Following the new policy of the central bank of Nigeria (CBN) to conclude a Personal travel allowance (PTA) and business travel allowance (BTA) within 24hours, below is the new process as seen from commercial banks:
- Customer, who is an account holder, requests for PTA/BTA at bank branch
- Provide all necessary document
- Provide a written application
- Customer fills out PTA/BTA form
- For PTA, bank uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport to global trade
- For BTA uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport, Certificate of Incorporation, Instruction to buy BTA on letter head to global trade
- Branch opens a CASA account for customer. Account code will be advised
- (only for this purpose)
- Trade Standard Invisibles prints documents from portal
- Trade Standard Invisibles checks documents and if in order, advices branch to proceed otherwise rejects
- If documents in order, branch debits customer’s naira account and credits the CASA account opened for the customer, endorses passport, pays customer and sends endorsement page to Trade Standard Invisible team
- Dr. Customer naira account
- Cr. Customer CASA naira account
- Branch disburses to customer
- If documents not in order, branch advises customer to provide correct and valid document
- Trade Standard Invisibles debits the CASA account and FX sales is done on Kastle
- Trade Standard Invisibles settles on Kastle and credits the branch’s GL with dollars/pounds
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