Making travel plans could be quite stressful, more so, understanding the administrations and requirements that comes with it. This is why we are helping you take two of the most important things off your checklist by providing answers to the most asked questions about PTA AND BTA.
First, let us have an understanding of what both items are;
What is PTA/BTA?
PTA/BTA is a foreign currency product that ensures customers who are traveling out of the country on personal or business trips have access to foreign currency at approved CBN rates.
Do I need a means of identification?
Yes, you do. They include;
For PTA; applicants shall possess a valid visa of the country of destination, applicants shall possess a return air ticket, applicants shall be eighteen (18) years and above, applicants/beneficiaries shall be holders of the Nigerian passport, PTA shall only apply to journeys of not less than five (5) hours flight time, the flight must originate from Nigeria. The sale of PTA shall be for travel to be undertaken not more than fourteen (14) days from the day of the purchase of PTA and applicants shall present verifiable BVNs to their bankers.
FOR BTA; a valid Nigerian passport, a valid visa of the country of destination, a return air ticket, valid BVN certificate of incorporation, letter of invitation from the company abroad, letter of nomination from the Nigerian company and applicants shall be eighteen (18) years and above.
NB: These requirements must be met for the sales of PTA and BTA according to the Central Bank of Nigeria.
What if I do not have a domiciliary account?
If you do not have a domiciliary account you can still access PTA and BTA. You can get your FX in cash.
NB: it is mandatory you have a naira account with a Nigerian bank.
Can I get PTA on behalf of someone?
No, you cannot do this.
How much is PTA/BTA in Nigeria?
In Nigeria, the CBN allows $4,000 quarterly for personal travel allowances, while $5,000 is allowed for business travel allowance.
Where can I get PTA/BTA in Nigeria?
You can get both PTA/BTA from Nigerian banks and licensed BDCs like Dealmakers.
Can I Purchase both PTA and BTA?
Customers are not allowed to purchase both PTA and BTA on the same trip, but are allowed to purchase both within the same quarter.
Can I travel without PTA/BTA, is it mandatory?
Yes, if you have your source of funds you can travel. It is not mandatory.
With these basic answers provided, PTA/BTA should no longer remain a bump on your road to travel. Should you need further clarifications, kindly reach out to us at Dealmakers to assist you with all your fx needs and more.