Eligible international students studying at a New Zealand university or polytechnic can now choose Bank of New Zealand (BNZ) as a provider under Immigration New Zealand’s Funds Transfer Scheme (FTS).
The Funds Transfer Scheme (FTS) is a secure way for students from some countries to transfer funds to support themselves while they are in New Zealand.
The addition of BNZ will provide university and polytechnic students with greater choice, with both ANZ and BNZ available to transfer and hold funds for the duration of their studies in New Zealand.
BNZ will offer FTS only to students attending polytechnics and universities. Students at Private Training Establishments can continue to use ANZ.
Students should compare the available options and apply to the provider that best meets their needs before beginning the Funds Transfer Scheme application process.
The FTS provides a safe and secure way for eligible international students to transfer money to New Zealand and access it while they study. The scheme is currently available to eligible students from China, India, Nepal, the Philippines, Sri Lanka, and Vietnam.
Erickson Insights & Analysis
Erickson Immigration Group will continue to monitor developments and share updates as more news becomes available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or if you have case-specific questions.