Thursday, 8 September 2011

We have made two changes to the existing FTS in China to ensure it can continue to provide first-class service to the increasing number of Chinese students wishing to study in New Zealand.

Transfer payment requirements for Chinese students

An adjustment has been made to the requirements for students aged 17 and under to transfer funds to New Zealand under the FTS.

 

Students aged 17 and under need to make two international funds transfers using the FTS. The first transfer should be made to the intended education provider in New Zealand covering both tuition fees and accommodation costs (usually homestay fees). A second transfer is required to be made to the student’s newly-created ANZ bank account to cover cost of living expenses.

 

The amount required to be transferred to the ANZ account should range between NZ$4,800 to NZ$18,000, depending on the needs of the student. For students aged 18 and over, the FTS transfer requirements remain the same.

 

The range has been lowered for students aged 17 and under to take into account their need to usually pay homestay fees to the host education provider in New Zealand. As a result, the amount required to be transferred to ANZ to cover the cost of living has been reduced.

Opening a bank account in New Zealand with ANZ

From 1 September 2011, Chinese students can email a scanned copy of their ANZ Account Opening Form (AOF) directly to ANZ Bank in New Zealand along with a scanned copy of their passport biopage.

 

The AOF and passport information should only be emailed to ANZ Bank after the
student has received their approval-in-principle (AIP) letter from Immigration
New Zealand.

 

For more details, including the amount of funds required to be transferred to New Zealand under the FTS, see our Funds Transfer Scheme information.