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.

The purpose of the FTS

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

We may ask you to use the FTS and open:

an FTS savings account, and
an everyday account.

You then transfer funds securely into your FTS savings account so:

we 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 these accounts does not guarantee approval of your student visa application.

Who needs to use the FTS

INZ will let you know if you need to use the FTS.

Usually, INZ will ask you to use the FTS so that we can see you have genuine access to funds to support yourself while studying in New Zealand.

Conditions of the FTS

FTS conditions are that you must:

transfer at least the minimum maintenance funds into your FTS account for 1 year of study
agree that a set amount be transferred from your FTS savings account to your everyday account each month while you are studying in New Zealand, and
be 13 years of age or older.

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 compulsory education. In New Zealand, this is education for children aged 6 to 16 years. (Note that the FTS is only available for students aged 13 years or older.)

Note

Maintenance funds do not include your course or tuition fees.

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. You need to meet the conditions in the letter. This may include a condition that you use the FTS to set up accounts and transfer maintenance funds into an FTS savings account in New Zealand.

For more information about FTS accounts, including how to use them and apply, visit the ANZ website.

Funds Transfer Scheme — ANZ

How your FTS account is set up

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

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.

Review the information on the FTS landing page and complete the FTS online application form

As the account holder, you must complete the application form yourself. Visit the ANZ website for more information.

Funds Transfer Scheme — ANZ

Funds Transfer Scheme application — ANZ

ANZ contacts you

Within 3 business days of applying, ANZ will contact you for any extra information they need.

Transfer your funds into your FTS savings account

As soon as you know your FTS savings account is open, transfer your maintenance funds.

Email ANZ and tell them that you have transferred your funds

ANZ email address:

migrantbanking@anz.com

ANZ emails INZ and confirms funds are in your FTS savings account

ANZ emails their receipt of funds confirmation to INZ 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.

Activate your account

When you arrive in New Zealand, you must visit an ANZ branch to activate your accounts.

Find an ANZ branch or ATM on the ANZ website

INZ finalises your visa application

INZ 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.

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.

Table 1: Example of automatic payment transfer amounts
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 ANZ to arrange the refund of your FTS funds and closure of your FTS accounts.

You will need to give ANZ a copy of the INZ letter declining your application.

Withdrawing FTS funds when you stop studying

Your education provider tells INZ you are no longer studying with them.
You contact ANZ to organise the transfer of the money in your account.
ANZ tells INZ 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 ANZ and provide them with:

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

Once your funds have been repaid and you are no longer part of the FTS, ANZ 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 ANZ or INZ to find out more about this process.

Other bank accounts

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