FX Teller Point FAQ

Where can I purchase Foreign Exchange?

The FX Teller Points are available in all Sterling Bank Business Offices.

Can anyone purchase FX from Sterling Bank?

Yes, anyone with Sterling account can purchase FX from sterling.

Does Teller Points deal in all the currencies in the world?

Teller Points at Sterling currently deal in three currencies, US Dollar, British Pounds and the Euro.

How can I get the exchange rates?

Exchange rates are available at any of our branches

Do we issue PTA/BTA purchases?

Yes, we do.

What do I need to purchase PTA/BTA at Sterling?

For PTA

• Valid Visa,
• Valid Nigerian Passport
• Return ticket that originates from Nigeria
• Your ticket must be to an international destination outside of West Africa and Cameroon.
• Applicant must be at least 18 years old
• You are required to provide an international return ticket with a travel date not more than 14 days from the date of PTA/BTA purchase.

For BTA

• Valid Visa,
• Valid Nigerian Passport
• Return ticket that originates from Nigeria.
• Your destination must be outside of west Africa and Cameroon.
• Applicant must be at least 18 years old
• You are required to provide an international return ticket with a travel date not more than 14 days from the date of PTA/BTA purchase.
• Resident country/Business must provide nomination letter
• There must be an invitation from the destination country

What happens if the travel ticket is canceled?

In the situation where a ticket is canceled the purchased funds must be returned. If the purchase is not returned, the BVN of relevant parties will be blacklisted.

Do you credit accounts for PTA/BTA sale value instead of cash?

Yes, your domiciliary account can now be credited for PTA/BTA sale value instead of cash collection.  

Do I need a domiciliary account to purchase FX?

No, you don’t.

Which FX can I purchase?

The available purchases must align with acceptable and approved payments services like PTA/BTA, Payments for school fees, payment for medicals, FX purchases for SME etc.

What are the applicable charges on school fees and medical payments?

1. Telex- N6,000.00
2. Form A charge – N500.00
3. Offshore charge – N9,000.00 (optional for customer)

What documents are required to pay medical fees outside the country?

1. Completed form A – The reference must be unique to the applicant/application
2. Reference letter from a specialist doctor or hospital in Nigeria
3. Letter issued by the overseas specialist doctor stating the cost of treatment and maintenance
4. Travel documents including valid international passport, visa, and air-ticket
5. Customer’s request letter and bank details of beneficiary

What documents are required to pay school fees outside the country?

1. Duly completed Form A
2. Evidence of admission/course program
3. School bill for the period
4. Photocopy of First-Degree Certificate (or its equivalent)/ Certified True Copy of Statement of result by the awarding institution; (for post graduate programme)
5. Customer’s request letter and bank details of beneficiary (with BVN stated)
6. Means of ID of the applicant and the student

Is there a waiver to sell PTA to students on Scholarship and with a one-way ticket?

Yes. However, this waiver only applies to Degree and Post Graduate Students on Scholarship and not all Students

Can I buy PTA with a student visa permit?

Selling of PTA on a student visa is permissible subject to the following prerequisite:

• The beneficiary is 18 years and above
• Return ticket must be presented for transaction
• Confirmation of other documents (valid passport/visa)

What do I need to know about the validating student on scholarship for the purpose of PTA sales?

• Scholarships are majorly from 3^rd party financers (mostly private organizations or foundations) different from schools such as PTDF, NNPC, Chevening etc.
• The waiver is not applicable to students on part scholarship who have been given discounts – a part of the school fee they let go as scholarship,
• The documentary evidence of scholarship should be made available in addition to the basic requirement when buying PTA.