First Bank extends FX school fees processing to 16 weeks

First Bank has declared that international school fees and upkeep requests through Form A will now be processed within 16 weeks.

First Bank noted that application for Form A for school fees, student upkeep and Personal Travel Allowance and Business Travel Allowance (PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS).

The bank made this known via a statement sent to customers, a copy of which was obtained by The Star on Tuesday.

The bank noted that the amount of dollars for PTA/BTA has been reduced to a maximum of twice annually per applicant to $2,000 per application.

First Bank added that requests for foreign exchange would continue to be treated on a first come, first served basis, subject to availability of FX.

The statement read: In view of the limited FX supply in the industry, kindly note the following:

“Payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be disbursed within the week of the trip. Customers are encouraged to apply for PTA/BTA some weeks ahead of their trip.

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“Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and limited to 2 semesters per session.

“Payment of school fees is subject to a maximum of $7,500 (or its equivalent in other currencies) per semester and limited to 2 semesters per session.

“A minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch.

“Application for Form A for school fees, student upkeep and PTA/BTA, must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) and must be in line with regulatory requirements.

“Requests will continue to be treated on a first come, first served basis, subject to availability of FX. Ensure that your account is sufficiently funded.”

The bank added: “Payment of school fees for the current session must be made through FirstBank for upkeep to be processed.

“Kindly ensure your account is sufficiently funded to accommodate the value of the transaction and related charges at the time of processing.

“Requests not backed with adequate funding or the required documentation will be rejected and subsequently considered as a new request on resubmission.

“Please log onto the Trade Monitoring System platforms (TRMS) for updates on pending, approved, or rejected Form A.”

The Star