Bills of exchange are used in commerce, particularly international trade, by businesses and banks in countries as far-flung and diverse as the U.S., Morocco, and Australia. Think of a bill of ...

A bill of exchange legally binds the buyer to pay an agreed-upon sum of money to the seller on a specified date, often upon receipt of goods. It is used in international shipping, ...

A bill of exchange is used in international trade to pay for goods or services. While a bill of exchange is not a contract, the involved parties can use it and its format to fulfill a contract.

Both a bill of exchange and a promissory note are written agreements between two parties – the buyer and the seller. But how and when they're used is very different.