Firstbank Rolls Out Requirements For FX Purchase

First Bank of Nigeria says that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will now be transferred to the FirstBank Travel Card.

The bank disclosed this in an email titled “Updates on FX Purchase” seen by OduNews on Monday.

According to the notice, customers can secure $4,000 for Personal Travel Allowance (PTA) and $5,000 for Business Travel Allowance (BTA) to be disbursed directly to their First Bank Travel Card.

However, the bank emphasised that “all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date,” noting that sales are limited to two quarters a year.

The bank’s notification comes amidst the scarcity of forex which has forced lenders to ration available FX to customers.

The bank said “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) ($4,000 and $5,000) respectively will now be disbursed into your FirstBank Travel Card. All applications will be in line with Regulatory Requirements.”

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date. Sales are limited to two quarters a year,” the bank added

The bank stated that processing time for school fees is at least 30 days after the submission of supporting documentation and the authorized Form A at the branch, with a cap of $15,000 each semester and a maximum of two semesters per session.

The bank added that applications for upkeep must be processed within a minimum of 30 days and are only eligible for upkeep for a maximum of $3,000 (or its equivalent in other currencies) every semester and a maximum of two semesters per session. If the school fee was not paid through FirstBank, proof of payment for the current session will also be needed.

The bank added, “Please be informed that a Form M must accompany applications for Form Q, subject to a maximum of $20,000 and limited to 2 quarters a financial year.”

The bank listed the requirements for FX purchase and processing school fees for the first degree and post-graduate programmes as:

Admission letter on the school letterhead

Invoice for the current semester on the school letterhead.

The beneficiary bank/account details in the name of the school/university

Duly completed Form A

Authority to debit customer/applicant account for Naira equivalent and charges

Biodata page of the International passport of the student

Additionally, a first-degree certificate is required for postgraduate programs.

Notification of result is acceptable only if it is duly endorsed as a ‘certified true copy’ by the institution that awarded it

The applicant should be a recognized parent or guardian of the student.

School fees and student upkeep is strictly for degree and postgraduate programs.

The school fees amount should be equal to or less than the amount on the invoice and not more than the amount on the invoice.

The maximum limit of $15,000 (or its equivalent in other currencies) per semester is no longer applicable. The amount on the invoice is the limit in line with recent CBN/ Bankers committee decisions.

The student upkeep/maintenance fee is a maximum of $3,000 (or its equivalent in other currencies) and can be paid directly to the account in the name of the student abroad per semester if the school does not make provision for the collection of student upkeep on behalf of the student. This is in line with the recent CBN/ Bankers committee decision.

Requirements for processing PTA/BTA:

Biodata page of International Passport

Valid Visa Page

Duly confirmed return ticket with e-ticket number

Authority to debit account for naira equivalent and charges

Account must have been opened and run for at least 6 months

Complete a prepaid card request form where the customer does not have one