New Zealand Funds Transfer Scheme: Complete Guide for Indian Students 2026

Education Journalist | Study Abroad Strategy Lead | Updated On - Apr 7, 2026

Indian students applying for a New Zealand student visa may be directed by Immigration New Zealand (INZ) to use the Funds Transfer Scheme (FTS) — a mandatory financial verification process that requires depositing a minimum of NZD $20,000 (~₹10.62 lakh) into a dedicated ANZ Bank account before a visa can be granted. India is one of only six countries in the world subject to this requirement, alongside China, Nepal, the Philippines, Sri Lanka, and Vietnam. Understanding exactly how the FTS works — and where applicants commonly go wrong — is critical to avoiding visa delays or declines.

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What the Funds Transfer Scheme Actually Is

The FTS is an INZ initiative, operated by ANZ Bank New Zealand Limited. Its purpose is straightforward: it gives INZ verified, real-time confirmation that an Indian student has genuine access to funds to support themselves while studying in New Zealand — not just a bank statement that could be inflated or temporary.

Under the FTS, students open two dedicated ANZ accounts:

FTS Savings Account — into which the full annual maintenance amount is deposited upfront before visa grant
ANZ Go Everyday Account — into which a fixed monthly automatic payment is transferred from the savings account once the student arrives in New Zealand

The monthly automatic payment amount is calculated as: total balance deposited ÷ number of months in the study period. This means the money is released to the student in controlled monthly instalments — not as a lump sum.

Critical point: Using the FTS and setting up an account does not guarantee approval of a student visa. It is one condition of approval, not the approval itself.

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Who Needs to Use the FTS

Not every Indian student applicant is automatically required to use the FTS. INZ will notify applicants directly if the FTS is required as part of their visa assessment. When directed, it becomes a mandatory condition — the visa will not be finalised without it.

INZ typically directs students to use the FTS when it needs to verify genuine access to funds — a common requirement for applicants from India given the volume of applications and the history of inflated bank statements in the cohort.

How Much Must Be Deposited

Study type	Minimum annual deposit	Monthly release	INR equivalent (NZD 1 = ₹53.09)
Tertiary (university/college)	NZD $20,000	NZD $1,667/month	₹10,61,800 total / ₹88,501/month
Compulsory school (ages 6–16)	NZD $17,000	NZD $1,417/month	₹9,02,530 total / ₹75,239/month

Exchange rate: NZD 1 = ₹53.09 (Twelve Data, 7 April 2026)

These amounts cover living costs only. Tuition fees are a separate requirement and must be paid in full (or evidenced as payable) independently. INZ will not finalise a visa until both the FTS funds confirmation from ANZ and a tuition fee receipt are received.

The Step-by-Step FTS Process

Step 1 — Receive AIP letter from INZ If INZ approves your application in principle, it issues an Approval in Principle (AIP) letter. This letter will specify if FTS is required as a condition. The AIP deadline for FTS applicants is 15 days — longer than the standard 10-day AIP deadline, but still tight.

Step 2 — Complete the ANZ FTS online application The account holder (the student) must complete the application personally at onlinestore.anz.co.nz. No one else can complete it on the student's behalf.

Step 3 — ANZ contacts you within 3 business days ANZ will reach out for any additional information required to open the accounts.

Step 4 — Transfer funds into the FTS savings account As soon as the savings account is open, transfer the minimum maintenance amount. International transfer fees from the sending bank and ANZ's inward payment fees may apply.

Step 5 — Email ANZ to confirm transfer Email migrantbanking@anz.com to notify ANZ that funds have been deposited.

Step 6 — ANZ notifies INZ within 24 hours ANZ emails INZ confirmation of receipt on the same business day (8:00–17:00, Monday–Friday). ANZ also notifies the student once this confirmation is sent.

Step 7 — INZ finalises and grants the visa Once INZ receives both the ANZ funds confirmation and the tuition fee receipt, the visa is granted.

Step 8 — Activate accounts on arrival in New Zealand On arrival, the student must visit an ANZ branch in person to activate both accounts. This includes completing identity verification. Only after activation does the monthly automatic payment begin.

India-Specific: Which Banks INZ Accepts

For Indian applicants, the source of funds matters significantly for processing speed and approval likelihood.

Public sector banks — fastest processing, no repayment evidence needed: State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank, Union Bank of India, Bank of Maharashtra, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab and Sind Bank, UCO Bank.

Scheduled private sector banks (e.g., HDFC, ICICI, Axis): accepted but take longer to assess. Must include evidence of loan repayment plan.

NBFCs and non-scheduled banks: INZ explicitly does not recommend these. Processing is significantly slower and the risk of decline is higher due to concerns about fund genuineness. If used, repayment evidence is mandatory.

Accessing Funds: What Students Can and Cannot Do

Once in New Zealand, the monthly automatic payment from the savings account to the everyday account is the only regular withdrawal mechanism. Students cannot make additional withdrawals from the savings account except in specific circumstances:

Financial hardship: Students must contact INZ directly (not ANZ) to request access to additional funds. ANZ cannot approve this independently.
Visa declined: Contact ANZ with a copy of the INZ decline letter to arrange a full refund and account closure.
Studies completed or new visa obtained: Contact ANZ with evidence of course completion or new visa to withdraw any remaining balance.

The savings account earns interest (calculated daily, paid on the last business day of each month). The everyday account earns no interest but comes with a free ANZ Visa Debit card for students aged 13 and over.

The AIP Deadline Trap — The Most Common Mistake

The single most common error Indian FTS applicants make is underestimating the AIP timeline. Once INZ issues an AIP letter requiring FTS, the student has 15 days to:

Complete the ANZ online application
Wait for ANZ to contact them (up to 3 business days)
Transfer funds internationally
Email ANZ to confirm
Wait for ANZ to notify INZ (within 24 hours on business days)

International bank transfers from India to New Zealand can take 3–5 business days. If the AIP is received on a Friday, the effective working window shrinks significantly. If the AIP deadline is missed, the application will likely be declined.

If more time is needed, INZ advises requesting an extension from the Immigration Officer as soon as possible — not at the last minute.

What to Do Now

Check whether FTS applies to you — INZ will notify you directly. Do not assume it does or does not apply without confirmation.
Use a public sector bank for your funds evidence wherever possible. SBI, PNB, and Bank of Baroda are the fastest-processed options for Indian applicants.
Prepare funds in advance — do not wait for the AIP letter to begin organising the NZD $20,000. International transfers take time and the 15-day window is tight.
Do not use NBFCs as your primary funds source for a New Zealand student visa application.
Budget separately for tuition fees — the NZD $20,000 FTS deposit covers living costs only. Tuition must be paid and receipted independently before the visa is granted.