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Changes to the Funds Transfer Scheme (FTS) Friday, 2 November 2018

Students from some countries use the FTS to transfer the money they must have to support themselves when they study in New Zealand. From 1 October 2018 the scheme will be easier to use.

Students from China, India, Philippines and Sri Lanka can use the FTS to transfer funds to an ANZ Bank New Zealand Limited (ANZ) account before they arrive in New Zealand. Immigration New Zealand (INZ) and ANZ have worked together to improve the process.

From now on:

  • setting up an account will be more efficient and quicker
  • students will have more flexibility when they set up their account, and
  • the scheme will be consistent across all participating countries.

The changes apply to all FTS accounts opened on or after 1 October 2018.

FTS application forms

We have reduced the paperwork that students need to complete. From now on they only need to complete 1 form — Application Form International Student Funds Transfer Scheme (FTS) Account — rather than 2.

Setting up an account

Accounts will now be set up for only the first year of study, usually 12 months, instead of the full length of a course.

Transferring funds

Students:

  • can transfer the money from a local bank of their choice — previously their choice of bank was restricted
  • must transfer at least NZ$15,000, the minimum amount that INZ expects them to have each year for their living costs — in the past the amount varied depending on the country and the local bank.

Confirming transfers

Students must email a copy of their international money transfer receipt to the ANZ. Once funds are received in the FTS account, ANZ emails the student to confirm the funds have been received and sends another email to INZ confirming the total funds received. Students can find out from their local bank the exact amount that has been transferred to their FTS account.

Further information

Find information about the purpose of the scheme, how and when to use it.

Funds Transfer Scheme