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FTS Account for Indian students

International students can find several educational possibilities in New Zealand. Nonetheless, the embassy has established specific guidelines for Indian students who wish to study in New Zealand, much like all other overseas locations. Creating an FTS account is part of the procedure for Indian students to get a visa to study in New Zealand. Indian students must fulfil this condition to study in New Zealand. You can get a detailed explanation of how to set up an FTS account if you want to study and work in New Zealand.

New Zealand Visa requirements for students

There are some requirements to be met for acquiring a New Zealand student visa which is as follows: 

  • Payment of tuition fees
  • Payments of living expenses to the FTS account

Only after the conditions for an Indian student’s New Zealand study visa listed above have been satisfactorily satisfied does the New Zealand embassy grant the student visa.

What is an FTS Account?

FTS stands for Fund Transfer Scheme, an account operated by the ANZ Bank of New Zealand(ANZ). FTS enables you to move your cash safely to New Zealand and then withdraw a certain amount each month to maintain yourself comfortable there. In other words, FTS is one method to demonstrate to us that you have access to finances to sustain yourself while you are studying in New Zealand. It is a financial protection ensured by the government of New Zealand to safeguard the students while in Germany.

There are several benefits to using a fund transfer scheme account. First, it is a quick and convenient way to transfer money. You do not need to write checks or carry cash, which can be time-consuming and risky. Second, many banks/service providers offer low or no fees for fund transfers through these accounts. So this saves money over time, especially if you transfer funds frequently. Remitforex powered by Unimoni is an online platform which helps you to make your FTS payment in a simple and most trusted way. We are an RBI approved company which works over 300+ branches across India.

Fund transfer scheme accounts also offer greater security than other forms of payment. When you transfer funds electronically, your account information is encrypted, making it difficult for hackers or other unauthorized individuals to access your funds. Additionally, most banks offer fraud protection and will investigate suspicious activity on your account.

Who needs an FTS Account?

FTS only applies to students from India, China, the Philippines and Sri Lanka. Use the FTS account only if you are asked to set one to show genuine access to funds. It is always convenient to transfer and manage money during studies if you open an FTS account.

How to open an FTS account?

Students who have applied for a New Zealand student visa will get an approval-in-principle letter from the embassy after meeting the requirement of depositing their one year’s worth of living costs into an FTS account created with the ANZ bank. Students must contact ANZ bank to create an FTS account and deposit the necessary amount as soon as they receive the AIP(Apply-in-Principle) notice. The following papers must be submitted by all students when they apply for an FTS account with ANZ bank.

  • AIP letter (copy)
  • Passport (copy)

Some papers on the New Zealand student visa checklist must be presented before the New Zealand embassy can complete the student visa application. The embassy has received confirmation that it has received FTS funding from the ANZ. To study and work in New Zealand, Indian students have filed a receipt for their tuition costs.

  • Contact the ANZ bank to request an FTS account and make the necessary financial transfers after receiving your AIP letter. You must give the ANZ a copy of your passport and AIP letter.
  • The ANZ sends you an email to confirm receipt of the cash after they have been deposited into your FTS account. To ensure the money transfer, the bank also contacts INZ directly.
  • After you have received information from ANZ regarding the receipt of your payments and the receipt for your tuition fees, only then will you complete your application and issue your Visa. 

What is the minimum amount of depositing in an FTS account?

The minimum amount to be deposited in the FTS account is NZ $15,000. You must deposit at least this much money into your FTS account. The course or tuition expenses are not included in the cost of living. 

A monthly amount of NZ $1250 can be withdrawn by the students every month for 12 months. This is to ensure the safety & well-being of students in New Zealand during their entire stay. Students can withdraw NZ $1,500 monthly to cover their expenditures if they deposit NZ $18,000 into their FTS accounts.

How can you withdraw from living expenses from New Zealand?

Upon arriving in New Zealand, the first step is activating your FTS account so that you can withdraw money for living expenses. Students need to start their FTS account by visiting their nearest ANZ bank in Germany. 

ANZ bank does not provide direct access to your FTS account to meet your living expenses. Instead, the monthly cost of studies will be transferred to a transaction account. After this, students can withdraw their charges using their ANZ credit card, ANZ debit card, ANZ phone account, ANZ mobile phone account, or chequebook. In short, students wishing to study in New Zealand should open a separate transaction account with the same or any local bank. This is required because the ANZ bank automatically pays the FTS amount into this transaction account. 

Students from India must set up an automatic payment system to update their payments. Changes to the set automated payment system cannot be changed, so students need close attention before starting the account.

How do you get a refund of the FTS amount?

There is a possibility that the ANZ will sanction the entire refund of FTS refund under the following situation:

  • You get an FTS refund if your New Zealand visa gets declined. In this case, you must contact your bank and request a refund. Students must submit a copy of the visa rejection letter from the embassy. 
  • You may also get an FTS refund when you discontinue the course. Students must produce a letter from the University to get an FTS refund amount. 
  • You can also get an FTS refund if you have completed the course in New Zealand. In this situation, students must submit a course completion certificate from the University. If the Visa is reviewed, the proof of the same has to be submitted to get an FTS refund.

In conclusion, a fund transfer scheme account is a helpful tool for anyone who needs to transfer money regularly. Whether paying bills, sending money to friends or family, or making purchases online, this account can make your financial transactions more accessible, faster, and more secure.

FAQs
  • What is an FTS account?

FTS stands for Fund Transfer Scheme, an account operated by the ANZ Bank of New Zealand(ANZ). FTS enables you to move your cash safely to New Zealand and then withdraw a certain amount each month to maintain yourself comfortable there.

  • How do I open a Fund Transfer Service account?

To open a Fund Transfer Service account, you must contact your financial institution and follow their account opening procedures, which may include filling out an application and providing identification documents.

  • Can I make an FTS payment through remitforex?

Yes, you can make payments through remitforex powered by Unimoni. Our team of experts will assist you to make payments to your FTS account.

  • Are there any fees associated with a Fund Transfer Service account?

Some financial institutions may charge fees for using their Fund Transfer Service account. These fees may vary depending on the institution and the transfer type.

  • How long does it take for a transfer to be completed? 

The time it takes for a transfer to be completed can vary depending on the financial institutions involved and the type of transfer being made. In general, most transfers are completed within 1 to 3 business days.

  • Is there any limits on the amount of money I can transfer? 

Yes, most Fund Transfer Service accounts limit the amount of money that can be transferred in a single transaction or within a certain period. These limits may vary depending on the financial institution and the transfer type. The initial deposit to an FTS account is $ NZ 15,000.

  • Is it safe to use a Fund Transfer Service account? 

Most Fund Transfer Service accounts use secure encryption to protect user information and transactions. However, it is always important to take precautions such as ensuring that you are using a trusted financial institution and checking for any signs of fraudulent activity on your account.

  • Can I cancel a transfer once it has been initiated? 

Whether or not you can cancel a transfer once it has been initiated depends on the financial institution and the type of transfer being made. It is important to contact your financial institution immediately if you need to cancel a transfer.

  • Can I transfer funds internationally with a Fund Transfer Service account?

 Some Fund Transfer Service accounts may allow for international transfers, but this can vary depending on the financial institution and the country involved. It is important to check with your financial institution to see if international transfers are possible and what the requirements and fees may be.

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