PTA (personal travel allowance) and BTA (business travel allowance) are two currency exchange programmes designed exclusively for Nigerians who go abroad for either personal or professional purposes.
The main reason for PTA/BTA is to help Nigeria exchange their foreign currency so that it can meet their need correspondingly
The program's goal is to close the enormous price differential for Nigerians going overseas between the Central Bank of Nigeria (CBN) rate and the black market rate.
Sadly, Nigerians who spend Naira overseas are undercharged because of the unbalanced foreign exchange rates.
The prerequisites, how to get PTA and BTA, and other pertinent information are the main subjects of this article. BTA and PTA are offered for sale at the current FX rates.
How much is PTA/BTA in Nigerian banks today?
Have you been asking how much is PTA/BTA (US Dollar, EUR, GBP, and so on) in Nigerian banks today?
In other words, the CBN explicitly allows the foreign exchange to the Bureau De Change and Commercial Banks for this purpose solely.
To make sure that the money is handed ONLY to Nigerians travelling overseas, the CBN has established a few guidelines and restrictions. Below are the guidelines, prerequisites, and instructions for purchasing BTA or PTA are as follows:
Banks' Compliance with PTA and BTA
In order to comply, banks in Nigeria began sending emails or messages to clients who may desire to purchase foreign currency for PTA and BTA.
The GTCO (previously Guaranty Trust Bank) and Zenith Bank are two examples of institutions that have shown compliance with the new CBN policy on the acquisition of dollars, among others.
The GTCO email with the update message "We Have Set Up Foreign Exchange Teller Points For You" was spotted by the InfomediaNG team.
So this is the main compliance with banks that has to do with PTA AND BTA
New CBN Rules for PTA/BTA:
- The PTA and BTA are available to only Nigerians that are travelling overseas.
- The applicant must be 18 upward.
- The destination country must be at least 5 hrs+ away by air.
- Flight must be a return ticket
- Where the applicant did not travel, PTA/BTA bought must be returned to the bank within 2 weeks of purchase
- When the ticket scheduled date is changed, the applicant is required to update that information with the bank as well
- The flight ticket must originate from Nigeria.
- The travel date must be within the next 2 weeks.
- The limit for PTA is $4,000 per quarter (90 days).
- The limit for BTA is $5,000 per quarter (90 days).
- Your passport must be stamped after each purchase.
- Not to be sold to travellers visiting blacklisted countries.
How to Apply for PTA/BTA at Any Bank in Process Description
Here is a step-by-step tutorial for submitting an online PTA application and paying school fees with the new CBN.
- Fill your bank account with the necessary amount of Naira.
- Go to the Trade Monitoring System Portal of the CBN.
- Register with your TIN or BVN (individual) (organization)
- You will get an OTP at the email address on file.
- Check your email.
- Sign in and complete the required fields.
- just your flight ticket, visa page, and data page should be uploaded.
- Select the branch and bank of your choice.
- Submit
- Bring your authentic foreign passport and go to the designated bank office to receive the money.
Your request will start being processed by the bank right away. Visiting the chosen bank is what I would recommend.
Present your foreign passport for stamping after approval, then take your money!
How to Apply for PTA as a Student in Any Bank
Students who are planning to study abroad are now qualified to acquire Personal Travel Allowance as a result of the CBN's most recent FX regulations (PTA).
Here are the prerequisites and process instructions for students looking to purchase PTA at a bank:
Requirements
- international passport with a page for a student visa
- letter of provisional admission
- A round-trip aeroplane ticket
PTA requirements: The applicant's current and valid foreign passport (maximum $4,000).
- PTA payments are limited to a maximum of $4,000 every quarter.
- a legitimate visa
- confirmation of a round-trip ticket booked in Nigeria (Must be a return ticket and within the next two weeks).
- Unused credit balance or cash in an amount equal to what is being sold.
BTA requirements Amount (up to $5,000):
- The director's or employee's current, valid foreign passport, as applicable.
- a letter of introduction from the business outlining the trip's objectives
- BTA is limited to $5,000 every quarter and per person.
- invitation letter from international business partners.
- copies of the CAC paperwork.
- a legitimate visa
- confirmation of a round-trip ticket booked in Nigeria (Must be a return ticket and within the next two weeks).
- Unused credit balance or cash in an amount equal to what is being sold.
What you should know
The CBN has noticed that some persons use fraudulent tickets and visas to defraud their banks; this is a crime that may land the defaulter on the BVN blacklist and/or result in a prison sentence. The penalty has only lately started to be applied.
Additionally, there has been significant ambiguity about the availability of FX at certain institutions.
Due to this, several banks have resorted to creating "Sale days" and "Non-Sale days" to group all of their requests and process them inside a specifically designed limited timeframe.
Conclusion:
Keep in mind that this article taught you what PTA (personal travel allowance) and BTA (business travel allowance)
Thus, the article has all the information.
The objective of this initiative is to eliminate the price gap between the Central Bank of Nigeria (CBN) rate and the black market rate for Nigerians travelling abroad.
