Visa
The additional provider has a defined student eligibility scope
This current follow-up examines Immigration New Zealand's 7 October 2026 announcement adding BNZ to the Funds Transfer Scheme. Eligible international students attending universities and polytechnics can compare BNZ and ANZ for the transfer and holding of their maintenance funds. The announcement does not extend BNZ's offer to every education provider: students at Private Training Establishments can continue using ANZ. Applicants should establish the type of institution on their offer before selecting a bank.
The announcement identifies eligible students from China, India, Nepal, the Philippines, Sri Lanka and Vietnam. It tells students to compare the available options and apply to one provider before beginning the scheme process. This is a banking arrangement supporting evidence of funds, not a new student visa category or a general exemption from financial requirements. Its addition of a provider does not mean that every student of those nationalities must immediately transfer money without instructions from INZ.
Follow the approval-in-principle instructions and transfer the required amount
The official Funds Transfer Scheme guidance says INZ will tell applicants whether they need to use the scheme in their Approval in Principle letter. Participants open a dedicated savings account and an everyday account with the selected provider. The guidance distinguishes maintenance funds from tuition fees and sets minimum tertiary maintenance funds at NZD 20,000 per year. Students should reconcile the amount in the letter and bank instructions with the duration and level of their study.
After the account is established, the student transfers the maintenance funds and tells the bank. The bank then confirms receipt to INZ. The scheme guidance says the visa application is finalised only once INZ has both the bank's confirmation and a receipt for paid tuition fees. Opening an account is not a guarantee of a visa. An illustrative applicant whose funds have arrived but whose tuition receipt is outstanding still has a separate document requirement to resolve with the education provider. If the visa is declined, the scheme guidance directs the student to contact the selected bank to arrange repayment and account closure, supplying a copy of the INZ refusal letter.
Evidence must show genuine funds as well as a sufficient balance
INZ's Student fund requirements resource explains the broader financial assessment. For tertiary study of less than a year it lists NZD 1,667 per month; it separately requires evidence of outward travel or enough extra money to purchase a ticket. Tuition is additional to living costs. The resource is useful when preparing the application budget because it separates these expenses instead of treating the maintenance deposit as an amount that automatically covers every part of studying abroad.
That evidence guidance accepts specified records such as bank statements with three months of transaction history, qualifying deposit certificates, scholarship letters and appropriate education-loan documentation. It may also require an explanation and supporting evidence for large deposits or money in a recently opened account. Students relying on funds supplied by another person should identify the relevant sponsorship or financial-undertaking procedure. A balance alone does not explain the source of money or establish that it is genuinely available throughout the planned study.
Check bank documents, activation arrangements and access restrictions
BNZ's own scheme page lists a passport, university or polytechnic offer, Approval in Principle letter, source-of-funds documentation and, where needed, proof of address. Its offer is for eligible students aged at least 16. It describes an FTS Rapid Save account paired with a YouMoney transaction account. On arrival, identification is completed at a branch and monthly payments are arranged. The account information explains that the dedicated savings balance is not available for unrestricted withdrawals or payments.
ANZ's official scheme information describes eligibility from age 13 and its savings and everyday accounts. Branch activation and identification are required before account access, with a monthly automatic transfer supporting living expenses. Its guidance directs hardship requests to INZ. Both providers describe potential international-transfer or non-standard charges even where specified monthly account fees do not apply. Students should therefore compare the published bank terms, prepare the required documents and plan access after arrival, rather than assume that the entire transferred balance can immediately be spent.
