shikharawalIf you need help with the New Zealand Fund Transfer Scheme (FTS), you can consider a Kochi expert. In fact, they will assist you with account opening details and provide Study abroad counselling in Kochi for your overseas travel. Also, they can explain how the FTS works and guide you through the steps to set up your account. They will show you how to transfer the right amount of money and how much you can take out each month. The experts will also answer any questions you might have about the process. Further to know how and when to open an FTS account in New Zealand read the following details below.
Kochi Experts Assist You On How and When to Set Up an FTS Account
The experts in Kochi can help you with setting up your Fund Transfer Scheme (FTS) account. In fact, you can take study abroad counseling in Kochi for further guidance. They will assist you with the best time to open the account and show you how to complete the process. They can also explain what documents you need and answer any questions you have. With their help, you’ll know exactly what to do to make sure everything is ready for your studies in New Zealand. In the further section, you will read about the conditions Indian students need to follow to open an FTS account in New Zealand.
Conditions to Open an FTS Account as an Indian Student
To open an FTS account, you need to follow these rules. First, put in at least the minimum amount of money needed for one year of study. Also, agree to withdraw a specific amount each month from the account. Finally, you must be at least 13 years old to open this account. These steps help banks to show that you have enough money to support yourself while studying. As you now know the conditions let’s move forward. Here are the steps you need to follow to open an FTS account!
Steps to Open the FTS Account in New Zealand
The experts from study abroad counseling in Kochi will assist you in opening an FTS account in New Zealand. However, this process involves a few important steps. First, you need to apply online through the bank’s website and fill out the form with your details. Then, deposit the required amount for a year of study into the account. Finally, agree to the monthly withdrawal plan and wait for the bank to confirm everything.
AIP Letter
Once you get their approval in principle (AIP) letter for your student visa you are eligible to open an account. However, this AIP will tell you that you need to use the Fund Transfer Scheme (FTS) to meet a visa requirement. The FTS is a way to prove that you have enough money to cover your studies. Make sure to follow the instructions in the letter carefully to complete this requirement.
Online Application
To finish your FTS application, go to the Australia and New Zealand Bank (ANZ) website and fill out the online form. However, a Kochi expert will assist you in this form-filling process. In fact, they will check all the details before taking any further steps. After that, they enter all the required information and follow all the instructions carefully. Completing this form is important to show that you have enough money for your studies. Thus, study experts will make sure you fill it out correctly to avoid any issues with your student visa.
ANZ Approval
After you apply, ANZ will get in touch with you within 3 business days if they need more information. This means you might get a call or an email asking for extra details to help with your application. Make sure to check your email and phone regularly so you don’t miss any messages.
Transfer Funds to Savings Account
Once you find out that your bank account is open, Kochi expert suggest you move your money into it right away. This is important because you need to show you have enough funds for your studies. Because doing this quickly helps make sure everything is ready for your student visa.
Email Process and Account Activation
First, email ANZ to let them know you have moved your money into the account. ANZ will then send a confirmation email within 24 hours on business days. In this case, if a Kochi expert are involved they will notify them too.
Description of How to Withdraw Money from FTS Account
After completing your studies in New Zealand if you want to withdraw money from your FTS account you must follow these steps. First, contact ANZ and let them know you want to take out funds. Then, follow their instructions to provide any needed documents, like proof of your studies or visa status. ANZ will help you withdraw the money according to their rules. Here are the following steps!
Set a Withdraw Amount
You can only take out a fixed amount of money from your FTS account each month, and this amount will be the same every month for 12 months. The fixed amount is based on the minimum funds you need to transfer. If you put in more money than the minimum required, you can take out a higher amount each month.
How to Withdraw Money if Visa Application Declined?
According to a Kochi expert, if your visa application gets rejected, you need to contact ANZ. They will help you to get your FTS funds back and close your FTS account. To do this, you must send ANZ a copy of the letter that explains why your application was declined. However, this will help ANZ process your refund and close the account properly. Although, experts will make sure you get your money back in time.
Withdraw Money When You Complete Your Studies
If you’ve finished your studies or got a new visa, and you still have money left in your FTS account, you can take out the remaining funds. To do this, you need to contact ANZ and show them proof that you’ve completed your course or have a new visa. This way, ANZ will know it’s okay to let you withdraw the rest of your money from the account.
Conclusion
Lastly, working with a Kochi expert can make understanding the New Zealand Fund Transfer Scheme (FTS) easier. They will guide you through the steps to set up your account, transfer funds, and manage withdrawals. In fact, with their help, you will be well-prepared to handle your finances while you study in New Zealand. This support ensures that everything goes smoothly, so you can focus on your studies. Also, this scheme is great for Indian international scholars to manage their funds overseas.
