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New Zealand Study Visa- Apply under FTS

 

FTS-Fund Transfer Scheme is to help facilitate the processing of student visa applications from Indian students who want to go New Zealand to study for more than 12 months.Under this scheme student has to transfer one year living expenses i.e. 15000 NZ$ in ANZ bank of NZ after AIP [Approval in Principle].This amount is available to student once he reaches NZ. Once the living cost of money is transferred to New Zealand this will be held in a savings account in the student’s name and will be locked in for a period of 12 months. During this period the student will not access to more than 1/12th of the amount plus the accrued interest every month. When the student reaches NZ he will need to present himself in person at the nearest ANZ branch post which a transaction account will be activated for the student and he will be given an ATM card to operate this account. The student therefore will have access to only the money in the transaction account but not in the savings account. Student can show recent funds under this scheme.

Under this scheme ANZ has tied-up with ANZ Bank in New Zealand to facilitate the Funds Transfer Scheme.
Funds Transfer Scheme process is under:
Step 1: Applicant lodges their student visa application with the branch and clearly marks in front of the application form with a bold ‘FTS’ ; Also , Applicant will need to mention this in their covering letter.
Step 2: INZ branch processes the student visa application and if satisfied, notifies the applicant that they have been approved in principle [AIP]
Step 3: Applicant provides a copy of the AIP to ANZ bank along with complete ANZ enquiry form. Account details will be sent to the applicant. The applicant approaches their bank in India to remit funds to the NZ account.
Step 4: After remitting funds in their ANZ bank account, applicant provides a copy of the TT receipt to ANZ bank.
Step 5: ANZ bank notifies INZ confirming the applicant’s account balance.
Step 6: Applicant submits fee receipt, ANZ account balance letter and a copy of AIP requirements for issuance of student visa and finally visa is granted.