BNZ Joins New Zealand’s Funds Transfer Scheme: What International Students Need to Know
For international students planning to study in New Zealand, financial preparation is one of the most important parts of their education journey.
Understanding tuition fees, living expenses and New Zealand student visa financial requirements is essential before making the decision to study overseas.
On 7 October 2026, Immigration New Zealand announced that Bank of New Zealand (BNZ) has joined the Funds Transfer Scheme (FTS), giving eligible international students another option for transferring and managing their living expenses while studying in New Zealand.
Previously, ANZ was the available banking provider under the scheme. With BNZ now participating, eligible students attending New Zealand universities and polytechnics can choose between ANZ and BNZ.
But what does this change mean for international students, particularly those planning to study in New Zealand from Sri Lanka?
What Is the New Zealand Funds Transfer Scheme (FTS)?
The Funds Transfer Scheme (FTS) is a financial arrangement recognised by Immigration New Zealand that allows eligible international students to transfer and manage money for their living expenses while studying in New Zealand.
When applying for a New Zealand student visa, students must demonstrate that they meet the applicable financial requirements, including having sufficient funds to support themselves during their studies.
For students required to use the FTS, the scheme provides a secure and structured way to transfer their living expenses to New Zealand through a participating bank.
Once students arrive in New Zealand, a set portion of their funds is transferred into their everyday bank account each month.
These funds can help cover expenses such as:
- Accommodation and rent
- Food and groceries
- Transport
- Utilities and everyday living expenses
- Other essential personal costs
The scheme helps students manage their finances throughout their studies rather than accessing all their transferred funds at once.
Understanding how your living expenses will be managed is an important part of preparing for life as an international student in New Zealand.
What Has Changed? BNZ Joins ANZ as an FTS Provider
The latest announcement from Immigration New Zealand means eligible students attending universities and polytechnics now have two participating banks to choose from:
- ANZ Bank New Zealand
- Bank of New Zealand (BNZ)
However, not every international student can choose between these two banks.
The available provider depends on the type of education institution the student plans to attend.
Students Attending New Zealand Universities
Eligible international students studying at New Zealand universities can choose either ANZ or BNZ for their Funds Transfer Scheme arrangements.
Students Attending New Zealand Polytechnics
Eligible international students attending New Zealand polytechnics can also choose between ANZ and BNZ.
Students Attending Private Training Establishments (PTEs)
Students attending Private Training Establishments (PTEs) can continue to use ANZ.
BNZ is currently offering the Funds Transfer Scheme only to eligible university and polytechnic students.
The important point is that the addition of BNZ provides greater choice, but the available banking options depend on the type of institution you attend.
What Does This Mean for Sri Lankan Students?
For students planning to study in New Zealand from Sri Lanka, this announcement is particularly relevant.
Sri Lanka is one of the countries whose eligible students can access Immigration New Zealand's Funds Transfer Scheme.
The scheme is currently available to eligible students from:
- Sri Lanka
- India
- Nepal
- China
- The Philippines
- Vietnam
Eligible Sri Lankan students attending a university or polytechnic now have the option of choosing between ANZ and BNZ.
However, students attending Private Training Establishments will continue to use ANZ if the FTS applies to their circumstances.
It is also important to understand that not every Sri Lankan student visa applicant is required to use the Funds Transfer Scheme.
Whether the scheme is required depends on the student's individual circumstances and instructions from Immigration New Zealand.
Students should therefore confirm their financial requirements before opening an account or transferring funds.
How Does the Funds Transfer Scheme Work?
The process generally involves five important steps.
Step 1: Understand Your Financial Requirements
Students must understand the financial evidence required for their New Zealand student visa application.
If Immigration New Zealand requires a student to use the FTS, this condition will be explained in their Approval in Principle letter.
Step 2: Choose an Eligible Bank
Eligible university and polytechnic students can choose between ANZ and BNZ, while eligible students attending Private Training Establishments can continue to use ANZ.
Immigration New Zealand advises students to apply to only one FTS provider.
Step 3: Open the Required Bank Accounts
Students need to establish the required banking arrangements, generally including an FTS savings account and an everyday bank account.
Step 4: Transfer the Required Funds
Students transfer the required funds according to their chosen bank's instructions and any conditions specified by Immigration New Zealand.
Step 5: Access Your Living Expenses
Once students arrive in New Zealand and complete the necessary banking arrangements, funds are transferred into their everyday account through scheduled monthly payments.
These payments help students manage their living expenses throughout their studies.
Important: Opening an FTS account or transferring funds does not guarantee student visa approval. The final decision remains with Immigration New Zealand.
Why Financial Planning Matters Before Studying in New Zealand
At GRI Education, we encourage students to understand the complete financial commitment involved in studying overseas.
Tuition fees are only one part of the overall investment.
Students must also consider accommodation, food, transport, insurance and other everyday living expenses.
These considerations become even more important for students planning to study in New Zealand with their spouse or children.
Before making a final decision, students should ask themselves:
- Can I comfortably manage my living expenses while studying?
- Do I have sufficient funds beyond my tuition fees?
- What happens if finding part time employment takes longer than expected?
- Can my family manage financially during the initial settlement period?
Students should avoid building their financial plans entirely around the expectation of finding employment immediately after arriving in New Zealand.
Although employment opportunities may be available, finding suitable work can take time, and employment is never guaranteed.
A realistic financial plan is just as important as choosing the right course and education institution.
What Should Students Consider Before Choosing ANZ or BNZ?
With BNZ joining the scheme, eligible students have greater choice when arranging their finances.
Before selecting a bank, students should consider:
- Eligibility based on their education institution
- Account opening requirements
- Applicable banking fees and charges
- International money transfer arrangements
- Access to everyday banking services
- Conditions associated with the Funds Transfer Scheme
Immigration New Zealand recommends comparing the available options and applying to the provider that best meets your needs.
Students should always follow official Immigration New Zealand instructions and their chosen bank's application procedures.
How GRI Education Can Help You Plan Your New Zealand Studies
Planning to study in New Zealand from Sri Lanka involves more than simply obtaining an offer letter or student visa.
Choosing the right qualification, selecting a suitable institution, understanding the financial commitment and preparing for life in New Zealand are all important parts of the journey.
At GRI Education, we believe students should receive clear, realistic and reliable guidance before making major educational and financial commitments.
Our team can assist with:
- Exploring suitable New Zealand study options
- Choosing universities, polytechnics and private education providers
- Understanding course entry requirements
- Planning the overall financial commitment
- Understanding general student visa requirements
- Preparing for studying and living in New Zealand
- Accessing student support and settlement guidance
- Participating in employability and career development workshops
Where personalised immigration advice is required, students should seek assistance from an appropriately licensed immigration adviser.
Our goal is to help students make informed decisions and prepare for the complete international education journey.
Call or WhatsApp GRI Education today on +94 77 488 3351 to discuss your New Zealand study options.
Final Thoughts
The addition of Bank of New Zealand (BNZ) to Immigration New Zealand's Funds Transfer Scheme is a positive development for eligible international students.
With both ANZ and BNZ now available to eligible university and polytechnic students, there is greater choice when arranging funds for studying in New Zealand.
For Sri Lankan students, this provides another option to consider when preparing for their education journey.
However, students attending Private Training Establishments should understand that ANZ remains their available FTS provider.
Most importantly, students should review their financial requirements carefully, understand the scheme's conditions and follow official Immigration New Zealand instructions.
At GRI Education, we believe successful international education begins with informed decisions, realistic financial planning and the right support.
Choose your study pathway carefully. Understand your financial requirements. Prepare for life in New Zealand.
GRI Education. Your future begins here.
Official Sources and References
1. Immigration New Zealand: BNZ to Join Immigration New Zealand's Funds Transfer Scheme
Published 7 October 2026.
2. Immigration New Zealand: Funds Transfer Scheme
Official information about the Funds Transfer Scheme, eligibility and requirements.
https://www.immigration.govt.nz/study/study-visas/funds-transfer-scheme/
Disclaimer: This article provides general educational information based on Immigration New Zealand's published guidance as at 10 October 2026. Immigration policies, eligibility criteria and banking arrangements may change. Students should always refer to official Immigration New Zealand information and seek advice from a licensed immigration adviser where required.