Study in New Zealand

NZ Funds Transfer Scheme (FTS)

As per Immigration New Zealand, students should have sufficient funds to support their tuition fees and living expenses for the entire duration of study. It is a student’s responsibility to make Immigration New Zealand (visa office) confident that the finances submitted are genuine and readily available to the student during their stay in New Zealand. 

What is Funds Transfer Scheme (FTS)?  

Funds Transfer Scheme (also known as FTS) was established to help verify proof of funds to assist with student visa processing by Immigration New Zealand.  It is a secure way for international students from some countries including India can transfer funds for their living expenses while they study in New Zealand. 

Under the Fund Transfer Scheme, the student has to transfer the living expense of 1 year to ANZ Bank in New Zealand. These funds are held in a savings account. The FTS amount is locked for 12 months and once the student is in New Zealand he gets specific amount every month as his/her day to day living expense.

The Purpose of FTS

The FTS, which is operated by the ANZ Bank of New Zealand (ANZ):

is one way to show us that the student has genuine access to money to support themselves while he/she is studying in New Zealand, and

helps the student to transfer their funds securely to New Zealand and then withdraw a set amount each month to maintain themselves comfortably while they are studying in NZ.

Immigration New Zealand in most cases may send the students an Approval in Principle (AIP) letter for student visa subject to the students using the FTS to transfer funds to New Zealand.

Minimum amount you can transfer 

All students need to transfer one year’s living expenses which is NZ$ 20,000/-. This amount is released periodically to students and students can withdraw set amount each month for their living expenses in the first year of study. This amount does not include the tuition fee (Tuition fee of 1 year must be paid to the institute / university separately) 

Applying for a FTS account

To apply for an FTS account, students must complete and submit an account application form online. ANZ advised that, as the account holder, students  must complete the application form themselves.

The following documents are required for opening FTS account 

1. Student’s Indian passport 

2. Letter of offer from college/university 

3. FTS payment details & copy of the Approval in Principle letter (AIP) from Immigration NZ

4. Remitters government approved ID and PAN card 

Note: Remitter can be student’s parents 

For ANZ Bank account opening - please CLICK here 

Withdrawing money from the account

When the student arrives in New Zealand, they need to visit any ANZ branch to activate their account. Once the account is active, they can withdraw money at ANZ branches or any ATMs, or by using their debit card.

How much money students can withdraw

Students can only withdraw a set amount each month — the same amount for 12 months. The more they transfer to the FTS account, the more money they can withdraw each month for the living costs.

For example if they transfer:

NZD $20,000 (the minimum amount), they can withdraw up to $1,666 each month for 12 months

NZD $25,000, they can withdraw up to $2,083 each month for 12 months.

If the student visa application is declined

If the student visa application is declined, students will get full refund of the FTS amount, they will need to contact ANZ Bank to arrange the refund. They will  need to give ANZ a copy of the student visa letter declining their application.

If the students stops his study

The college/university will inform Immigration New Zealand  that the student is  no longer studying with them. After this the student will need to contact the ANZ bank to organise the transfer of the money in their account and close the account.

If the student has completed his study

If the student has completed his studies at a NZ college/university and they still have money left in the FTS account, they can withdraw the remaining balance by providing ANZ with:

evidence that they have completed the course, or

give a copy of the new visa.



Contact our NZ study experts for admissions, scholarships and student visa guidance 


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