The Funds Transfer Scheme (FTS) is a secure banking arrangement introduced by Immigration New Zealand (INZ) to help eligible international students demonstrate that they have genuine access to sufficient funds to support themselves while studying in New Zealand.
The scheme allows students from certain countries, including India, to transfer their living expenses into a designated bank account in New Zealand. The funds are then released in regular monthly instalments to help students manage their living expenses during their studies.
FTS is not compulsory for every student visa applicant. Immigration New Zealand will advise students if they are required to use the scheme as part of their student visa application.
The Funds Transfer Scheme is administered by Immigration New Zealand and operated through two New Zealand banks:
Under the scheme, students open two bank accounts:
Once students arrive in New Zealand and activate their accounts, the bank arranges regular monthly transfers from the savings account into their everyday account.
Immigration New Zealand currently requires the following minimum living expenses for students using FTS:
| Study Level | Minimum Living Expenses |
| Tertiary education (universities, polytechnics and other eligible tertiary programmes) | NZ$20,000 per year |
| Compulsory education (school students) | NZ$17,000 per year |
Important: These amounts are for living expenses only and do not include tuition fees, travel expenses or other applicable costs.
Students undertaking courses longer than one year may also need to demonstrate how they intend to finance their remaining years of study.
The money deposited into the FTS savings account is released through monthly transfers into the student's everyday transaction account.
For example, over a 12-month period:
| Amount Transferred | Approximate Monthly Release |
| NZ$20,000 | NZ$1,666 |
| NZ$25,000 | NZ$2,083 |
| NZ$30,000 | NZ$2,500 |
The actual monthly payment depends on the amount deposited, the approved FTS study period and the bank's applicable conditions.
Students generally cannot withdraw the entire amount from their FTS savings account at once. Additional withdrawals may be considered in exceptional circumstances, such as financial hardship, subject to Immigration New Zealand's approval.
Step 1: Receive Approval in Principle (AIP)
Immigration New Zealand may issue an Approval in Principle letter confirming that the student must complete certain requirements, including transferring funds through FTS, before the visa can be granted.
Step 2: Choose an Approved Bank
Students can select either ANZ or BNZ, depending on their eligibility and type of educational institution. Students should apply to only one FTS bank provider.
Step 3: Apply for an FTS Account
Complete the online application through the chosen bank. The student must personally complete the application as the account holder.
The bank may request supporting documents, including:
Step 4: Transfer the Required Funds
Once the FTS savings account is opened, the required living expenses must be transferred into the account using the banking instructions provided.
Step 5: Bank Confirms Receipt of Funds
The bank confirms receipt of the required funds directly to Immigration New Zealand.
Immigration New Zealand will consider this confirmation, together with evidence of tuition fee payment and other outstanding visa requirements, before finalising the student visa application.
Step 6: Activate Your Account in New Zealand
After arriving in New Zealand, students must visit a branch of their chosen bank to complete identity verification and activate their accounts.
Monthly payments will then be arranged from the FTS savings account into the everyday transaction account.
If Immigration New Zealand declines the student visa application after funds have been transferred, the student should contact their chosen bank to request the return of the funds and closure of the FTS accounts.
The student will generally need to provide a copy of the visa refusal letter.
Refunds are subject to the bank's procedures and any applicable transaction charges or exchange-rate differences.
If a student stops studying:
The education provider may notify Immigration New Zealand that the student is no longer enrolled. The student must contact the FTS bank to arrange the release or transfer of the remaining funds and closure of the accounts, subject to the applicable requirements.
If a student completes their studies:
Students who have completed their course, or obtained a different visa, may request access to the remaining FTS funds by providing the bank with evidence of course completion or their new visa.
No. Using the Funds Transfer Scheme does not guarantee student visa approval.
Students must still meet all applicable Immigration New Zealand requirements, including genuine intentions to study, financial requirements, health, character and other visa conditions.
For the latest eligibility criteria, banking requirements and application procedures, visit:
Information is subject to change. Students should always follow the instructions provided by Immigration New Zealand and their selected FTS bank.
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