CEM REPORT, FINANCE | It is definitely going to get tougher for Nigerians seeking FX to travel for whatever reason as deposit money banks (DMB) have slashed such allowances by 50%.
Now Nigerians seeking personal travel allowance (PTA) and business travel allowance (BTA) will have access to a maximum of $2000 twice per annum instead of $4000 quarterly.
While CEM cannot confirm how many banks have informed their customers of this move, Thisday reports that Access Bank Plc has sent a communication to its customers regarding the move
Access Bank in a statement to its customers stated: “We value your relationship with us and would like to keep you informed on updates regarding our fulfilment of Form A requests. PTA / BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date. International school fees and Upkeep requests are processed within 120 days from the date of approval.
“All applications are processed and disbursed subject to FX availability, proper documentation, and provided the account to be debited is sufficiently funded to cover the Form A charge and other processing fees.”
Additionally, the notice noted that requesting customers should fund their accounts sufficiently to allow them access to the requested funds before the end of processing.
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Furthermore, they advised customers to note transaction charges and the current rate.
“Any request not backed with an adequately funded account or the required documentation will be rejected and considered a new request upon re-submission. Updates on pending approved or rejected Form A requests are duly posted and accessible on the Trade Monitoring System portal.”