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TeachMeFinance.com - explain Bill of Exchange bill of exchange -- instructions from one party to a second party to pay a third party following the completion of an assignment. another definition... Bill of Exchange -- Draft or Bill. historic definition... Bill of exchange -- A written order or request from one person to another for the payment of money to a third, the amount to be charged to the drawer (issuer) of the bill. There is practically no difference between a bill of exchange and a draft. The term bill of exchange, however, is commonly applied to an order for money payable in a foreign country, whereas the term draft is applied to an order payable within the country of its origin. A check dated ahead is usually regarded as a bill of exchange rather than a check. It is a common practise to speak of a bill of exchange (draft) issued by a bank or banker as a check when it is payable at sight or on demand. A bill of exchange payable at a future date becomes in fact a note upon its acceptance by the drawee the one upon whom it is drawn. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.