Students who are required to use the Funds Transfer Scheme can now choose between ANZ and BNZ, giving more flexibility to those whose visa approval depends on it
Immigration New Zealand has announced that BNZ (Bank of New Zealand) has joined its Funds Transfer Scheme (FTS), alongside ANZ, which has run the scheme on its own until now. The FTS is the secure process through which eligible international students — including those from India — transfer their living-cost funds into a New Zealand bank account as part of their student visa requirements. The change, announced on October 7, 2026, gives students who are required to use the scheme a second provider to choose from.
Key Facts at a Glance
- What changed: BNZ now joins ANZ as an approved Funds Transfer Scheme provider for eligible international students
- Who this applies to: Students told to use the FTS in their Approval in Principle (AIP) letter, studying at a New Zealand university or polytechnic — students at Private Training Establishments must still use ANZ only
- Eligible nationalities: India is among the countries whose students may be required to use the scheme, alongside China, Nepal, the Philippines, Sri Lanka, and Vietnam
- Minimum funds required: NZD $20,000 per year for most tertiary study (tuition fees are separate and don't count toward this)
- How funds are released: Automatically, in monthly instalments — for example, a NZD $20,000 deposit releases up to NZD $1,666 per month over 12 months
- Important: Students must apply to only one provider (either ANZ or BNZ), not both
What this means for applicants
If your Approval in Principle letter requires you to use the Funds Transfer Scheme, you now have a genuine choice of bank rather than a single mandatory provider. This is a practical, student-friendly change — more choice generally means better service options and potentially more convenient account management, though the core process (minimum amount, monthly release structure, and visa-linked confirmation) remains the same regardless of which bank you choose.
It's worth being clear that the FTS itself doesn't guarantee visa approval — it's one requirement among several, and only applies to students who are specifically asked to use it in their AIP letter. Not all Indian applicants will be required to go through this scheme.
What you can do
- If your AIP letter asks you to use the Funds Transfer Scheme, compare ANZ and BNZ before applying, and apply to only one — applying to both is not permitted.
- Make sure you understand the minimum amount required for your specific study type and plan your fund transfer accordingly, keeping in mind tuition fees are paid separately.
- Keep your bank communication prompt — your chosen bank will contact you within 3 business days if they need further information, and delays here can affect your visa timeline.
- If you're unsure whether you'll be required to use the FTS, this is worth raising early with your counsellor at IRS Study Abroad, as part of your overall financial planning for a New Zealand application.
IRS Study Abroad, Kottayam, helps New Zealand-bound students navigate visa financial requirements, including the Funds Transfer Scheme, so the process is clear and well-timed from application to arrival.
