Managers cheques

agskidmo · 2024-03-12T10:18:06+01:00

Struggling with property purchases in Bahrain? Discover how non-residents can navigate manager's cheque requirements without a local bank account.

agskidmo Member

Member since 26 January 2019

agskidmoMember12 March 2024 08:18:06

Pulling my hair out how do buyers pay for property in bahrain by "managers cheque" if you are not yet a resident with a bank account in bahrain

Its a bit chicken and egg!!

No bank or anyone outside bahrain has ever heard of a "managers cheque", only local banks can raise one but you cant open a local account without a cpr,聽 how can you buy your property 馃 as a non resident?

Chicken and egg scenario!

Thabnks for any help!

XTang Bahrain/UAE/KSA Expert

Member since 22 April 2014

XTangBahrain/UAE/KSA Expert12 March 2024 08:35:15

11927

Well, first of all, manager's cheque is a common phenomenon worldwide so your assumption here is wrong.聽 I have used it in many countries.聽 It is referred to as certified cheque / Banker's cheque / Pay order etc in other jurisdictions.

Having said that, there are few options:

1) Get an instrument issued (whatever it's called in your country), which is payable in BHD (your bank will associate with a local bank to ensure that payment)

2) Get a lawyer or an escrow mechanism in which, you pay the escrow provider and they pay the seller once the deal is done

3) Buy ready property directly from a reputed developer and then they will transfer the title deed to you

hakkab Active member

Member since 01 December 2023

hakkabActive member12 March 2024 11:38:50

Hello everyone. As far as I am concerned, it was the real estate agency that wrote the cheque. I had to pay them the deposit, then after the security check I transferred the rest, they then wrote the cheque for the transaction. So you have to be sure of your agency