Last Updated on November 23, 2021 by Ope Quadri
Commercial banks in Nigeria are seriously implementing the order of the Central Bank of Nigeria (CBN) as par the establishment of Forex Teller Points to simplified access to foreign exchange for Personal Travel Allowanace (PTA), Business Travel Allowance (BTA), medicals, and foreign school fees payment.
While the Direct Money Banks (DMBs) continue to implement the directive of the apex bank, Guaranty Trust Company formerly Guaranty Trust Bank (GTB) has now taken a step ahead of others by creating three fastest methods those who need forex for foreign needs like paying school fees abroad ( our guide is available at: https://infomediang.com/requirements-forex-foreign-school-fees-nigeria ) can get them directly paid into bank account or receive such by hand.
3 ways to receive PTA payment
In a message sent to InfomediaNG, the bank revealed that its customers can now get their fx payment through three major ways:
- Dollar Debit Card
- Domiciliary account
- By Cash
If you’ve been searching for the most comfortable way to get FX for your personal or business needs, follow us as we dissect the entire method.
How To Get Your PTA Direct To Your Dollar Debit Card
For me, applying for GTCO Dollar Debit Card is the easiest way to get PTA payment directly credited into your account. The best part: The application process for a Dollar Debit card is simple.
How it works:
On activation of your international dollar debit card, it would be linked to your MasterCard account.
The fact that it is denominated in US Dollars doesn’t limit you from using it to make purchases in Pounds, Euro, and other currencies.
Features and Benefits
1) You will have 24-hour access to funds MasterCard ATMs globally
2) The card can be used to make payments at over 30 million merchant locations around the worldwide
3) It is secured as the use of Chip and PIN technology was deployed to guard against unauthorized transactions.
4) It can be used Point-of-Sale (POS)
So, you may want to ask: How can I receive PTA in my dollar debit card?
When you apply for PTA, you will be asked by the Forex Teller Point where you would like to receive your payment.
If you choose this method, the amount will be credited to your dollar card.
Transaction Limits of GTCO Dollar Debit Card
- The ATM Withdrawal limit for debit dollar card is 1,000 USD daily
- For every ATM withdrawal, a fee of $3.50 applies
- For POS or Online, there is no limit
Through Domiciliary Account
For those who already have Domiciliary Account (USD) with GT Bank, the only action you need to take are:
- Visit any of the GTCO branches near you
- Request and USD Domiciliary account form
- Then approach the FX teller point to apply for PTA
- The amount you paid in naira will be credited into your dom account in USD
If you don’t already have a Domiciliary account, you begin the application process online as thus:
1) Visit GTCO online banking platform on your computer or device at https://ibank.gtbank.com/ibank3/login.aspx?personal
2) Fill in the online application form.
If you prefer to visit the nearby branch of GTBank branch, below is the list of requirements to get it done:
- You will have to complete (USD) Domiciliary account form
- Two Referees have to append their signature in the spaces provided on the form
- One of your recent passport photograph
- A recent Utility Bill
- Your means of identity it could be your Driver’s License or International Passport
That’s all, you can start applying for PTA and get it paid into your GTCO dom account.
Through Via Cash
The last method of getting PTA payment is by visiting any of the branches of GTCO
Via Forex Teller Points
Through this process, you will have to hold valid documents and the beneficiary’s account details.
For instance, if you’re paying for school fees abroad, you will have to go with the account details of the institution.
If it’s for business, the merchant’s account must be with you.
With the three new methods deployed by BTCO for Nigerians who need forex for PTA and other needs, we hope other financial institutions take a queue to assist the Godwin Emefiele-led CBN to achieve his forex market goals.
And also to make life easier for businessmen and women, students and others as they move to access the fx market.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest