New Zealand’s education system is recognized world over as they have a much organised system of inculcating education. One of the fascinating features for study abroad aspirants is Fund Transfer Scheme (FTS). Under this scheme, the international students from India, China, Sri Lanka and Philippines are required to transfer funds through ANZ Bank of New Zealand so as to support their pecuniary requirements once they are in New Zealand. The Bank allows regular access to the funds. The transfer of minimum required funds to your account with ANZ Bank does not guaranty your visa in New Zealand. It is only a legal conformation or evidence that you have enough funds to support yourself when you are in New Zealand.
Conditions –
- It is compulsory to deposit the minimum amount with the bank for at least first year of study in New Zealand.
- The money is available to the student on monthly basis.
- The fund deposit accounts for the living cost in New Zealand and tuition fee is not included in it.
- The minimum deposit required in FTS account is $15K for a year and accordingly monthly amount available to the student will be $1250.
How to open FTS Account?
For this, you are required to visit ANZ New Zealand website and fill the Funds Transfer Scheme Account application form.
How to use funds?
To utilize the funds deposited in your FTS Account, the student needs to visit the nearest branch of the Bank and activate the account. Once your account becomes active, you can withdraw money through ATM machine, Bank branch or Debit Card. The funds belong to your living expenses like food, rent, utilities, transportation, etc.
How to withdraw funds?
The funds can be withdrawn from the FTS account in case
- The student returns to the homeland without completing his studies
- The visa application of the student gets declined
- The student completes his studies and still there are funds in the FTS Account.
In these situations, your money will be refunded; all you need to do is provide a valid proof of your circumstances to the ANZ Bank.
To study in New Zealand, FTS is a mandatory requirement so as to relieve students of the financial stress and help them concentrate on their studies. If you require more information regarding study in New Zealand, you can reach out to West Highlander, a professional consultancy for study abroad. They have license from IAA New Zealand to cater for your most critical circumstances.