The Bill of Exchange is quite different from a Promissory Note. The differences are as follows: -The Bill is drawn by the debtor while the Note is drawn by the creditor The Bill states an order for the drawee to pay. The Note contains an undertaking by the drawer to pay The drawee should accept the Bill of Exchange. This acceptance is not required for the Promissory Note: The drawer and payee of the Bill can be the same. The drawer and payee of the Note can never be the same The Bill can have multiple copies while the Note cannot.