Bureau de Change

Stanbic IBTC Bureau de Change (SIBDC), a subsidiary of StanbicIBTC Bank was incorporated in December 2012 and licensed to commenced operations at its Walter Carrington, Victoria Island Head Office on April 17, 2014 following the Central Bank of Nigeria approval. Stanbic IBTC Bureau de Change is a member of the Association of Bureau de Change Operators of Nigeria (ABCON). The Bureau de change business in Nigeria is principally regulated by the Central Bank of Nigeria (CBN). The CBN has publications commonly known as circulars and pronouncements which impact the activities of this business.

Service and Offerings

Stanbic IBTC Bureau de Change has focused on processing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). These activities are included in the permissible operations for bureau de change in Nigeria. Stanbic IBTC Bureau de Change will continue to trade in foreign exchange and make travel allowance available for our customers until otherwise advised.

 

Travel requirements for PTA

Personal Travel Allowance (PTA) limit of USD4,000 is accessible per calendar quarter (January to March, etc.) to each traveler round the year. The underneath are required to purchase PTA from SIBDC:

  1. Nigerian International Passport of the traveler.
  2. Valid VISA to the country of destination.
  3. Valid flight ticket to the country of destination.
  4. StanbicIBTC Bank account number of the traveler, traveler’s spouse or joint account inclusive of the traveler.
  5. Traveler’s Bank Verification Number (BVN).

Travel requirements for BTA

Business travel allowance (BTA) limit of USD5,000 is accessible per calendar quarter to each traveler round the year. The underneath are required to purchase BTA from SIBDC:

  1. A letter of Introduction/Authority to debit from the company introducing the members of staff travelling, amount to pay to the travelers in USD, company account number to debit and the letter duly signed by the authorized signatory to the companies account with the Bank.
  2. Invitation letter/document from oversea business partner showing the trip is business related.
  3. Copy of certification of the business registration or incorporation for the company of the traveler
  4. Nigerian International Passport of the traveler.
  5. Valid VISA to the country of destination.
  6. Valid flight ticket to the country of destination.
  7. Traveler’s Bank Verification Number (BVN).
  8. Traveler’s company I.D card.

Find Us:

IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos.

 

Frequently asked questions:

Q: Can travelers buy on a one-way ticket?

A: Yes, if the travelers are:

         o Holders of valid student VISA.

        o Holders of Immigrant VISA

         o Holders of residence or work permits

         o Holders of citizen’s passport of the country of destination

 

Q: Can SIBDC process a transaction in any other Bank branch?

A: No, SIBDC can only process at our registered office at IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos.

Q: Does the client have to come with original travel document?

A: Yes, the traveler has to come with the International passport and in the case of a BTA,the letter of Introduction/Authorization inclusive.

Q:Can PTA be processed for a traveler without a StanbicIBTC bank account

A: No, except on the traveler’s spouse account with the Bank. An account is required to be debited for the purchase.

 


Online Platforms.

Customer Care Line

nigeriagroup
01 422 2222

International
+234 01 422 2222

Email

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