Ecobank updates retail foreign exchange transactions for schools
As part of its commitment to providing optimum banking experience, Ecobank Nigeria has shared updates to serve its clients better regarding retail foreign exchange transactions for international school fees, accommodation, and upkeep payments, as well as Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) requests.
In a statement signed by Korede Demola-Adeniyi, head, of consumer banking, Ecobank said “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep, stating that part of the process involves a review of all documents to ensure compliance with regulatory requirements.
The statement added that “In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation.”
For PTA/BTA, the requirements include duly completed Form A; duly confirmed return ticket; Nigerian passport bio-data page; letter of authority to debit account; valid visa to destination country and account should have been opened and operational for at least 6 months
In addition to the above, the bank requires the following for BTA requests; letter of invitation from the overseas partner, letter of introduction from the company stating the employee going on the business trip and certificate of incorporation
For School fees, upkeep and others, “we require duly completed Form A; students valid Nigerian passport bio-data page; letter of admission for course/programme; recent school bill; students valid visa/residence/study permit (for returning students); bank/remittance details of the school; photocopy of 1st degree (in the case of post graduate studies); evidence of relationship if fees are paid by a 3rd party and letter of authority to debit your account, among others.