The Personal Travel Allowance (PTA) and the Business Travel Allowance (BTA) are one of the best ways to get foreign currencies at the official Central Bank of Nigeria rate. It is a policy that allows travellers access to cheaper foreign currencies for travel. This post will provide a guide on how to process Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in Nigeria.
Personal Travel Allowance is a foreign exchange allowance granted to Nigerian citizens who wish to travel abroad for personal or business reasons such as medical treatment, vacation, education, and business trips. The Central Bank of Nigeria (CBN) has put in place regulations and guidelines on how to process PTA and BTA from Nigeria.
What is PTA?
PTA is an acronym for Personal Travel Allowance. It is a foreign exchange policy that lets travellers from Nigeria access foreign currency at the approved CBN rates rather than the expensive black market rate. It is available to travellers going on vacation, honeymoon, medical, visiting etc
What is BTA?
BTA is an acronym for Business Travel Allowance. This is a foreign exchange allowance that applies to organizations or staff of corporate entities who are planning to travel abroad. It is available to corporate entities and businessmen and women who are travelling for business purposes.
Eligibility/Requirement for PTA and BTA in Nigeria
These are the requirements 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
- As of April 2023, applicants are entitled to $2,000 per quarter
- You must have an account with a Nigerian bank
- Applicants must possess a valid visa for the country you intend to visit
- You must have a booked return ticket
- It only applies to a trip that is not less than 5 hours
- The originating flight must be from Nigeria
- You must apply for the PTA pr BTA at least 14 days before your travel date
- It is only issued for Travels outside the West African region
- Applicants must be at 18 years of age
- Applicants must be a Nigerian with valid International passport
Requirements for Business Travel Allowance (BTA) in Nigeria
In addition to the above for PTA
The company must be registered in Nigeria
Invitation letter from a company abroad
Introduction/Request letter from the company seeking BTA indicating the names of the applicants
As of April 2023, Applicants are entitled to $2,000
Things to Note When Applying for PTA and BTA
Applicants can only apply from Nigeria
Under 18 applicants can apply through their parents
The rates are prone to changes
Currencies available for PTA and BTA
How To Apply for PTA and BTA
Here are the steps to process Personal Travel Allowance in Nigeria:
Visit your bank: You will need to visit your bank, which should be a licensed dealer in foreign exchange, to request PTA. You can request a specific amount in US Dollars, British Pounds, or Euro.
Provide required documents: To process PTA, you will need to provide the following documents:
a. A valid international passport
b. A valid visa or confirmed flight ticket
c. A tax clearance certificate
d. A letter of employment or an affidavit showing the source of funds
e. A duly completed Form A
Complete Form A: Form A is a CBN form that is used to process foreign exchange transactions. You can obtain a Form A from your bank, fill in the required details, and sign it.
Submit your documents: After completing Form A and providing the required documents, you will need to submit them to your bank for processing. Your bank will then verify the documents and process your PTA within 24 hours.
Collect your PTA: Once your PTA has been processed, you can collect the funds in 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 personal expenses.
In summary, to process Personal Travel Allowance in Nigeria, you will need to visit your bank, provide the required documents, complete Form A, submit your documents, and collect your PTA. It is important to note that the maximum amount of PTA that can be issued by the CBN is $2,000 per person per quarter.