Studying in New Zealand is a great opportunity, but students must meet financial requirements for a visa. One such requirement is maintaining a minimum bank balance for an NZ student visa in the FTS account in New Zealand. It ensures that students have enough funds for their living expenses during their stay in the country.
Students must deposit a set amount in the FTS account in New Zealand before getting their visa. The money is released in monthly installments, giving them a steady income. This setup makes budgeting easier and ensures financial security during their stay.
Let’s explore all the important details in the blog, including FTS account requirements, how much money needs to be deposited, how to open it, documents required, and more.
Table of contents
- What is an FTS Account in New Zealand?
- Purpose of FTS Account
- Who Needs to Open an FTS Account in NZ?
- How Much Money Needs to Be Deposited in an FTS Account?
- How to Open an FTS Account for New Zealand?
- Documents Required to Open an FTS Account
- How Does an FTS Account Work?
- Transferring and Withdrawing Money from Your FTS Account
- Benefits of Having an FTS Account
- FAQs
What is an FTS Account in New Zealand?
The Funds Transfer Scheme (FTS) Account in NZ is a special account designed for international students. It is to ensure that the students have sufficient funds to cover their living expenses while studying in New Zealand.
This account helps New Zealand immigration authorities verify that students have access to required funds and can support themselves financially.
The students may also be asked to open two accounts: an FTS savings account and an everyday account.
They must transfer the required amount (NZD 20,000 each year) to the FTS savings account before their visa approval. Once in New Zealand, a set portion of funds is released monthly into the everyday account for daily expenses.
This helps INZ verify financial stability but does not guarantee visa approval.
Purpose of FTS Account
The purposes of opening an FTS Account are as follows:
- A genuine amount of money is accessible to students during their course duration.
- Transfer funds safely from their account to New Zealand and then withdraw a fixed amount monthly to maintain a comfortable life.
- Support them with their living expenses suitably and easily once they arrive in New Zealand.
Also Read: Top Education Loans to Study in New Zealand
Who Needs to Open an FTS Account in NZ?
Not all international students are required to open an FTS account, but some may be advised or mandated by Immigration New Zealand (INZ). Generally, students who need to demonstrate financial stability for their visa approval may be required to use the FTS account.
This applies to students from countries where financial verification is necessary to ensure they have genuine access to funds for living expenses in New Zealand.
The eligibility criteria to open an FTS Account is as follows-
- The applicant must be an international student planning to study in New Zealand.
- The student must have received an Offer of Place from a New Zealand education provider.
- They must meet the minimum financial requirements set by Immigration New Zealand.
How Much Money Needs to Be Deposited in an FTS Account?
As per New Zealand student visa guidelines, students must show that they have sufficient funds for living expenses.
The minimum bank balance required for a New Zealand student visa depends on the level of study. For tertiary education, students need to deposit at least NZD 20,000 per year (or NZD 1,667 per month).
For compulsory education, the requirement is NZD 17,000 per year. These funds must be transferred to the FTS account before applying for the student visa.
Once in New Zealand, students receive a fixed monthly allowance to cover their living expenses.
How to Open an FTS Account for New Zealand?
Students need to open an FTS account with a designated bank like ANZ. They must apply online, submit the necessary documents, and deposit the required funds. Once approved, the account is linked to their visa application.
The money is released in monthly installments for living expenses while studying in New Zealand.
Check out the step-by-step process-
- Choose a Bank – The FTS account is usually opened with a designated financial institution in New Zealand, such as ANZ Bank.
- Submit an Application – Students need to apply for an FTS account online through the bank’s website or by visiting the nearest branch.
- Deposit the Required Funds – Once the account is approved, students must transfer the required amount (NZD 20,000 or more) to the FTS account.
- Confirm Account Activation – After the funds are deposited, the bank will confirm the activation of the FTS account.
- Link Account to Visa Application – The student must provide proof of their FTS account and funds in their visa application to Immigration New Zealand.
Documents Required to Open an FTS Account
To open an FTS account, students need to provide essential documents to verify their identity, enrollment, and financial stability. These documents help the bank and Immigration New Zealand (INZ) ensure that students have sufficient funds for their stay.
Required Documents:
- Passport Copy – A valid passport is required for identity verification.
- Offer Letter – Proof of admission from a recognized New Zealand education provider.
- Proof of Funds – Bank statements, loan sanction letters, or financial guarantee to show sufficient funds.
- Visa Application Details – Information related to the student visa application.
- Proof of Source of Funds – If using a loan or sponsorship, relevant documents supporting the source of money.
- FTS Account Application Form – Completed form as per the bank’s requirements.
- Passport Visa
How Does an FTS Account Work?
An FTS account helps international students manage their living expenses while studying in New Zealand. Students can also open an account in one of the best banks in NZ for international students for hassle-free funds management.
The funds are deposited before visa approval and released in monthly installments, ensuring students have a stable source of money throughout their stay.
- The deposited amount is locked and released monthly for the student’s living expenses.
- Typically, students receive NZD 1,667 per month to cover their accommodation, food, and other expenses.
- The FTS account ensures that students have a stable source of funds throughout their stay in New Zealand.
Transferring and Withdrawing Money from Your FTS Account
Managing your finances while studying in New Zealand is crucial, and the FTS account ensures that students receive a steady allowance for their expenses. The funds are transferred in monthly installments to help students budget effectively.
However, there are specific rules for withdrawing or transferring additional funds. Below is a simplified breakdown of how the process works.
Monthly Transfers from FTS Savings Account
Once your FTS account is set up, a fixed amount is transferred automatically each month from your FTS savings account to your everyday account. The amount depends on how much you deposited initially:
| Amount Deposited (12-month period) | Maximum Monthly Transfer |
| NZD 17,000 | NZD 1,416 |
| NZD 20,000 | NZD 1,666 |
If you deposit more than the minimum required amount, your monthly transfer may be higher.
Withdrawing FTS Funds
There are specific conditions under which you can withdraw funds, such as visa rejection, completion of studies, or financial hardship. Below is a detailed breakdown of how and when you can access your money.
If Your Visa Is Declined
If your visa application is rejected, you can contact ANZ to arrange a refund and close your FTS account. You must provide a copy of the INZ letter confirming your visa rejection.
If You Stop Studying
If you withdraw from your studies, your education provider will inform INZ. You must contact ANZ to transfer the remaining funds and close your account. ANZ will notify INZ about your account closure.
After Completing Studies or Getting a New Visa
Once you finish your course or obtain a different visa, you can withdraw the remaining funds from your FTS account. You need to provide ANZ with proof of course completion or a copy of your new visa.
Withdrawing Additional Funds for Financial Hardship
If you are facing financial difficulties and need access to extra funds, you can submit a request to ANZ or INZ. They will review your situation and decide whether to allow an early withdrawal from your FTS savings account.
An FTS account helps international students manage their living expenses while studying in New Zealand. The funds are deposited before visa approval and released in monthly installments, ensuring students have a stable source of money throughout their stay.
- The deposited amount is locked and released monthly for the student’s living expenses.
- Typically, students receive NZD 1,667 per month to cover their accommodation, food, and other expenses.
- The FTS account ensures that students have a stable source of funds throughout their stay in New Zealand.
Also Read: Government Education Loans to Study in New Zealand
Benefits of Having an FTS Account
Maintaining an FTS account in New Zealand is crucial for international students as it provides financial security and ensures compliance with visa regulations.
The structured monthly fund release helps students manage their expenses effectively, preventing financial stress during their studies.
- Smooth Visa Approval: Immigration New Zealand prefers students with an FTS account as it proves financial stability.
- Financial Security: Ensures students have a steady income for monthly expenses.
- Better Money Management: Students receive a fixed amount each month, preventing overspending.
- Less Documentation: Since funds are already in a controlled account, students face fewer financial verification requirements.
FAQs
The Funds Transfer Scheme (FTS) account is a special bank account designed for international students. It ensures they have enough money for living expenses while studying in New Zealand. The funds are deposited before visa approval and released in monthly installments.
The purpose of the FTS account is to provide financial security for international students. It helps Immigration New Zealand (INZ) verify that students have genuine access to funds to support themselves while studying.
FTS conditions are that you must:
– Transfer at least the minimum maintenance funds into your FTS account for one year of study.
– Agree that a set amount will be transferred from your FTS savings account to your everyday account each month while studying in New Zealand.
– Be 13 years of age or older.
You should set up an FTS account after receiving an Offer of Place from a New Zealand education provider and before applying for a student visa. The account must be funded before visa approval.
Proof of sufficient funds in New Zealand includes bank statements, loan sanction letters, or financial guarantees that show you have the required money for tuition and living expenses.
If you meet the criteria for a student visa, you may receive an Approval in Principle (AIP) letter. This letter may include a condition to use the FTS to set up accounts and transfer the required maintenance funds into an FTS savings account in New Zealand.
No, students receive a fixed amount per month as per the agreed schedule to cover their living expenses.
Yes, students can transfer loan-sanctioned amounts to their FTS accounts after obtaining approval from the lending institution.
If your visa application is denied, you can request a refund from the bank. However, specific terms and conditions apply.
No, the FTS account is strictly meant for living expenses. Tuition fees must be paid separately.
While it is not mandatory for all, Immigration New Zealand may recommend or require it in some cases, especially for students from specific countries.
To learn more about bank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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