payeepay·ee /peɪˈiː/ noun [countableC]1BANKING the person or organization to whom money, especially a cheque, must be paidThe Eurocheque is free of charge to its payee.
Reports can show transactions by date, amount or payee.
→ compare payer 2account payee (only) written abbreviation a/c payee (only) British EnglishBrEBANKING a phrase written on a cheque to show it can only be paid into the account held by the person whose name is written on the cheque