Fund Transfer Scheme Over Complex Bank Statements

A student needs to use the Funds Transfer Scheme (FTS) only when it is specifically required by Immigration New Zealand during the visa process, when the AIP (Approval in Principle) Letter clearly mentions that you are required to provide evidence that you have transferred funds under the FTS. Generally, they provide a deadline for the same.

Yes, a student can add extra money above the amount specified in the AIP, but it should be done carefully and with proper understanding of the Funds Transfer Scheme (FTS) requirements set by Immigration New Zealand.

Under FTS, the primary requirement is to transfer at least the minimum amount mentioned in the AIP letter. While transferring additional funds is generally allowed by ANZ Bank New Zealand, it is not mandatory and does not provide any additional advantage in terms of visa approval.

Students may choose to transfer extra funds if they want additional financial security for living expenses. However, they should keep in mind that:

• The extra amount will also be subject to the same controlled monthly disbursement system
• It will not speed up or guarantee visa approval
• Any excess funds will remain locked and will be released gradually

In summary, you can transfer more than the required amount, but it should be done only if genuinely needed for future expenses, as it will not impact the visa decision beyond meeting the required threshold

The FTS follows a simple and structured process:

1. Choose an approved bank
   You should select a bank that is authorised to manage FTS funds for New Zealand student visas.
2. Transfer your funds
   You have to transfer the required living expenses amount (e.g., NZD $20,000 per year) to that bank.
3. Get proof for your visa
   The bank confirms that your funds are secured under FTS. You submit this as part of your visa application.
4. Visa decision
   Immigration authorities review your application along with the FTS proof.
5. Funds are held safely
   Once approved, your money remains securely with the bank.
6. Receive money after arrival
   After reaching New Zealand, the bank releases your funds in regular instalments (usually monthly) into your local account.

Once you arrive in New Zealand, your FTS money becomes accessible in a structured way. How does it work?

Open a local bank account

You’ll need a New Zealand bank account to receive your funds.

Monthly instalments

Your money is released in fixed amounts (usually monthly) instead of one lump sum.

Direct transfer to your account

The bank transfers the funds directly, making it easy to access and use.

It enables you to avoid spending too much money, budget wisely, and always have money available for use during your time here. Essentially, you will receive a consistent stream of money that will make life easy for you while studying.

The first thing that comes to mind when it comes to the student’s question is what would happen to the money in case of any unexpected issues? When it comes to FTS, the student’s money will be safe and could be refunded in certain cases.

For example, if the student fails to obtain the visa or any other necessary paperwork, they could submit a request for a refund from the bank. The money will be transferred back to the initial account. In case of additional bank or processing fees, there is an option for refunding even in the case when a student decides not to travel due to changed plans or decides to postpone their studies. However, it is important to mention that there is no guarantee that the request will be handled instantly.

• Stronger visa application
  Funds are verified through an approved system, increasing credibility.
• Better financial control
  Monthly instalments help you manage expenses without overspending.
• Safe and secure
  Your money is held by a trusted bank, reducing financial risks.
• Less documentation hassle
  Compared to traditional bank statements, FTS can be more straightforward.
• Peace of mind
  You already have your living expenses planned and secured before arrival.

Before choosing the FTS, here are some key tips every international student should keep in mind:

• Check approved banks carefully
  Always choose a bank that is officially authorised for FTS.
• Understand all charges
  Be aware of transfer fees, bank charges, and possible currency conversion costs.
• Plan your monthly budget
  Since you’ll receive fixed instalments, manage your spending wisely.
• Keep extra funds if needed
  FTS covers basic living expenses, but having a small backup fund is helpful.
• Read refund policies properly
  Understand how refunds work in case of visa refusal or change of plans.
• Transfer the correct amount
  Ensure you send the exact required funds to avoid delays in your visa process.

My Study Offers helps you with support on selecting the right university, understanding the visa procedures, preparing financially, and completing all the necessary paperwork. You can be sure that you will get all the necessary assistance, whether you have just started your investigation or are already ready to make your application.

As a free global education platform for students, we provide support to make your study abroad journey easier and more confident. From helping you understand whether the Funds Transfer Scheme (FTS) is the right fit for you to offering guidance through our study abroad guides, we assist you at every step.

1. Is the Funds Transfer Scheme (FTS) mandatory for a New Zealand student visa?

No, FTS is not mandatory. It is an optional method to show proof of funds. You can also use regular bank statements.

2. How much money do I need to transfer under FTS?

You typically need around NZD $20,000 per year to cover your living expenses. This may vary depending on your course duration.

3. Will I get all my money at once?

No, the funds are released in monthly or regular instalments after you arrive in New Zealand.

4. Can I use FTS for tuition fees as well?

No, FTS is mainly for living expenses. Tuition fees are usually paid separately.

5. What happens if my visa is rejected?

You can request a refund from the bank. The amount is returned after deducting applicable charges.

6. Is FTS safe?

Yes, your money is held by an approved and trusted bank, making it a secure option.

7. How long does the FTS process take?

It depends on the bank and your application, but it is generally a straightforward and timely process if all documents are correct.

8. Can I access extra money apart from FTS funds?

Yes, you can use your personal savings or part-time income, but FTS ensures your basic living expenses are covered.