiat deposits require remittance receipts; crypto deposits require transaction hashes.

Risks and Considerations When Using Remittance Receipts

The main risks involve privacy leaks and potential fraud.

Do not disclose full names, account numbers, addresses, or other sensitive information to untrusted parties; only share required fields requested by platforms. Beware of fake receipts and doctored images—verify authenticity using electronic receipt codes or by contacting your bank directly. Double-check remarks and recipient account information to avoid failed credits due to incorrect memos. For cross-border transfers, familiarize yourself with recipient compliance requirements to minimize delays from additional reviews.

How Will Remittance Receipts Evolve?

Electronic receipts are moving toward greater standardization and verifiability—commonly as PDFs with verification codes or digital proofs that can be scanned for authenticity.

In Web3, more platforms are integrating on-chain transaction hashes with internal ticketing systems to improve troubleshooting efficiency. Over time, fiat and on-chain “receipts” may become more closely linked through regulatory gateways for seamless cross-system verification and automated reconciliation. For users, securely storing transaction receipts, understanding their use cases, and submitting them accurately when needed will remain critical for safeguarding funds and ensuring efficient operations.

FAQ

What Is the English Term for Bank Transfer Receipt?

The standard English terms are "Remittance Receipt" or "Bank Transfer Receipt." In cryptocurrency trading, "Proof of Transfer" is also commonly used to refer to transfer documentation. Knowing these terms helps with international platform communications—especially for cross-border transactions or when submitting English-language proofs.

Are Remittance Receipts and Blockchain Transaction Hashes the Same?

Remittance receipts and blockchain transaction hashes are distinct concepts. A remittance receipt documents fiat transfers within traditional banking systems and is issued by banks; a transaction hash (TxHash) is the unique identifier for blockchain transactions generated by the network. Both can prove fund transfers but apply to different contexts—receipts for fiat transactions, hashes for crypto transfers.

Why Are Remittance Receipts Required in OTC Trades?

OTC trades require remittance receipts to create traceable records of fund flows. This protects both parties’ interests and meets Anti-Money Laundering (AML) compliance standards. Platforms like Gate use these receipts to verify that your funds come from legitimate sources—enabling fast processing of trades and withdrawals.

What Should I Do If I Lose My Remittance Receipt?

If you lose your remittance receipt, request a reprint or electronic copy from your bank. Most banks offer online inquiry and download options; you can also call bank customer service for a transaction record screenshot. If Gate platform transactions require documentation, try submitting substitute proof from your bank or contact platform support for assistance.

What Happens If You Submit a Fake Remittance Receipt?

Submitting fake remittance receipts constitutes fraud—resulting in account suspension, canceled transactions, and forfeited funds. Platforms typically blacklist accounts involved in fraud and may report incidents to relevant authorities. Always submit genuine receipts to ensure transaction safety and maintain your account reputation.