2013-May 31: Evidence of maintenance funds for school children

Visa Pak 114 - Clarification for staff about evidence of maintenance funds for school children. How to assess funds from the Funds Transfer Scheme and the funds requirement for students staying in school hostels.

Visa Paks

31 May 2013

Evidence of maintenance funds for school children

Education New Zealand (ENZ) has raised concerns around some branches insisting that the difference between prepaid living expenses and the $15,000 required in instructions must be transferred to a bank account in New Zealand. The concern is that this may be inappropriate for school children, especially if it is a substantial sum.

From the feedback staff provided, it appears that the issue is primarily linked to the Funds Transfer Scheme (FTS) in place for China, India and the Philippines. More specifically, school students who stay in a school hostel where all expenses are covered and prepaid under the FTS. The cost of such hostels is usually around $12,000 per year, which used to exceed the funds requirements, but is now $3,000 short of the new $15,000 requirement. These children are not expected to need any extra ‘pocket money’ to be able to maintain themselves, especially not $3,000 for the year.

Change:

For school students who have provided evidence of prepaid accommodation and maintenance, parents or legal guardians can give a financial undertaking confirming that the extra money to their child will be available if required. Branches should not request evidence that the extra money is in a New Zealand bank account.