Funds Transfer Scheme (FTS)

The FTS is a secure way for students from some countries to transfer funds to support themselves in New Zealand.

Participating countries

The FTS is only available to students from:

  • China
  • India
  • Philippines
  • Sri Lanka.

The purpose of FTS

The FTS, which is operated by the ANZ Bank of New Zealand (ANZ):

  • is one way to show us that you have genuine access to money to support yourself while you are studying in New Zealand, and
  • helps you transfer your funds securely to New Zealand and then withdraw a set amount each month to maintain yourself comfortably while you are here.

Signing up to the FTS  does not guarantee that we will approve your student visa application.

Who needs an FTS account

Use the FTS if:

  • we ask you to set one up to show you have genuine access to funds, or
  • as a convenient way to transfer and manage money during your study.

If we ask you to set up an FTS account

If you meet all of the criteria for a student visa, apart from being able to satisfy us that you will be able to genuinely access your funds while in New Zealand, we may give you a letter offering you approval in principle (AIP) on the condition that you use the FTS to transfer funds to New Zealand.

Follow these steps to set up the account.

  1. After you receive your AIP letter, contact the ANZ bank to apply for an FTS account and transfer your funds. You need to provide your AIP letter and a copy of your passport to the ANZ.
  2. After your funds have been transferred to your FTS account, the ANZ sends you an email confirming that they have received the money. The bank also contacts INZ directly to confirm the funds transfer.
  3. We only finalise your application and grant your visa after we receive:
    • the confirmation from ANZ that they received your funds, and
    • the receipt for your tuition fees.

If you want an FTS account for convenience

In your visa application you need to show the amount of funds you have access to, and that your funds are from a genuine source.  If you plan to set up an FTS account, tell us why.

Conditions of the FTS

You can only use FTS if:

  • you transfer at least the minimum funds that you need for your first year of study.
  • you agree to withdraw only a specified amount of money each month.

Minimum amount you can transfer

You need NZD $15,000 to pay your living costs for each year of study. If you apply after 31 July 2022, you will need NZD $20,000, or $17,000 per year if you are studying in compulsory education. This is the minimum amount you need to transfer to your FTS account.

Living costs do not include your course or tuition fees.

Applying for an FTS account

To apply for an FTS account, complete and submit an account application form online. ANZ advised that, as the account holder, you must complete the application form yourself.

Funds Transfer Scheme Online Application – ANZ

Other bank accounts

Your FTS account does not stop you from having another bank account. You can open other accounts with any bank in New Zealand, including ANZ.

Withdrawing money from your account

When you arrive in New Zealand, you need to visit an ANZ branch to activate your account. Once your account is active, you can withdraw money at ANZ branches or ATMs, or by using your EFTPOS or debit card.

How much you can withdraw

To help you make sure that you don’t overspend or run out of money you can only withdraw a set amount each month — the same amount for 12 months. The more you transfer to your FTS account, the more money you can withdraw each month for your living costs.

For example if you transfer:

  • NZD $20,000 (the minimum amount), you can withdraw up to $1,666 each month for 12 months
  • NZD $18,000, you can withdraw up to $1,500 each month for 12 months.

Withdrawing all your money from your FTS account 

You can only withdraw the set amount released to your FTS account each month. If you want to withdraw all the money in your account, you can only do that in some circumstances.

If your visa application is declined

If your application is declined, contact ANZ to arrange the refund. You need to give ANZ a copy of our letter declining your application.

If you stop your study

Your education provider tells us that you are no longer studying with them. Contact the ANZ bank to organise the transfer of the money in your account. The bank tells us that you have closed your account.

If you have completed your study

If you have completed your studies and you still have money left in your FTS account, you can withdraw the remaining balance by providing ANZ with:

  • evidence that you have completed your course, or
  • your new visa.