How To Buy/Apply For PTA And BTA in Nigeria banks?

Read all about how to buy/apply for PTA and BTA in Nigerian banks.

Business Travel Allowance (PTA) and Personal Travel Allowance (PTA) are Currency exchange schemes set up by The CBN for Nigerians traveling aboard for business and personal reasons. However, the major purpose of these scheme is to level the huge gap between the Central Bank of Nigeria (CBN) rate and the black market rate for Nigerians traveling aboard.

If you are opportune to travel aboard, you understand that Nigerians who spend Naira are sadly shortchanged due to the imbalanced Forex rates.

For instance, On the Central Bank of Nigeria’s official website, the local currency closed at N461 to a dollar. As well as N548 to a pound, and N487 to one euro at the official market on Friday (10/03/2023). While the black market rate closed at N753 to a dollar, and N930 to a pound, and N795 to one euro at the official market on Friday (10/03/2023).

If you want to know how to buy/apply for PTA and BTA in Nigeria Banks, if you are in the right place. let get started….

Read my post on the best banks for PTA

Guidelines on How To Buy/Apply For PTA And BTA In Nigerian Banks

Below are steps on how to buy/apply for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in Nigerian banks.

• Fund your bank account with the total amount of money you want to exchange.
• Visit https://www.tradesystem.gov.ng. on your phone browser.
• Click on portal
• Click on register with your BVN for individual, while for organizations, register with your TIN.
• Enter the OTP code sent to your email
• Set up your account and create your password
• Click on the verification link sent to your email.
• Log in and click on Start Application.
• Select PTA/BTA
• Fill in all necessary Travel details and upload all necessary travel documents, such as the international passport data page, return flight ticket, and visa page.
• For Business Travel Allowance (BTA), upload the company letter of nomination and certificate of incorporation.
• Enter your bank account number and select your bank from the drop-down.

• Select the bank branch you prefer to treat the transaction, then click on submit.
• Visit the processing bank of your choice.
• Go to the foreign exchange teller point.
• Provide all the requirements listed above
• Complete the application funds and make the naira payment of the FX equivalent you need.

Central Bank of Nigeria’s Rules for PTA/BTA?

• Must provide a valid BVN and be 18 years and above.
• Fill out the Form A and provide a valid Nigeria passport with a valid visa and a return ticket.
• For Business Travel Allowance (BTA) or Personal Travel Allowance (PTA) to be valid, the destination must originate from Nigeria with a minimum of 5hrs flight times. This means West African countries are exempted from BTA/PTA.
• Business Travel Allowance (BTA) or Personal Travel Allowance (PTA) bought must be returned to the bank within two weeks of purchase, if the applicant did not travel.
• The maximum limit for PTA is $4,000 per Quarterly (90 days).
• The maximum limit for BTA is $5,000 per Quarterly (90 days).
• After each purchase, the applicant’s passport must be stamped.
• Applicants visiting blacklisted countries can’t purchase BTA/PTA.

Personal Travel Allowance (PTA) Requirement

• You must provide a valid BVN.
• You must be 18 years and above.
• You must have a valid Nigeria passport with a valid visa and a return ticket.
• You must fund your bank account with the money you need.

Business Travel Allowance (BTA) Requirements

• You must provide a valid BVN
• You must be 18 years and above.
• You must have a valid Nigeria passport with a valid visa and a return ticket.
• You must fund your bank account with the money you need.
• A certificate of business registration/ incorporation is needed.
• Letter of invitation from the overseas business partner stating the duration and purpose of the business trip.
• Letter of nomination from the Nigerian company.

FAQs

How do I get PTA from bank in Nigeria?

Firstly, you have to visit https://www.tradesystem.gov.ng. on your phone browser to apply then visit your processing bank.

Best banks for BTA/PTA?

Read my post on GTbank PTA requirements

Best banks for BTA/PTA

• First bank
• Access bank
• Guaranty Trust bank
• Union bank
• UBA

How much is the PTA allowance in Nigeria?

• The maximum limit of Personal Travel Allowance is $4,000 per quarterly.

Conclusion: How To Buy/Apply For PTA And BTA in Nigeria banks?

Personal Travel Allowance and Business Travel Allowance scheme has help many Nigerians travel board to exchange funds at the CBN rate. So, it is advice to apply/ Buy PTA and BTA before traveling.

Thank you for reading this article and I hope you got a lot of useful information on how to buy/apply for BTA/PTA. Please drop your comment and share with your loved ones.