New Zealand is a country that provides abundant educational opportunities for international students. Indian students looking to study in New Zealand must stick to specific rules and regulations imposed. One essential requirement in the visa application process is opening a Funds Transfer Scheme (FTS) account, which is mandatory for Indian students wishing to study and work in New Zealand. This comprehensive article will guide you through the process of opening an FTS account, ensuring a smooth transition to studying in New Zealand. If you are planning to pursue your studies in New Zealand, this blog is a must-read for you.
What is an FTS Account?
International students coming to New Zealand for studies need to open an FTS account with ANZ Bank. The Fund Transfer Scheme facilitates the financial aspect of studying for Indians. Under this, the students are required to deposit the living expense necessary during the duration of their course. The ANZ collaborates with educational institutions to administer FTS. It ensures that the funds are secure and accessible. It also helps them meet the financial criteria set by the New Zealand government.
Purpose of FTS Account
The purposes of opening an FTS Account are as follows:
- A genuine amount of money is accessible to students during their course duration.
- Safe transfer of funds from their account to New Zealand, and then withdraw a fixed amount monthly to maintain a comfortable life.
- Support them with their living expenses suitably and easily once they arrive in New Zealand.
How to Open an FTS Account?
The following steps are required to open an FTS Account:
- After the successful submission of a student visa for New Zealand, an Approval-in-Principle(AIP) letter is issued to them by the embassy under the condition that the student’s one-year living expense needs to be deposited in an FTS Account, opened in ANZ Bank.
- Upon receiving the AIP letter, students are required to contact the ANZ Bank to initiate the process of opening an FTS Account for the transferring of necessary funds.
- The students are required to submit the following documents while opening the account:
- Copy of AIP letter
- Passport Copy
- The student visa application is finalized by the New Zealand embassy after the submission of the following documents:
- Confirmation receipt of FTS funds from ANZ bank
- Proof of payment of tuition fees.
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Living Expenses to be Deposited
The minimum amount estimated by the embassy of New Zealand as the cost of study for Indian Students is INR 7.4 Lakhs. This Amount does not include the course fee. Amount that the international students are eligible to withdraw every month from their FTS Account is:
- On the deposition of INR 7.4 Lakhs, a certain amount of INR 62,000 can be withdrawn by the students.
- On the deposition of INR 8.9 Lakhs, a certain amount of INR 74,000 can be withdrawn to support their monthly expense.
Documents Necessary for Submitting FTS Payment
The following documents are required for submitting the FTS payment:
- Student Passport
- Offer letter from the university
- Payment details of FTS
- Pan card
- Government-approved ID proof
How to Withdraw Money?
The following steps are required to be done by the students to withdraw their monthly expenses:
- On arrival in New Zealand, students need ANZ bank to activate their FTS account.
- Direct access to the expense deposited is not supported by ANZ Bank. The expenses are transferred to a transaction account.
- Students are advised to open a transaction account in New Zealand to which the expense will be automatically transferred.
- Post this, students will be able to withdraw their expenses through Internet banking, phone banking, debit card, or credit card.
- Once the automatic payment mode has been set up, no further changes can be made.
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The minimum amount to be deposited is INR 7.4 Lakhs
Yes, remitters can be either students or their parents.
The cost of a New Zealand student visa may cost around INR 16,864.
Hope this blog cleared all your doubts regarding the FTS Account in New Zealand. If you are planning to study in New Zealand, then you can reach out to 1800572000 to book a free consultation today. Make your study abroad dreams come true with Leverage Edu.