As my fiance and I are thinking of purchasing a condominium in Cebu, we encountered a dilemma on how to pay the developer.  Since both of us are based abroad, our banking transactions in the Philippines are mostly done online.  We do not have any checking account nor do we want to ask someone to issue a personal check on our behalf after transferring the funds to them.  To resolve this issue, I remembered a supplier from my previous company provided a manager’s check and check with our bank about this option.

A manager’s check or MC is a cheque issued by the bank, payable to a payee (individual or corporation) as indicated by the person who buys the MC.  It is often used in situations when the beneficiary does not accept cash or personal cheques.  One of the benefit of receiving or asking for a manager’s check is the check is “good as cash”.  The bank puts a hold on the MC buyer’s account or have them pay the check amount upfront.  Manager’s check are subject to 1 day clearing compared to the 4 day clearing of personal or corporate check.

 

Steps to Purchase a Manager’s Check

1.  Proceed to the bank where you hold an account.

2.  In the bank, ask for a form to purchase a manager’s check.  Fill in the form.  Double or triple check the information you’ve written on the form.

3.  After you fill in the form, queue in the line and present the form, your ATM card or passbook, valid IDs and the manager’s check fee.

4.  The bank will hand over the manager’s check to you.  Double check that the name, amount (in words and number), date and signatories are all correct.

Notes:

-  The fee to purchase a manager’s check varies from bank to bank.  You may try and ask for the fee to be waived if you’re a VIP customer.

-  A manager’s check will no longer be valid after 6 months of issuance date.

-  If you lose the manager’s check, file for an affidavit of loss, report it to the bank and ask for a replacement subject to fees.

-  To cancel the manager’s check, you need to return the original check to the issuing bank with your valid IDs.  Make sure that the person who purchased the MC is the same person who returns the original check for cancellation.

Manager’s Check Fee of Some Banks as of 14 May 2012:

  • BDO:  Php 30
  • BPI or BPI Family:  Php 50
  • China Bank:  Php 30
  • HSBC:  Php 100
  • Maybank:  Php 31.50

13 Comments

  1. im planning to pay a house and lot using MC,do i have to gve the bank the whole amount + the fee right upfront? there will be a monthly payment for the house.. so does that mean i have to purchase the MC every month? coz i dont have a huge amount …i get to earn it every month

    Reply

    • Hello.. if you plan to pay a fixed amount monthly. I would suggest open a checking and issue post dated checks (PDC) for the hulugan part. Use an MC to pay for the downpayment.

      Reply

  2. Do you need to go to the bank branch where you opened your account? Or you can buy MC at any of the bank’s branch?

    Reply

    • It would be better to go to the bank branch where you opened your account as you are already their client. Some banks may not allow it or might need to verify your information and IDs before they would allow you to purchase MCs.

      Reply

    • hello ask ko lng po kung pede po mgpurchase ng managers.check ung tao nsa ibng bansa then credit card nya ggmitn pmbyad? salamt po

      Reply

      • I don’t think that you can pay using your credit card nor purchase a manager’s check from abroad as you would need to present valid IDs to the bank.

        Reply

  3. Hi! Pwede ko bang i encash yung manager’s check na nakapangalan sa husband ko? Hindi kasi siya makaalis ng office para makapunta s bAnk.. THank you in advance!

    Reply

  4. can we encash a managers check ??

    Reply

    • I can’t confirm this with MCs but if you do need to encash it, you might need to go to the bank where the MC was issued to encash. In any case, I would suggest that you just deposit it to your account since it will only take 1 day clearing if you deposit it before cut off.

      Reply

  5. @Easter,

    You can encash it IF the MC is under your name.

    Claudine,

    I noticed that Unionbank is not on your list. If I remember correctly, MC fee in UB is either P50 or P100 (as of late-2013). It was easy to acquire MCs from them. :)

    Reply

  6. pwede po bah maka purchase ng MC kahit ATM account lng po yong meron ako sa BPI?

    Reply

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