New Zealand adds Bank of New Zealand (BNZ) to Funds Transfer Scheme for international students

New Zealand has added Bank of New Zealand (BNZ) as a provider under Immigration New Zealand’s Funds Transfer Scheme (FTS), giving eligible international students another option to transfer and hold funds while studying in the country.

The change, announced by Immigration New Zealand, applies to eligible international students enrolled at universities and polytechnics. BNZ will operate alongside ANZ, which is already available under the scheme.

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The FTS is currently available to eligible students from six countries: India, China, Nepal, the Philippines, Sri Lanka and Vietnam. This means eligible Indian students studying at New Zealand universities and polytechnics can now consider either BNZ or ANZ when using the scheme.

The addition of BNZ does not apply to all types of education providers. BNZ will offer the FTS only to students attending universities and polytechnics. Students enrolled at Private Training Establishments (PTEs) will continue to use ANZ under the scheme.

What is New Zealand's Funds Transfer Scheme?

The Funds Transfer Scheme provides a way for eligible international students to transfer money to New Zealand and access it while they are studying.

For students from countries covered by the scheme, including India, the arrangement is intended to provide a structured way of transferring and holding funds for their period of study in New Zealand.

With BNZ now joining the scheme, students at eligible universities and polytechnics have a choice between two participating providers.

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What should students do?

Immigration New Zealand has advised students to compare the available options and choose one provider that best meets their requirements before beginning the FTS application process.

Students therefore need to decide which provider they want to use before starting their Funds Transfer Scheme application.

The choice of provider will depend on the student's circumstances and the options available to them under the scheme. The announcement does not state that students must use BNZ or that BNZ replaces ANZ.

Which students can use BNZ?

The new BNZ option is limited to students studying at universities and polytechnics.

For students enrolled at Private Training Establishments, ANZ remains the provider available under the FTS.

For Indian students, the change is relevant depending on the type of New Zealand institution they plan to attend. An Indian student accepted by a university or polytechnic can consider the two available FTS providers, while an Indian student attending a PTE will continue to use ANZ.

The scheme remains available to eligible students from India, China, Nepal, the Philippines, Sri Lanka and Vietnam, subject to the applicable eligibility requirements.

Immigration New Zealand has described the FTS as a safe and secure way for eligible international students to transfer money to New Zealand and access it during their studies.