Finseta provides Manager’s Cheques in the UAE as part of its existing international payments and foreign exchange services, offering customers a bank-backed payment method for high-value transactions.
Manager’s Cheques are issued by a bank on behalf of a customer, with the funds secured when the cheque is issued. This provides the recipient with greater certainty that the payment will be honoured compared with a personal cheque, where payment depends on the payer having sufficient funds available.
The service is particularly relevant to transactions where a guaranteed form of payment is required. This can include property purchases, business transactions, vehicle purchases, investments and certain government or legal payments.
Property transactions are one of the main situations where Manager’s Cheques are used in Dubai. Buyers may need to provide a bank-backed cheque for deposits, purchase payments or other transaction costs, making access to the service relevant to customers moving significant amounts of money into the UAE.
Finseta arranges Manager’s Cheques through its banking partners. Customers provide the required transaction details, including the beneficiary and payment amount, while the necessary funds are secured before the cheque is issued.
The service can also be used alongside Finseta’s foreign exchange and international payment capabilities. This gives customers managing cross-border transactions the option of converting funds and arranging a local payment method as part of the same broader financial service.
Finseta states that Manager’s Cheques can generally be arranged within 24 to 48 hours once the required information and funds have been provided, although processing times can depend on the banking partner and individual transaction.
The cost of obtaining a Manager’s Cheque can also depend on the transaction and whether foreign exchange is required. Finseta’s offering is designed to provide customers with a straightforward route to arranging the payment while managing the associated currency requirements.
Manager’s Cheques remain an established payment method in the UAE for transactions where recipients require confirmed funds. Their use in property and other high-value transactions makes them particularly relevant to individuals and businesses moving substantial amounts of money through the region.
Finseta Plc (LON:FIN), formerly Cornerstone FS PLC, is a United Kingdom-based foreignexchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals through its global payments network.
