The controller and operator of FTS process – Immigration New Zealand (IMZ) and ANZ Bank respectively have together streamlined the Scheme to make it easier for international students to transfer and utilize their funds with ease in New Zealand.
Firstly, meaning of Funds Transfer Scheme – The scheme is for international students who go to New Zealand for study purpose. Under FTS, the students are required to transfer funds for their expected stay in NZ and when they arrive in New Zealand, they receive funds from the ANZ Bank as a monthly allowance. Now, IMZ and ANZ have made some changes in the provisions of the scheme, these are –
- Earlier, there were two FTS application forms but now, there is only one form which students are required to fill up.
- The international students are no more required to set up FTS for their entire course duration in New Zealand rather the FTS process applies only on the first year of stay in New Zealand.
- The efficiency and speedy processing of the application will be ensured.
- For all FTS students, the minimum funds requirement i.e. $15,000 is same.
- Earlier, the international students were restricted to process their funds through ANZ Bank branch but now, they can proceed with any local Bank to transfer FTS funds.
These changes are applicable from 1st October, 2018. These changes have been made keeping in mind the inconvenience students face in the FTS processing. If you require more information regarding study in New Zealand, you can seek updated and transparent information from West Highlander. The director at West Highlander, Ms. Parwinder Kaur is an IAA New Zealand licensed adviser.