Fund Transfer Scheme accounts

If you’re an eligible student aged 16 or older with an offer to attend a New Zealand university or polytechnic, you can apply for an FTS account with us. The FTS is an Immigration New Zealand (INZ) scheme.

Start your application How it works

About the Funds Transfer Scheme

When you’re applying for a student visa, Immigration New Zealand (INZ) will let you know if you need to apply for an FTS account. An FTS account helps show you have enough funds to support yourself while studying in New Zealand. We operate INZ’s FTS for students aged 16 or older who have an offer to attend a New Zealand university or polytechnic. If you’re eligible, you can apply for an FTS Rapid Save account and a YouMoney transaction account before you arrive. This will allow you to transfer funds to your New Zealand account.^ Once set up, a set amount will be withdrawn monthly for living expenses during your study.

How it works

If you’ve received approval in principle for a student visa with an FTS condition from Immigration New Zealand (INZ), you can apply for an FTS account with us.

1. Apply

You’ll need to complete a form to apply for our FTS Rapid Save savings account and YouMoney transaction account. We’ll be in touch within three to five working days to set up your account or ask for more information.

Apply for your FTS accounts

2. Transfer

After your FTS Rapid Save account is set up, you’ll be able to transfer your funds^ across using Internet Banking.^ After you confirm this transfer with us, and the funds are showing in your account, we’ll let INZ know.

3. Activate

When you arrive in New Zealand on your student visa, you’ll need to complete our identification process in one of our branches. Once that’s complete, we’ll get your YouMoney transaction account set up to use. We’ll also set up a monthly automatic payment from your FTS Rapid Save account to your YouMoney account.

FTS monthly automatic payments

Each month an amount will be automatically transferred from your FTS Rapid Save account to your YouMoney account.^ This is to cover your living expenses for the month, as required under the scheme. You can view the balance in your FTS Rapid Save account but you won’t be able to withdraw funds or make payments. As FTS Rapid Save is a savings account, any interest earned will be added to your account balance.

Fees and interest

You’ll earn interest on money in your FTS Rapid Save account while it’s open and has a positive balance. Interest is calculated daily and paid the day after the bank month^ ends.

You won’t pay any monthly account fees for your BNZ FTS Rapid Save or your BNZ YouMoney account. However, staff-assisted service fees or non-standard fees and charges may apply. Refer to our Fees Guide (PDF 94KB) for more information. Overseas bank charges and our service fee for receiving international payments may apply to the deposits made into your FTS Rapid Save account. This also applies to any further international transfers into your BNZ accounts.

Apply for a Funds Transfer Scheme account

You’ll need the following documents to complete this application:

  • your passport
  • Offer of Place from a New Zealand university or polytechnic
  • approval in principle (AIP) for your student visa from Immigration New Zealand
  • a document showing proof of address (if the AIP doesn’t contain your residential address)
  • documentation showing source of funds for your FTS account.

When you apply for an FTS account, we’ll collect information to process your application and check you meet the scheme requirements. Once it’s processed, we’ll share your account details with INZ. Details we share include your name, country of residence, AIP number, and account balance. We may also collect information from INZ to update your status, including when funds should be released or to process hardship applications.

For information on our privacy practices, including how we collect, use, and disclose your information, refer to our Master Privacy Policy.

Help and support

If you need help, contact us at fts@bnz.co.nz or talk to one of our Migrant Banking team members +64 9 956 9431 (international charges will apply).

Eligibility and account opening criteria, terms, and fees apply. Fees and Interest rates subject to change. Non-standard fees may apply. Refer to the following for full details of our FTS account terms and conditions. BNZ standard terms and conditions which apply to all BNZ transaction and savings accounts and BNZ’s Telegraphic Transfers terms and conditions which apply to international payments. Details of our fees can be found in our Fees Guide (PDF 94KB).

The material on this website is for information purposes only and is not financial or other professional advice.

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