Funds Transfer Scheme
The ANZ Bank of New Zealand Limited (ANZ) offers a Funds Transfer Scheme (FTS) that allows students to transfer money from banks and financial institutions overseas to an ANZ bank account in New Zealand. These funds are released periodically to support students while they are in New Zealand.
Students from India and Sri Lanka, who’ll be studying in New Zealand for a year or more, can use the FTS to show us they meet the minimum funds requirement for a student visa.
Most New Zealand student visas require you to have NZ $15,000 in addition to your course fees for each year you’ll be studying in New Zealand. This money is to cover your living costs while you are in New Zealand.
You can use the FTS to transfer these funds to New Zealand and then access them while you are studying.
If you’ll be studying for more than a year, you can use FTS to transfer funds each year.
When we assess student visa applications, we often ask you to explain how you earned or acquired your funds and provide evidence.. We do this to make sure the funds will be genuinely available to you while you are studying.
You can use the money in your FTS ANZ bank account to cover your living costs while studying in New Zealand. You’re allowed to withdraw NZ $1,250 each month. You can do this from ANZ Bank branches, ATMs, and use EFTPOS.
Your money will be locked in for the period of your study, and you won’t be able to use it for any other reason. This can be useful because:
- it limits the amount of money you’ll have access to at one time, so you can’t overspend and run out of money later
- it can make it quicker and easier for us to make a decision about your visa application
If you’d like to have another bank account you can use more freely, you can open one with any bank in New Zealandincluding ANZ.