Are you planning to study in New Zealand in 2026 or 2027? If you are preparing your financial documents for a New Zealand student visa, there is an important update you should know about.
Immigration New Zealand introduced the Funds Transfer Scheme (FTS) for eligible students from Nepal on 2 April 2026. Previously, ANZ was the bank provider for this scheme. Now, there is another important development.
On 7 October 2026, Immigration New Zealand announced that Bank of New Zealand (BNZ) would also join the Funds Transfer Scheme. This gives eligible international students attending universities and polytechnics another bank option for transferring and managing their study-related living funds.
However, there is an important condition: BNZ’s FTS service is for eligible students attending New Zealand universities and polytechnics. Students attending private training establishments (PTEs) can continue using ANZ under the scheme.
This update may be particularly useful for students preparing for upcoming intakes. However, students should understand the eligibility requirements, financial documents and transfer process before making any decisions.
1. What Is the Funds Transfer Scheme (FTS)?
The Funds Transfer Scheme, commonly known as FTS, is a financial arrangement operated under Immigration New Zealand’s student visa process.
It helps eligible international students demonstrate that they have access to sufficient funds to support themselves during their studies in New Zealand.
Under this arrangement, students who are instructed by Immigration New Zealand to use FTS transfer the required living-expense funds into a designated New Zealand bank account. After the student arrives and completes the bank’s activation requirements, money is released into an everyday transaction account through scheduled monthly payments.
The scheme is intended to demonstrate that students have genuine access to money for their living costs while studying.
Why was FTS introduced for Nepali students?
FTS became available to eligible students from Nepal on 2 April 2026. The scheme can make the process of demonstrating access to living funds more structured and may reduce the amount of financial evidence required in some cases.
However, FTS does not automatically mean that a student can avoid all financial documentation. Banks can still request proof of the source of funds, and Immigration New Zealand may request additional evidence.
Important: FTS is not a visa approval guarantee. Students must still meet the other applicable student visa requirements.
2. Latest FTS Update: BNZ Joins ANZ in October 2026
The most important recent development is that eligible students now have a choice between two banks under FTS: ANZ and BNZ.
According to Immigration New Zealand’s announcement dated 7 October 2026, the scheme is available to eligible students from Nepal, India, China, the Philippines, Sri Lanka and Vietnam.
What has changed?
| Topic | Latest update |
|---|---|
| Previous FTS provider | ANZ |
| New provider | BNZ, from 7 October 2026 |
| BNZ eligibility | Students attending universities and polytechnics |
| Private Training Establishments | Eligible students can continue using ANZ |
| Application process | Apply to only one FTS provider |
| Financial purpose | Demonstrate access to funds for living expenses |
Source: Immigration New Zealand’s official BNZ announcement.
Does this mean every Nepali student can use BNZ?
No. Students must meet the scheme’s eligibility requirements. BNZ’s published criteria include being at least 16 years old, having an offer from a New Zealand university or polytechnic, receiving student visa Approval in Principle (AIP), and meeting the bank’s account-opening requirements.
Students enrolled at private training establishments should not assume that they can use BNZ’s FTS service.
Before applying, check your institution’s category and the instructions in your AIP letter.
3. How Much Money Must Students Transfer Under FTS?
One of the most common questions among students and parents is: How much money must we transfer to New Zealand?
Under Immigration New Zealand’s published FTS requirements, the minimum maintenance funds are:
| Study level | Minimum living funds |
|---|---|
| Tertiary study, including university and polytechnic study | NZD $20,000 per year |
| Qualifying school study | NZD $17,000 per year |
These are living-cost funds, not tuition fees. Your course fees must be accounted for separately.
For example, if a student is undertaking a one-year university programme and is instructed to use FTS, the standard minimum maintenance amount is NZD $20,000 for that year.
If the programme is longer, the total requirement depends on the relevant study period and the instructions from Immigration New Zealand.
Please remember: Do not calculate your transfer amount using social media posts alone. Check your AIP letter and the current official FTS requirements before transferring money.
Official reference: Immigration New Zealand — Funds Transfer Scheme.
4. What Is the Difference Between ANZ and BNZ for FTS?
Both ANZ and BNZ are providers under the scheme, but students should compare their eligibility rules, documentation requirements, transfer arrangements and applicable charges.
BNZ Funds Transfer Scheme
BNZ offers two accounts under its arrangement:
- FTS Rapid Save account: Holds the student’s transferred maintenance funds.
- YouMoney transaction account: Receives scheduled monthly payments for the student’s living expenses after account activation.
Students can apply after receiving an AIP letter that includes an FTS condition. BNZ’s published process says it will contact applicants within approximately three to five working days to establish the account or request additional information.
After the money arrives, BNZ confirms receipt to Immigration New Zealand. Students must complete the required identification and account-activation process after arriving in New Zealand.
BNZ states that its FTS accounts have no monthly account fees, but international transfer charges, receiving-payment service fees and other non-standard fees may apply.
ANZ Funds Transfer Scheme
ANZ is the established provider under the scheme and remains an option for eligible students, including those attending private training establishments.
Students should check ANZ’s current account conditions, source-of-funds requirements, processing arrangements and fees before making their choice.
Which bank should you choose?
There is no universal answer. Your institution type, eligibility, transfer costs, documentation and the instructions in your AIP should guide your decision.
You should apply to only one provider for FTS rather than opening applications with both banks.
Official bank information:
5. What Documents Are Required for BNZ FTS?
This is a particularly important section for students and parents preparing their financial documents from Nepal.
BNZ requires documentation showing the source of the money being transferred. The exact documents depend on where the funds came from.
If the money comes from your salary or employment
BNZ lists the following evidence:
- Six months of bank statements showing salary payments.
- Your employment agreement.
If the money comes from your parents or another family member
You may need:
- A copy of the sponsor’s photo identification.
- A deed of gift or gifting letter.
- Six months of bank statements showing the sponsor’s salary payments.
If the money comes from an education loan
BNZ lists a loan statement or agreement showing the loan amount and repayment schedule.
Students should also check whether the lender and loan documents meet Immigration New Zealand’s requirements for their particular application.
If the money comes from selling property
The documents may include:
- The sale and purchase agreement, or a letter from an independent solicitor or accountant explaining the sale.
- A bank statement showing that the sale proceeds were deposited into your account.
If the money comes from an inheritance
You may need a will, probate documentation, or a letter from an independent solicitor confirming the inheritance, along with a bank statement showing the deposit.
If the money comes from a scholarship
BNZ lists a scholarship letter from a government agency specifying the amount and duration of the scholarship.
Important advice for students: Prepare clear evidence showing how the money was earned, saved, borrowed, gifted or received. Do not assume that transferring a large amount into an account automatically establishes its source.
The bank may request further documents depending on your circumstances.
Source: BNZ — Funds Transfer Scheme source of funds.
6. How Does the FTS Fund Transfer Process Work?
If Immigration New Zealand instructs you to use FTS, the general process is as follows.
Step 1: Apply for your student visa
Submit your student visa application with the relevant supporting documents.
Step 2: Receive Approval in Principle (AIP)
If Immigration New Zealand issues an AIP letter with an FTS condition, follow the instructions provided. AIP is not the same as a final visa approval.
Step 3: Choose your FTS bank
Compare ANZ and BNZ. Confirm that your institution and study programme meet the chosen bank’s requirements.
Step 4: Apply for the FTS account
Complete the application yourself and provide the requested documents, including evidence of your source of funds.
Step 5: Transfer the required amount
Once the bank has established your account and provided the necessary instructions, arrange the international transfer from Nepal using the appropriate banking channel.
Confirm the receiving account details, currency, transfer charges and any foreign-exchange requirements before sending money.
Step 6: Confirm receipt of the funds
Follow the bank’s instructions to confirm the transfer. The bank will notify Immigration New Zealand when the required funds have been received, according to its process.
Step 7: Complete your visa requirements
Immigration New Zealand states that it will finalise the visa application only after receiving confirmation of the required FTS funds and evidence of paid tuition fees.
Step 8: Activate your accounts in New Zealand
After arrival, complete the bank’s identification and activation process. Your monthly living-expense payments can then be arranged according to the FTS conditions.
7. Can Students Withdraw All the FTS Money Immediately?
No. FTS is designed to make living funds available in a structured way rather than giving students unrestricted access to the entire savings balance.
After activation, a set amount is transferred from the FTS savings account to the everyday account each month.
For illustration, Immigration New Zealand publishes these examples for a 12-month period:
| Amount deposited | Example monthly transfer |
|---|---|
| NZD $17,000 | NZD $1,416 |
| NZD $20,000 | NZD $1,666 |
The monthly amount depends on the funds deposited and the applicable scheme arrangements. These figures are illustrative, and actual payments may vary according to the bank’s terms and your circumstances.
Additional withdrawals may be considered in limited circumstances, such as financial hardship. Students should contact their bank and follow the required process rather than assuming that all funds are immediately available.
If a visa application is declined, students should contact their FTS bank to arrange the refund and account closure, providing the relevant Immigration New Zealand decision letter.
8. Does FTS Mean Students No Longer Need Financial Documents?
This is one of the biggest misconceptions about the new update.
FTS can provide a structured way to demonstrate access to living funds. However, it does not mean that all financial checks have disappeared.
Students may still need to provide source-of-funds evidence to the bank, and Immigration New Zealand may request further information about their finances, tuition fees or other visa requirements.
A student should never assume that FTS removes every financial-documentation requirement.
The safest approach is to follow the exact instructions from Immigration New Zealand and the chosen bank.
9. Does FTS Guarantee a New Zealand Student Visa?
No. Neither using FTS nor transferring the required amount guarantees a visa.
Immigration New Zealand assesses the application against the relevant visa requirements. These may include:
- A valid offer of place.
- Evidence of tuition-fee payment or the ability to pay tuition fees, as applicable.
- Sufficient funds for living expenses.
- Evidence of the source and availability of funds where requested.
- Health and character requirements.
- Genuine intentions to study and compliance with the other applicable visa conditions.
The bank transfer is only one part of the overall process.
10. What Should Students Do Before Transferring Funds?
If you are planning to study in New Zealand for the 2027 intake, preparation is essential.
- Confirm that your institution is a university, polytechnic or private training establishment.
- Read your AIP letter carefully and confirm whether FTS is required.
- Check the eligibility conditions of the relevant bank.
- Prepare evidence of the source of funds before initiating a transfer.
- Check exchange rates, transfer fees and the expected amount received in New Zealand dollars.
- Keep copies of the transfer receipt and all financial documents.
- Do not send money to an unverified personal account or rely on an agent’s promise of guaranteed visa approval.
- Confirm the latest rules through Immigration New Zealand and your chosen bank before acting.
Conclusion: A New FTS Option for Eligible Students
The addition of BNZ to New Zealand’s Funds Transfer Scheme on 7 October 2026 is an important development for eligible international students from Nepal.
Students attending universities and polytechnics now have an additional provider to consider alongside ANZ, while eligible students at private training establishments can continue to use ANZ.
However, choosing a bank is only one part of the financial preparation process. Students should understand the maintenance-fund requirements, prepare transparent source-of-funds evidence, follow their AIP instructions and ensure their complete visa application meets Immigration New Zealand’s requirements.
Planning ahead and understanding the official process can help students and their families make better-informed decisions before transferring their money.
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