What is a Managers Cheque in UAE?

A cheque provided by a bank’s branch manager in return for a certain amount is called a manager’s cheque in UAE. It is also known as a Certified cheque or official cheque. In simple words, you buy a cheque from the bank in exchange for a certain amount in your account. In UAE, a manager’s cheque is an innovative way of transferring money.  

But why would you buy a manager’s cheque in UAE?

Let me explain more clearly!

Purpose of getting a manager’s cheque

Manager’s cheque can be very useful in UAE. If you have an intention of paying a heavy amount to somebody, this cheque can be used instead of cash. The bank secures a particular amount from the account when you apply for a manager’s cheque. Now the bank has the cash, and you have the cheque. 

This cheque can be legally used anywhere in the UAE. You can buy a car, property, or apartment from it. Having this cheque means you have the cash in your hand. 

How is it different from a normal cheque?

Manager’s cheque is different from the normal cheque. When you sign a normal cheque, you can sign it against any amount. That amount may or may not be present in your account. But the manager’s cheque is different.

When you have the manager’s cheque, you have that written amount secured. The bank gives the guarantee of that amount. The recipient of the cheque can encash the cheque from the same branch. There is a 100% surety that the cheque will not bounce back like normal ones.

How to get a manager’s cheque in UAE?

Getting a cheque in return for an amount through the bank may seem a long-time taking process but it’s not. UAE has adopted a smart system for cheque clearance. Now, the maximum time for cheque clearance is 36 hours. Therefore, getting a manager’s cheque is a hustle-free process.

Follow the simple steps to get a manager’s cheque in UAE.

1. Firstly, you need to have a bank account in UAE. if you don’t have an account in emirates, you will have to open one to get a manager’s cheque.
2. Secondly, you must have the amount in your account for which you want to get the manager’s cheque.
3. Now, simply contact the bank and request a manager’s cheque.
4. They will ask for the details and start the procedure.
5. Payee will receive the manager’s cheque when the amount in your account is frozen.

Manager’s cheque in real estate 

Manager’s cheque can be helpful in real estate dealings. Whether you are a buyer or a seller, a manager’s cheque benefits you. 

• If you are buying a house from a developer, the bank issues the manager’s cheque in the name of that company. when the formalities and documentation are done, you will receive the registry and the developer will get the manager’s cheque. The developer can easily cash the cheque from the same bank branch without any problem. 
• Even if you are dealing through a state registrar, this cheque will be equally helpful. In this case, the state registrar will be receiving a cheque from the buyer and registry documents from the seller. The manager’s cheque will be handed over to the seller. The seller can simply call the bank and ask for transferring the funds.

Benefits of the manager’s cheque

Manager’s cheque is of great importance. It is a credible and safe way of doing big settlements.

Not convinced of its advantages yet?

Some benefits of a manager’s cheque are highlighted below.

1. Manager’s cheque or safety cheque is a security of the written amount.
2. In case you lose the cheque, or it gets missing, you can get a new one from the bank without any issues.
3. All parties involved in receiving or buying the cheque, benefits from it.
4. Manager’s cheque is a secure and trustworthy medium for a bigger transaction.
5. There is a guarantee that the cheque will be paid.
6. In real estate dealings, a manager’s cheque makes things reliable and easy.

Manager’s cheque in UAE is a beneficial and trustworthy way of doing transactions. It is easy to apply for and easier to encash. Consider paying through a manager’s cheque if you ever happen to deal with real estate. You will not regret it. 

This article provided all the necessary information and procedure regarding the manager’s cheque. Hope you found it informative and helpful!

Frequently Asked Questions (FAQs)

Q1. How can we withdraw the manager’s cheque?

Ans: The manager’s cheque can be withdrawn from the same branch from where it is issued.

Q2. How much time is required for the cheque clearance?

Ans: The maximum time required for the cheque clearance is no more than 36 hours.