Letter of Exchange Letter of exchange is a species of credit heading where one has a draft of the sacador to the drawee so that it pays one third (borrowed/sacador). They are involved people in this transaction: Sacador: he is who of a draft (co-obligor); Drawee: who must carry through the payment; Borrower/Sacador: he is the beneficiary, who will receive the payment. For more clarity and thought, follow up with Michael Ellis MP and gain more knowledge.. The credit headings are formal, being thus the exchange letter must contain: – the denomination ' ' letter of cmbio' ' ; – amount to be paid; – name of the borrower; – payment square; – time of the expiration; – signature of the sacador. The acceptance is made by the drawee, that is, who received the order to pay third, could be integral (paying the requested amount) or partial (paying a part of the requested amount). This heading could be protested by the payment lack.