Customers of Access Bank have been informed that requests for dollars to pay for maintenance, upkeep, and school fees overseas will now be determined by the availability of foreign currency.
Through an email, the bank institution informed account holders of its foreign exchange policy and explained that only customers who utilized its company to process overseas school tuition would have access to dollars.
Access Bank stated that applications are subject to FX availability and that the FX will be supplied within 60 days after approval, in addition to the request for cash and papers.
“Wefulfillment values your relationship with us and would like to keep you informed on changes regarding our fulfillment of FX requests. 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.”
The statement also disclosed that “maintenance and upkeep requests are processed once a year 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 and 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.”
Access Bank explained, “For the rest of the year, PTA and 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 two fulfilled PTA or BTA requests per year. Disbursement will always be subject to FX availability.”
