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First Bank changes PTA, BTA policy for school, upkeep fees

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First Bank of Nigeria (FBN) has reviewed its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policy, as dollar scarcity continues to force banks to make changes to foreign exchange payment.

The financial institution said its FirstBank Travel Card will now receive Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) when applied for by the firm’s customers.

In an email, titled “Updates on FX Purchase” and sent to First Bank account holders, the lender said payments for both PTA and BTA are only made for two quarters a year, with a supporting Form A document that makes the applicant eligible.

First Bank stated that only $15,000 will be made available for school feed application for each semester, and for a maximum of two semesters per session. The processing is completed after at least 30 days.

However, for upkeep, the commercial bank disclosed that only $3,000 or its equivalent in other foreign currencies will be made available each semester, but a maximum of two semesters per session. The processing is done after at least 30 days.

Part of the statement reads, “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.’

Read also: Panic as armed robbers raid First Bank, Zenith Bank in Kogi, escape with cash

The bank added, “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.”

First Bank further explained that, “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 Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) enables students, business owners and persons seeking leisure above purchase dollar at the official rate, which is N430.33/$1 as of Firday, rather than buying at a premium rate of N705/$1 in the black market.

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