Access Bank has informed its customers about some important changes regarding the fulfilment of Forex requests.
In an email sent out to customers and titled Important information on FX transactions, the bank explained that it implemented some rationing measures due to the increased scarcity of foreign exchange in the Nigerian economy.
According to the bank, the changes were designed to meet customers’ needs while optimising the bank’s FX allocation to ensure efficient service delivery.
The email from Access Bank: Part of the email said “we value your relationship with us and would like to keep you informed on changes regarding our fulfilment of FXrequests. International school fees are processed for customers who initiate their request via Access Bank. Applications will be processed and disbursed within 60 days from the date of approval, subject to FX availability, provided funds and documents are in line with requirements.”
Important Forex reviews to note: The bank said it also reviewed the forex requests for upkeep to a maximum of $1,500. This is only for customers whose school fees were processed via Access Bank.
“Maintenance/upkeep requests are processed once yearly per applicant for a maximum amount of $1,500 and only for customers whose school fees were processed via Access Bank. This is subject to maintenance/upkeep not having already been disbursed previously at any time this year and requests will be fulfilled within 60 days from the approval date, subject to FX availability,” the bank said.
PTA/BTA requests reduced: Access Bank also stated that PTA/BTA requests would be reduced to twice a year from next year.
“For the rest of the year, PTA/BTA requests will be processed just once for applicants who log their request 14 days before the travel date. As of January 2023 however, applicants will be entitled to only 2 fulfilled PTA/BTA requests a year. Disbursement will always be subject to FX availability,” the bank said.