28 September 2018
Changes to the Funds Transfer Scheme
There is now a simpler process for international students to transfer money into New Zealand.
As of 1 October 2018, Immigration New Zealand (INZ) and ANZ Bank New Zealand Limited (ANZ) have implemented changes to the Funds Transfer Scheme (FTS) process to make it easier for students to transfer their maintenance funds to New Zealand.
While the FTS itself does not guarantee that a student visa application will be approved, it provides international students an option to safely transfer their maintenance funds to a New Zealand bank account before they get here to help ensure access to these funds once they are in New Zealand.
It is currently available for students from China, India, Philippines and Sri Lanka.
Following feedback, INZ and ANZ have been working together to streamline the FTS, with the following changes being implemented on 1 October 2018:
- Students will only need to complete one FTS application form instead of two separate forms
- Minimum funds requirements will be the same for all FTS students (NZ $15,000)
- FTS accounts will be set up for the first year of study only (12 months)
- Students will be able to choose the local bank to use for the transfer of funds into their FTS account in New Zealand
- There will be a more efficient funds confirmation process.
Celia Coombes, INZ’s Sector Relationship Manager (Education), says the changes will not negatively impact students.
“INZ and ANZ have worked very hard to review the FTS scheme and make it easier for students to use as an option to transfer money to cover their living costs to New Zealand. We are confident that the changes will make the FTS a more streamlined and flexible service.”
Visit the INZ website for more information on the FTS.
A factsheet with more information can be found here.
It is also available in Chinese here.