bill of exchange

bill of exchange
/ˌbɪl əv ɪks'tʃeɪndʒ/ noun
a document, signed by the person authorising it, which tells another person or a financial institution to pay money unconditionally to a named person on a certain date
(NOTE: Bills of exchange are usually used for payments in foreign currency.)
♦ to accept a bill to sign a bill of exchange to show that you promise to pay it
♦ to discount a bill to buy or sell a bill of exchange at a lower price than that written on it in order to cash it later
COMMENT: A bill of exchange is a document raised by a seller and signed by a purchaser, stating that the purchaser accepts that he owes the seller money, and promises to pay it at a later date. The person raising the bill is the ‘drawer’; the person who accepts it is the ‘drawee’. The seller can then sell the bill at a discount to raise cash. This is called a ‘trade bill’. A bill can also be accepted (i.e. guaranteed) by a bank, and in this case it is called a ‘bank bill’.

Dictionary of banking and finance. 2015.

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Look at other dictionaries:

  • bill of exchange — see bill 7 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. bill of exchange …   Law dictionary

  • Bill of exchange — exchange ex*change ([e^]ks*ch[=a]nj ), n. [OE. eschange, eschaunge, OF. eschange, fr. eschangier, F. [ e]changer, to exchange; pref. ex out + F. changer. See {Change}, and cf. {Excamb}.] 1. The act of giving or taking one thing in return for… …   The Collaborative International Dictionary of English

  • Bill of exchange — Bill Bill, n. [OE. bill, bille, fr. LL. billa (or OF. bille), for L. bulla anything rounded, LL., seal, stamp, letter, edict, roll; cf. F. bille a ball, prob. fr. Ger.; cf. MHG. bickel, D. bikkel, dice. Cf. {Bull} papal edict, {Billet} a paper.]… …   The Collaborative International Dictionary of English

  • bill of exchange — A legal document, such as a cheque, where one person in writing specifies that a third party will pay a person a specific sum of money at a specific time, or upon demand. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy… …   Glossary of Bankruptcy

  • bill of exchange — bill′ of exchange′ n. bus a written order to pay a specified sum of money to the person indicated • Etymology: 1570–80 …   From formal English to slang

  • bill of exchange — n. a written order to pay a certain sum of money to the person named or to that person s account; draft …   English World dictionary

  • Bill of exchange — General term for a document demanding payment. The New York Times Financial Glossary * * * bill of exchange ˌbill of exˈchange abbreviation b/​e or bill noun bills of exchange PLURALFORM …   Financial and business terms

  • bill of exchange — General term for a document demanding payment. Bloomberg Financial Dictionary * * * bill of exchange ˌbill of exˈchange abbreviation b/​e or bill noun bills of exchange PLURALFORM [countable] …   Financial and business terms

  • bill of exchange — /ˌbɪl əv ɪks tʃeɪndʒ/ noun a document signed by the person authorising it, which tells another to pay money unconditionally to a named person on a certain date (usually used in payments in foreign currency) ♦ to accept a bill to sign a bill of… …   Marketing dictionary in english

  • bill of exchange — noun a document ordering the payment of money; drawn by one person or bank on another • Syn: ↑draft, ↑order of payment • Hypernyms: ↑negotiable instrument • Hyponyms: ↑overdraft, ↑foreign bill …   Useful english dictionary

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