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FTS New Zealand: Everything On This Transfer Pathway!

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Finances are a big deal when studying abroad. With the inaccessibility of an education loan for New Zealand international students, you must show proof of financial capability to pay your tuition fees and subsequent expenses like accommodation. All international colleges/universities have requirements unique to their country. Such is the case with FTS New Zealand.

New Zealand is among the top destinations for students aspiring to pursue higher education. Like any other international stop, the embassy has specific rules and regulations for international students, including opening an FTS account. This article will dissect an FTS account and its requirements, purpose, and application process. 

Understanding FTS New Zealand Scheme

The Funds Transfer Scheme account is for international students and is operated by the ANZ Bank of New Zealand. It is an account that enables students from China, India, the Philippines, and Sri Lanka to safely move cash to New Zealand for the cost of studying in New Zealand while pursuing their higher education. 

FTS is used to demonstrate access to finances, and students can withdraw a specific amount of money monthly to facilitate their academic or personal costs. FTS is a financial protection by the government of New Zealand to safeguard international students while they chase their academic goals. 

Funds Transfer Scheme is praised for its fast and convenient way of moving money. It is also famous for its minimal to zero transaction fees. FTS is also a secure way of transferring money electronically, offering encryption and fraud-prevention mechanisms. 

New Zealand Study Visa Requirements For Indian Students

There are specific New Zealand Study Visa requirements for Indian student, which will enable them to commence their higher education in their selected college/university and qualify them to open an FTS account. The necessities for a hassle-free visa process include:

  • An acceptance letter from the college/university (the New Zealand Qualifications Authority or the Ministry of Education must approve)
  • Tuition fees deposit slip to the school’s bank account or proof of New Zealand scholarships that pay for tuition
  • Living expenses deposit on FTS account to cater for your expenses
  • A ticket back home from New Zealand or evidence you can purchase one

Purpose Of Opening An FTS New Zealand

The government of New Zealand established FTS accounts to ensure the accessibility of funds for international students from the highlighted countries. It was also founded to speed up the New Zealand Student Visa processing time. 

Indian students pursuing higher education in New Zealand must deposit their living expenses in an FTS account as that’s the only way to access funds to cover their typical daily costs. After transferring the funds, students can withdraw a specific amount monthly.

Requirements To Study In New Zealand For Indian Students: What Is The Process Of Opening An FTS New Zealand?

After successfully applying for a New Zealand Student Visa, students receive an Approval-in-Principle letter from the embassy. This is to ascertain that the applicant has met the requirements and they can now deposit an annual worth of living expenses into their FTS accounts. 

Indian students can only open their FTS accounts at the ANZ Bank of New Zealand after receiving the AIP notice. The documents necessary for applying for an FTS account are copies of the AIP letter and your passport.

If you meet the criteria of the New Zealand Student Visa, the step-by-step guide to opening an FTS account involves the following:

  1. Complete an FTS online application form (You must complete this by yourself as the account holder)
  2. Transfer your funds to the FTS account
  3. Await confirmation from ANZ (They will often send a confirmation email that they have received the funds, or you can directly contact INZ to confirm the transaction was successful)
  4. Send the receipt of your tuition fees and request that ANZ confirm the successful transaction on the FTS account.
  5. When everything checks out right, INZ will finalize your student visa application.

What Are The Living Expenses To Be Deposited Into The FTS Account To Study In New Zealand For Indian Students?

While Indian students are required to deposit an annual amount for their living expenses, they can only access a specific amount monthly. These funds don’t cover their tuition/course fees but costs associated with accommodation, clothes, food, transportation, utility, entertainment, groceries, and healthcare accessibility. All international students can withdraw the following amounts.

Annual DepositMonthly Withdrawals
NZ $15,000NZ $1,250
NZ $18,000NZ $1,500
NZ $21,000NZ $1,750
NZ $24,000NZ $2,000
NZ $27,000NZ $2,250

How To Withdraw Living Expenses On Arriving In New Zealand?

Withdrawing funds from your FTS account might prove troublesome if you need the know-how. A simple procedure ensures you access your living expenses every month. The steps involved are:

  1. Activate your FTS accounts to withdraw the living expenses. This is done by physically visiting the nearest ANZ Bank for activation.
  2. Open a separate transactional account with ANZ Bank or a local bank in the country. Students should know that ANZ Bank doesn’t permit direct access to the FTS account funds.
  3. Set up an automatic payment system to receive the living expenses hassle-free. The automated payment system will transfer the monthly FTS amount from ANZ Bank to a separate transactional account. It would be best to be careful when setting up this payment system, as no further modifications can be made.
  4. You can now withdraw your monthly funds via ANZ Internet Banking, ANZ Mobile Phone Banking, ANZ Credit Card/chequebook, ANZ Phone Banking, or ANZ EFTPOS/Visa Debit Card.

Study In New Zealand Requirements: How To Apply For A Refund Of The FTS Amount?

The regulations allow Indian students only to withdraw their specific monthly amounts from their FTS accounts. However, you can withdraw all the amount or request for a refund on the following conditions:

  • If your New Zealand student visa application has been declined – You must contact ANZ Bank and request a refund of the FTS amount. You have to submit the student visa rejection letter from the New Zealand embassy and send a copy to the bank for processing the refund.
  • If the student has opted to discontinue their course in New Zealand – You must submit a letter from the college/university supporting the claim and send a copy to the bank for processing the refund.
  • When students have completed their entire course period successfully – You must submit a letter of completion/course completion certificate from the college/university and proof of visa renewal (if applicable) to the bank for processing the refund.

Different Types Of Funding Acceptable By The Embassy For A Student Visa In New Zealand

International students chasing their higher education dreams in New Zealand have three embassy-acceptable funding methods for their academic journey.

  • A fully/partially funded scholarship for a programme in a reputable college/university, for which you can get assistance from the UniScholars scholarship database.
  • Self-funding – although only some students can afford it because of the high tuition fees and living expenses.
  • Abroad education loans often challenge students because of the qualifications, terms, and interest rates, although UniCreds can help you get the best loan options.


Q1. What Is an FTS Account?

It is a New Zealand-based account for international students to deposit funds for living expenses.

Q2. How Do I Open a Fund Transfer Service Account?

The process is done digitally by filling out an FTS online application form and submitting the necessary documentation.

Q3. Are There Any Fees Associated With a Fund Transfer Service Account?

There are minimal to zero fees involved.

Q4. How Long Does It Take for a Transfer to Be Completed? 

It takes approximately 2 – 5 working days for ANZ Bank to receive funds for the FTS account.

Q5. Are There Any Limits on the Amount of Money I Can Transfer? 

Yes. The Majority of FTS accounts limit the amount of money transferred in a certain amount of time or a single transaction, but they vary depending on the institution. However, the initial deposit on an FTS account is NZ $15,000.

Q6. Can I Cancel a Transfer Once It Has Been Initiated?

It entirely depends on the financial institutions, and the intent of cancellation of transfers should be communicated immediately.

Q7. Can I Transfer Funds Internationally With a Fund Transfer Service Account?

This depends on the bank policies, and it can have limitations to specific countries and amounts, and fees might be charged for the transactions. 

Q8. How Much Funds are Required for a Student Visa in New Zealand?

You must deposit at least NZ $15,000 to your FTS account to cover your living expenses in the first year of studies to be considered for a student visa in New Zealand.

Q9. Are There Any Exemptions to the FTS Requirement for Skilled Migrants in New Zealand?

No. All skilled/unskilled applicants must demonstrate ability to cover their cost of living, relocation and travel. Skilled migrants in New Zealand must showcase their ability to access NZ $1,500 a month for nine months as proof of funding.

Q10. Where Can I Get Assistance With Understanding the FTS Policy in New Zealand?

You can get assistance from the contact points on the Official New Zealand Immigration website.

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FTS New Zealand: Everything On This Transfer Pathway!

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