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Wednesday, March 22, 2023

How to Purchase Foreign Exchange at First Bank

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The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) ($4,000 and $5,000) respectively will now be disbursed into your FirstBank Travel Card. All applications will be in line with Regulatory Requirements.

Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date. Sales is limited to two quarters a year.

School Fees

For School Fees, a minimum of 30 days is required for processing, after the submission of documents along with the approved Form A at the branch, subject to a maximum of $15,000 per semester and limited to 2 semesters per session.

Student Upkeep

Application for Upkeep requires a minimum of 30 days for processing subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester, limited to 2 semesters per session. Evidence of payment of school fee for the current session, if school fee was not paid through FirstBank, will also be required.

Form Q

Please be informed that a Form M must accompany applications for Form Q, subject to a maximum of $20,000 and limited to 2 quarters a financial year.

Application for Form A for (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’ s Trade Monitoring System (TRMS) Platform.

Requirements for processing school fees for the first degree and post-graduate programmes:

  • Admission letter in the school letter head
  • Invoice for the current semester on the school letter head.
  • The beneficiary bank/account details in the name of the school/university
  • Duly completed Form A
  • Authority to debit customer/applicant account for Naira equivalent and charges
  • Biodata page of International passport of the student
  • Additionally, first degree certificate is required for post graduate programs.
  • Notification of result is acceptable only if it is duly endorsed as ‘certified true copy’by the institution that awarded it
  • The applicant should be a recognized parent or guardian of the student.
  • School fees and student upkeep is strictly for degree and post graduate programs.
  • The school fees amount should be equal to or less than the amount on the invoice and not more than the amount on the invoice.
  • The maximum limit of USD15,000 (or its equivalent in other currencies) per semester is no longer applicable. The amount on the invoice is the limit in line with recent CBN/ Bankers committee decisions.
  • The student upkeep/maintenance fee is a maximum of USD3,000 (or its equivalent in other currencies) and can be paid directly to the account in the name of the student abroad per semester if the school does not make provision for collection of student upkeep on behalf of the student. This is in line with the recent CBN/ Bankers committee decision.

Requirements for processing PTA/BTA:

  • Biodata page of International Passport
  • Valid Visa Page
  • Duly confirmed return ticket with e-ticket number
  • Authority to debit account for naira equivalent and charges
  • Account must have been opened and run for at least 6 months
  • Complete a prepaid card request form where customer does not have one
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