Funds Transfer Scheme
The Funds Transfer Scheme (FTS) is a secure way for students from some countries to transfer funds to support themselves while they are in New Zealand.
If you meet the criteria for a student visa and we give you an Approval in Principle (AIP) letter, we will tell you if you need to use the Funds Transfer Scheme (FTS).
If you need to use the FTS, you must transfer your study and living costs funds into an FTS savings account in New Zealand. These funds are for you to support yourself during your studies. These are called maintenance funds.
The purpose of the FTS
The FTS is an Immigration New Zealand (INZ) scheme, operated by:
- ANZ Bank New Zealand Limited (ANZ), and
- Bank of New Zealand Limited (BNZ).
If we ask you to use the FTS, you need to open:
- an FTS savings account, and
- an everyday account.
Once you have opened your account, you transfer funds securely into your FTS savings account, this is so:
- we can see evidence you have genuine access to money to support yourself while studying in New Zealand, and
- once you are in New Zealand, a monthly automatic payment is set up to transfer a set portion of money from your FTS savings account into your everyday account for you to use in New Zealand while studying.
Note
Using the FTS and setting up an account does not guarantee approval of your student visa application.
For more information about FTS accounts, including how to use them and apply, visit the ANZ or BNZ website.
Conditions of the FTS
The conditions of the FTS depend on which bank you choose. For a full list of conditions check with your chosen bank.
Minimum maintenance funds you must transfer
There is a minimum amount you need to transfer to your FTS savings account for each year of study.
The minimum maintenance funds are:
- NZD $20,000 each year if you are undertaking tertiary study, or
- NZD $17,000 each year if you are undertaking
.
Maintenance funds do not include your course or tuition fees.
How your FTS account is set up
Follow these steps if we ask you to use the FTS.
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1
Step 1: You receive our AIP letter for your student visa application
The letter will ask you to use the FTS as a condition of visa approval
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2
Step 2: Apply through ANZ or BNZ
Compare the available options. Once you have reviewed both options, choose your preferred bank and complete the online form.
Only apply to one bank provider.
As the account holder, you must complete the application form yourself. Visit the ANZ or BNZ website for more information.
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3
Step 3: The bank contacts you
Within 3 business days of applying, your chosen bank will contact you for any extra information they need.
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Step 4: Transfer your funds into your FTS savings account
As soon as you know your FTS savings account is open, transfer your maintenance funds.
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Step 5: Email your bank and tell them that you have transferred your funds
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Step 6: Your bank emails us and confirms funds are in your FTS savings account
ANZ emails their receipt of funds confirmation to us within 24 hours on business days (8:00 to 17:00, Monday to Friday). ANZ will notify you once confirmation has been sent to INZ.
BNZ emails us with confirmation that they have received funds on each business day.
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7
Step 7: Activate your account
When you arrive in New Zealand, you must visit a branch of your chosen bank to activate your accounts.
When we finalise your visa application
We will only finalise your application and grant your visa once we have received:
- confirmation from your bank that they have received your funds, and
- a receipt for your paid tuition fees.
Transferring or withdrawing money from your FTS accounts
A monthly automatic payment will be set up to transfer a set amount of money from your FTS savings account to your everyday account. Only in limited circumstances may you transfer or withdraw more than that.
Set transfer amounts from your FTS savings account
These monthly automatic payment amounts are based on the minimum maintenance funds you must transfer. If you transfer more than the minimum amount, your monthly automatic payment may be greater.
| Amount you deposit into FTS savings account for a 12-month period | Maximum monthly automatic amount for the 12-month period |
|---|---|
| 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 your chosen bank to arrange the refund of your FTS funds and closure of your FTS accounts.
You will need to give your bank a copy of the INZ letter declining your application.
Withdrawing FTS funds when you stop studies
- Your education provider tells INZ you are no longer studying with them.
- You contact the bank to organise the transfer of the money in your account.
- The bank tells us you have closed your FTS accounts.
Withdrawing FTS funds after completing studies or getting a new visa
If you have completed your studies, or obtained a different kind of visa, and you still have money left in your FTS accounts, you can withdraw the remaining balance. You can contact the bank and provide them with:
- evidence that you have completed your course, or
- your new visa.
Note
Once your funds have been repaid and you are no longer part of the FTS, the bank will close your FTS accounts.
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 us or your chosen bank to find out more about this process.
Other bank accounts
You can only open an FTS account with ANZ or BNZ, but you can open other bank accounts with any bank in New Zealand.