Funds Transfer Scheme (FTS)

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

Participating countries

The FTS is only available to students from:

• China
• India
• Philippines
• Sri Lanka.

The purpose of the FTS

The FTS is an Immigration New Zealand (INZ) scheme, operated by the ANZ Bank of New Zealand (ANZ).

We may ask you to use the FTS and open an FTS savings account. You then transfer funds securely into it and:

• we see evidence you have genuine access to money to support yourself while studying in New Zealand, and
• you set an amount you can withdraw from your FTS account each month to use in New Zealand.

Who needs to use the FTS

We let you know if you need to use the FTS.

Usually we ask you to use the FTS so we can see you have genuine access to funds to live on while in New Zealand.

Conditions of the FTS

FTS conditions are that you must:

• transfer at least the minimum funds into an FTS account for 1 year of study
• agree to a set withdrawal amount for each month, and
• be 13 years of age or older.

Minimum maintenance funds you must transfer

This is the minimum amount you need to transfer to your FTS savings account.

The minimum maintenance funds you need to transfer to your FTS savings account are at least:

• NZD $20,000 each year, or
• NZD $17,000 each year if you are studying in compulsory education — this is education in New Zealand for children aged 6 to 16 years.

When to set up FTS accounts

If you meet the criteria for a student visa, we may give you an approval in principle (AIP) letter. This can include a condition that you use the FTS and transfer funds into an FTS account in New Zealand.

Check ANZ’s website has more information on using the FTS to transfer funds.

Funds Transfer Scheme — ANZ website

How your FTS account is set up

Follow these steps if we ask you to use the FTS.

INZ finalises your visa application

We will only finalise your visa application and grant your visa once we have received:

• confirmation from ANZ that they have received your funds, and
• a receipt for your paid tuition fees.

Withdrawing money from your FTS accounts

Only a set amount of money can be withdrawn from your FTS accounts each month. You can only withdraw more than that (either all of part of your money) in some circumstances.

Set withdrawal amounts from your FTS account

You can only withdraw a set amount each month — this will be the same amount for 12 months.

These set withdrawal amounts use the minimum amount of funds you must transfer. If you transfer over these minimum amounts, you can withdraw more each month.

Table 1: Example amounts of how much you can withdraw

Amount you put in	Maximum amount you can withdraw each month for 12 months
NZD $17,000	NZD $1,416
NZD $20,000	NZD $1,666

Withdrawing FTS funds when your visa application is declined

If your visa application is declined, contact ANZ to arrange the refund of your FTS funds and closure of your FTS accounts. You will need to give ANZ a copy of our letter declining your application.

Withdrawing FTS funds when you stop studies

1. Your education provider tells us you are no longer studying with them.
2. You contact ANZ to organise the transfer of the money in your account.
3. The bank tells us you have closed your account.

Withdrawing FTS funds after completing studies or getting a new visa

If you have completed your studies, or obtained a new visa status, and you still have money left in your FTS accounts, you can withdraw the remaining balance.

Contact ANZ and provide:

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

Withdrawing additional funds for financial hardship

If you need access to additional funds from your FTS accounts, due to financial hardship or any other reason, you will need to complete a request form to have this considered. You can contact ANZ to find out more about this process.

Other bank accounts

As well as your FTS account, you can open other bank accounts with any bank in New Zealand including with ANZ.