what are some differences between a bill of exchange and a check 
a check always involves a bank while a bill of exchange can involve anyone including a bank checks are payable on demand while a bill of exchange can specify that payment is due on demand or at a specified future date bills of exchange generally do not pay interest making them in essence post dated checks they may accrue interest if not paid by a certain date but that rate must be specified on the instrument unlike a check a bill of exchange is a written document outlining a debtor s indebtedness to a creditor who are the parties to a bill of exchange a bill of exchange transaction can involve up to three parties the drawee is the party that pays the sum specified by the bill of exchange the payee is the one who receives that sum the drawer is the party that obliges the drawee to pay the payee the drawer and the payee are the same entity unless the drawer transfers the bill of exchange to a third party payee 