If you’re a regular traveler or you want to travel abroad from Nigeria for the first time, then you must have probably come across the word Personal Travel Allowance ( PTA ) and you could possibly be wondering what Personal Travel Allowance is.
Personal Travel Allowance is a currency exchange scheme particularly set up for Nigerians traveling abroad for personal or business sake.
This scheme was created to help Nigerian citizens who are willing to travel abroad level up with the Central bank of Nigeria (CBN) rate and the Black Market rate.
Sadly, because of the imbalanced foreign exchange rates, Nigerians who spend Naira abroad are undercharged. The primary topics of this article are the requirements, how to get PTA and BTA, and other relevant information. BTA and PTA are available for purchase at current FX rates.
Personal Travel Allowance (PTA) and Business Travel Allowance (BTA)
Personal Go Allowance (PTA) and Business Travel Allowance (BTA) are two foreign exchange schemes created specifically for Nigerians who travel abroad for either personal or professional reasons.
Nigerians who spend Naira overseas are sadly hurt by the volatile global exchange rates.
The major objective of this program is to eliminate the price differential between the Central Bank of Nigeria (CBN) rate and the black market rate for Nigerians traveling abroad.
The CBN officially allots foreign currency to Nigeria’s Bureau de Change and Commercial Banks in order to do this.
CBN Requirements for Personal Travel Allowance and Business Travel Allowance
Here are the eligibility requirements set by the Central Bank of Nigeria for PTA/BTA:
- PTA and BTA are available to Nigerians only.
- Applicant must be 18 years or above.
- The destination country must be at least 5 hours away by air.
- Flight must be a return ticket.
- Where the applicant did not travel, PTA/BTA bought must be returned to the bank by within 2 weeks of purchase.
- When tickets scheduled date is changed, the applicant is required to also update the bank.
- The flight ticket must originate from Nigeria.
- Travel date must be within the next 2 weeks.
- PTA limit is $4,000 per quarter (3 months).
- BTA limit is $5,000 per quarter (3 months).
- Your passport must be stamped after each purchase.
- Not sold to travelers visiting blacklisted countries.
How to Apply for PTA/BTA in any Bank
Here are the right steps to apply for your PTA and BTA online using the new CBN portal:
- Fund your bank account with Naira value of the amount you need.
- Visit the CBN’s Trade Monitoring System Portal [mfn]https://www.tradesystem.gov.ng/login[/mfn] .
- Register with your BVN (individual) or TIN (organization).
- An OTP will be sent to your registered email.
- Verify your email.
- Login and fill the fields.
- Upload your data page, visa page, and flight ticket only.
- Choose your preferred bank and branch.
- Submit.
- Visit the chosen bank branch with your original international passport to collect the cash.
- The bank will start processing your request immediately. On approval, present your international passport for stamping and collect your money.
Personal Travel Allowance (PTA) Requirements in Nigeria
Here are the requirements for PTA:
- Maximum amount for PTA is $4,000 per quarter.
- Applicant’s valid and current international passport.
- A valid visa.
- Confirmation of a return flight ticket originating from Nigeria (Must be a return ticket and within the next two weeks).
- A credit balance/cash of the equivalent amount being sold.
Business Travel Allowance (BTA) Requirements in Nigeria
Here are the requirements for the BTA:
- Maximum amount for BTA is $5,000 per quarter and per head.
- Applicant’s valid and current international passport of the director or staff of the company.
- An introduction letter from the company stating the purpose of travel.
- Letter of invitation from the overseas business partners.
- Copies of CAC documentation.
- A valid visa.
- Confirmation of a return flight ticket originating from Nigeria (Must be a return ticket and within the next two weeks).
- A credit balance/cash of the equivalent amount being sold.
How to Apply for PTA in any Bank as a Student
Because of the recent CBN FX reforms, students who are going to study abroad are now eligible to purchase Personal Travel Allowance (PTA).
Here are the requirements for students to buy PTA at the bank:
- The international passport also has the student visa page in it.
- Provisional admission letter.
- Return flight ticket.
What if I have a Visa on Arrival?
If your destination country is visa on arrival:
- Ensure your trip meets PTA requirements.
- If it does, login to the portal.
- Fill in the fields and upload the documents (international passport data page, return flight ticket).
- Upload a blank document as a visa page.
- Submit.
- Then, contact your bank to explain that you do not actually require a visa to visit the destination country. An exceptional approval should cover that.
PTA and BTA FX Defaulters
Commercial banks are required by Central Bank of Nigeria (CBN) laws to disclose the names and BVN of PTA and BTA FX defaulters.
Despite multiple emails, SMS, and follow-up phone calls, the listed clients did not return the FX that was provided to them even though they canceled their trip.
This offense could land the defaulter on a BVN blacklist and/or in jail.
