The Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are one of the best ways to get foreign currency at the approved rate of the Central Bank of Nigeria. It is a program that allows travelers to get cheap foreign currency for travel. This article will provide a guide on how to use Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in Nigeria.
Personal Travel Allowance is an overseas allowance given to Nigerian citizens who wish to travel abroad for personal or business purposes such as medical treatment, vacations, education, and business trips. The Central Bank of Nigeria (CBN) has issued rules and guidelines on how to use PTA and BTA from Nigeria.
What is PTA?
PTA is an abbreviation for Personal Travel Allowance. It is a foreign exchange program that allows travelers from Nigeria to obtain foreign currency at CBN approved rates instead of high black market rates. It is available for travelers going on holiday, honeymoon, medical, leisure etc
What is BTA?
BTA is an abbreviation for Business Travel Allowance. These are foreign aid funds that are used for organizations or employees of organizations that are planning to go abroad. It is available for corporate and business organizations and women traveling for business purposes.
Eligibility / Requirements for PTA and BTA in Nigeria
This is the requirement for Personal and Business Travel Allowances in Nigeria (PTA and BTA).
Also Read: How To Apply For Form A In Nigeria
Requirements for Personal Travel Allowance (PTA)
- Applicants must have a valid BVN
- By April 2023, subscribers are entitled to $2,000 per quarter
- You must have an account with a Nigerian bank
- Applicants must have a valid visa for the country they wish to visit
- You must have a return ticket to your reservation
- It is only valid for journeys of at least 5 hours
- The original flight must be from Nigeria
- You must apply for PTA pr BTA at least 14 days before your travel date
- Offered only for Travel outside the West African region
- Applicants must be 18 years of age
- Applicants must be Nigerians with a valid international passport
Requirements for Business Travel Allowance (BTA) in Nigeria
In addition to the above information about PTA
The company must be registered in Nigeria
Order letter from foreign company
Introduction/Letter of application from the company seeking BTA showing the names of the applicants
By April 2023, Applicants are entitled to $2,000
Things to Know When Applying for PTA and BTA
Applicants can only apply in Nigeria
Applicants under 18 can apply through their parents
Prices are subject to change
Current fees for PTA and BTA
USD USD
Pound GDP
Euro EUR
How to Apply for PTA and BTA
Here are the steps to apply for Personal Travel Allowance in Nigeria:
Go to your bank: You need to go to your bank, which should be a foreign certificate dealer, to apply for PTA. You can request specific amounts in US Dollars, British Pounds, or Euros.
Submit required documents: To apply for PTA, you must submit the following documents:
a. A valid international passport
b. A valid visa or a confirmed flight ticket
c. Tax exemption certificate
d. A letter of employment or proof of source of income
e. Form A duly completed
Fill in Form A: Form A is the CBN form used for foreign exchange transactions. You can get Form A from your bank, fill in the information you want, and sign it.
Submit your documents: Once you have completed Form A and submitted the required documents, you must submit them to your bank for processing. Your bank will verify the documents and process your PTA within 24 hours.
Collect your PTA: Once your PTA is processed, you can collect the foreign currency of your choice from your bank. You can use your PTA to pay for your expenses abroad, including accommodation, transportation, and other necessities.
In short, to use Personal Travel Allowance in Nigeria, you need to go to your bank, submit the necessary documents, fill out Form A, submit your documents, and collect your PTA. It is important to note that the maximum amount of PTA that can be given by the CBN is $2,000 per person per quarter.
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