Definition of payee noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Definition and Examples of a Payee Payees receive funds from a payer. Payment can be in any form, including cash, a check, a money order, or an electronic transfer of funds. Payees can be friends you pay through Venmo, service providers you pay for insurance and utilities, merchants, or anyone else you need to pay. A payee refers to a party on one side of a transaction who receives payment. He is paid either by cash, cheque, or by any other transfer medium by the payer. In return, the payer may receive goods or services. The name of the payee is mentioned on the bill of exchange. A payee is someone who receives money. If your boss hands you your first paycheck, then you are officially a payee. Congrats.
