A promissory note is a self-paid (agreed to be paid by myself) security; A bill of exchange is a kind of securities entrusted (entrusted to others for payment); Promissory notes are only used in the same clearing area; Bills of exchange can be used in the same city or in different places. The payment term of the promissory note is 2 months, and the late payment bank will not accept it; China draft must be accepted, so the holder can only cash it when it is accepted.

Draft:

Bill of exchange is one of the most common bill types. Article 19 of China's Bill Law stipulates: "A bill is a bill issued by the drawer, and the payer is entrusted to unconditionally pay a certain amount to the payee or holder at sight or on a specified date." Bill of exchange is the most widely used credit tool in international settlement. It is a kind of consignment securities, and there are at least three people in the basic legal relationship: the drawer, the payer and the payee.

Promissory note:

A promissory note is a written and unconditional payment promise, which is issued by one person to another and signed by the drawer, and promises to pay a certain amount of money to a specific person or its designee or holder at sight or at a certain time in the future.

The definition of promissory note in China's negotiable instrument law refers to a bank promissory note, which refers to a bill issued by the drawer and promised to unconditionally pay a certain amount to the payee or holder at sight.

Foreign negotiable instruments law allows enterprises and individuals to issue promissory notes, which are called general promissory notes. However, the promissory notes used in international trade are all bank promissory notes. Cashier's checks are all at sight. Generally speaking, promissory notes can be at sight or at a later date. Foreign exchange promissory notes in a narrow sense only refer to bank promissory notes, excluding commercial promissory notes and personal promissory notes. The drawer of a promissory note must have a reliable source of funds to pay the amount of the promissory note and guarantee payment.

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