International Student Funds Transfer Scheme Account Terms and Conditions

Effective 7 October 2026

These are the terms and conditions (FTS Terms) which supplement the BNZ standard terms and conditions, BNZ Internet Banking terms and conditions, and BNZ Telegraphic Transfer terms and conditions that apply to the BNZ accounts you open and operate under The Funds Transfer Scheme (FTS).

Definitions

Account Holder means you, as named in the application form.

Activated means an FTS Account is fully operational and unless set out otherwise in these terms and conditions, can have withdrawals made by the Account Holder. Clause 2.1 explains how to activate an FTS Account.

Fees Guide means BNZ’s Personal Account, Service, and Facility Fees guide (PDF 94KB) which is updated from time to time and can also be found at any BNZ branch.

FTS Accounts means each of the YouMoney and Rapid Save accounts opened with BNZ in the name of the Account Holder under the FTS and provided to you by BNZ under these Terms and Conditions.

Terms and Conditions means these FTS Terms, BNZ’s Standard Terms and Conditions, BNZ’s Internet Banking Terms and Conditions, BNZ’s Telegraphic Transfers terms and conditions, the Account Operating Authority and the Fees Guide (PDF 94KB), as each is amended or varied by us in accordance with its terms.

1. Opening FTS Accounts

You can apply to open FTS Accounts with BNZ if you:

• are 16 years of age and over;
• have received your student visa Approval In Principle from Immigration New Zealand (INZ);
• have an offer of place from a New Zealand university or Polytech; and
• are arriving in New Zealand in the next 90 days.

2. FTS Accounts’ activation, restrictions, and closure

2.1 Activation of FTS Accounts. Unless we agree otherwise, the FTS Accounts will be Activated once the Account Holder has attended an activation meeting at a BNZ branch, provided a copy of their New Zealand student visa, and completed and satisfied all of BNZs required identification and address verification checks and any other account activation procedures and any other verifications necessary under New Zealand law. Following Activation, the Account Holder agrees that BNZ will set up an automatic payment to transfer a set proportion each month from the Account Holder’s FTS Rapid Save Account to the Account Holder’s FTS YouMoney Account by the 5th of that month. The amount of each automatic payment will equal the [total] balance of the Account Holder’s FTS Rapid Save Account as at the date of transfer divided by the number of remaining months in the Account Holder’s FTS study period.

2.2 Initial restrictions before activation of FTS Accounts. Until the FTS accounts are Activated, the only transactions an Account Holder may make are telegraphic transfer deposits to the FTS Rapid Save Account, to meet the INZ’s FTS funding requirement. All deposits are subject to BNZ’s Telegraphic Transfers terms and conditions. Overseas bank charges and BNZ’s international payment service fees may apply.

2.3 Ongoing restrictions after FTS Accounts Activation. After their FTS Accounts are Activated, an Account Holder will not be able to access the funds in their FTS Rapid Save account through BNZ Internet Banking, the BNZ Mobile Banking app, BNZ Phone Banking or on any BNZ Visa card (both debit or credit) or any EFTPOS card. An Account Holder will only have access to those funds once they have been transferred into their FTS YouMoney Account through the automatic payment in clause 2.1 above.

2.4 Closing Account. Unless BNZ agrees otherwise, if:

• the FTS Accounts have not been Activated and the Account Holder does not come to New Zealand within 90 days of the FTS Accounts being opened, or
• the Account Holder withdraws from the FTS before the end of their FTS study period and leaves New Zealand permanently,

BNZ will notify INZ prior to closing the Account Holder’s FTS Accounts. At any time, the Account Holder can request BNZ to close their FTS accounts. Upon confirmation from INZ, BNZ will then close the FTS Accounts. If the FTS Accounts are closed, any credit balance will be refunded to the account of origin, or to an account in the Account Holder’s name with a reputable bank or financial institution. The credit balance will be transferred only if the Account Holder has satisfied BNZ’s standard customer due diligence and legislative requirements, and BNZ has received written confirmation of the account details from the Account Holder and the bank or financial institution in question. The balance refunded will be less any charge(s) BNZ incurs for the telegraphic transfer of the balance to that account. These fees and charges are available in our Fees Guide.

2.5 Balance refund. Any balance refunded to the Account Holder requiring an exchange of currency will be subject to the exchange rate applying at the time of the refund.

3. Internet Banking access

3.1 View-only Internet Banking. Until the FTS Accounts are Activated, only the Rapid Save account will be visible to the Account Holder and the Internet Banking service will be limited to viewing the Rapid Save account balance only. BNZ Internet Banking terms and conditions, which can be found on the Bank’s website, will apply. An Account Holder will obtain full access to Internet Banking, including through the BNZ app when their FTS Accounts have been Activated, however the ability to transact on their FTS Rapid Save Account will remain restricted as outlined in clause 2.3 above.

3.2 Accessing view-only Internet Banking. To access Internet Banking, including through the BNZ app, an Account Holder must give BNZ a valid email address and mobile phone number in their FTS Accounts application. BNZ will send the Account Holder a temporary Internet Banking password to the mobile phone number provided.

4. Account statements and fees

4.1 Receiving Account statements via Internet Banking. BNZ will provide an Account Holder with FTS Accounts’ statements every 6 months. By applying to open FTS Accounts, the Account Holder consents to receiving FTS Accounts’ statements via Internet Banking. Subject to clause 4.2, the Account Holder will not receive paper account statements.

4.2 Requesting paper account statements. If an Account Holder wants to receive paper account statements by post (either to the Account Holder’s overseas address, or to the Account Holder’s New Zealand address), the Account Holder must notify BNZ. If paper FTS Accounts’ statements are sent to the Account Holder address, a paper statement fee may be charged. If paper account statements are sent to the Account Holder’s overseas address, the Account Holder will be charged the international postage fee, referred to below in clause 7.2. For more information, refer to our  Fees Guide (PDF 94KB). If an Account Holder has no funds in their account when they are charged the international postage fee or paper statement fee, the FTS Accounts may go into overdraft and the Account Holder will incur an unarranged overdraft fee. BNZ will refund any unarranged overdraft fees and any debit interest relating to the overdraft fees, once the Account Holder arrives in New Zealand, or if the Account Holder asks the BNZ to refund the fees before the Account Holder arrives. 

5. Variation of Terms

BNZ may change, add to, delete, or replace at any time any of these Terms and Conditions by giving you notice, either in writing (which may include by email), or by public advertisement, or display on our website, at least 14 days before the changes take effect.

6. Accessing additional funds if experiencing financial difficulty

An Account Holder who wants to withdraw additional funds from an FTS Rapid Save Account for financial hardship or other reasons must contact INZ in the first instance. If the Account Holder approaches BNZ directly, BNZ will ask the Account Holder to contact INZ for an FTS hardship assistance application. BNZ will only act on instructions from INZ.

7. General

7.1 Subject to Terms and Conditions. The FTS Accounts are subject to the Terms and Conditions. Copies of the Terms and Conditions are available free of charge from any branch or Partners Centre of BNZ and are also available on BNZ’s website. 

7.2 Independent legal advice. Account Holders should seek independent advice on whether there are taxation or other financial implications of non-New Zealand residents opening a New Zealand bank account.

7.3 Service. Except for a Variation of Terms as described in clause 5, any demand on or notice to the Account Holder from the BNZ will be written and addressed to the Account Holder. The demand or notice will be considered to have been served if it is:

(a) delivered to the Account Holder personally;
(b) addressed to the Account Holder and left at or posted to the last known place of business or residence of the Account Holder; or
(c) to the email address we hold on file for the Account Holder.

Any notice sent by email or text message to the Account Holder’s last email address or number known to us, or made available online, is considered to have been received by the Account Holder at the time it is sent. Any notice sent by post to the Account Holder is considered to have been received by the Account Holder three Business Days after the date it is sent.

8. Applicable Law and Jurisdiction

The FTS Accounts and the Terms and Conditions are governed by New Zealand law. The Courts of New Zealand have exclusive jurisdiction to hear and determine disputes in respect of these Terms and Conditions. If any Term is not enforceable for any reason, the remainder of the Terms will still be enforceable.

9. Declaration

By submitting the application for FTS Accounts, you as an Account Holder confirm that:

(a) you understand that you won’t be able to withdraw any funds from the FTS Accounts until you have completed BNZ’s FTS Accounts Activation procedures (as outlined in clause 2.1);

(b) you understand that funds transferred to your FTS Rapid Save Account to meet your annual living expenses requirement will remain in the FTS Rapid Save Account for the duration of your FTS study period, with the exception of the automatic payment set up under clause 2.1 or unless subject to directions received by BNZ from INZ under clause 6 or you close your accounts under clause 2.5;

(c) you understand that the accounts you open under the FTS will also be governed by the requirements of your student visa and that you will be responsible for operating those accounts in accordance with your student visa obligations;

(d) by opening a FTS account, you are agreeing to be bound by these FTS Terms, the BNZ standard terms and conditions and BNZ Internet Banking terms and conditions, which we can amend from time to time;

(e) you understand that we’ll make statements for this account available through online banking, unless you request paper statements;

(f) all the information provided to BNZ by you and on your behalf, is true and complete;

(g) you authorise BNZ to make any enquiries it considers necessary to check the accuracy of the information provided;

(h) you won’t use any of your BNZ accounts for crowdfunding, to trade in any virtual or digital currencies on behalf of others, or to transfer money on behalf of others;

(i) you won’t, directly or indirectly, use any BNZ products or services in connection with any transaction, activity, country, region, person, or entity that is prohibited, restricted, or unsupported under BNZ’s Sanctions Policy or International Payment restrictions. You won’t access or use BNZ online services, including the BNZ app and Internet Banking, from any location where BNZ restricts access;

(j) you’ll notify BNZ within 20 days of any change in circumstances which affects your tax residency status or causes the information in your application to become incorrect or incomplete. You’ll provide BNZ with an updated self-certification, Declaration, and relevant documentation (as requested) within 20 days (or a lesser period as requested by BNZ) of this change in circumstances;

(k) you understand the information contained in this form, information regarding the Account Holder, and any FTS Accounts may be reported to New Zealand Inland Revenue. It may also be given to tax authorities of another country or jurisdiction in which the Account Holder may be a tax resident, under intergovernmental agreements to exchange financial account information; and

(l) you understand all statements made in this Declaration also apply to any information provided to BNZ by you, or an authorised person on your behalf, after submitting this application. 

10. Personal Information Notice

When you apply for an FTS account, BNZ will collect information to check you meet the requirements to participate in the Scheme, process your application, and administer it with INZ. We will share information with INZ (including your name, country of residence, Approval in Principle (AIP) number, and account balance), so it can confirm you are meeting the Scheme requirements. We may collect information from INZ to help us administer changes to your status such as an event that means funds should be released or to process hardship applications.

Our Master Privacy Policy covers all our products and services, and all our interactions with you. You can also contact us to request a copy.