2 FUNDS TRANSFER SCHEME PILOT Proposal to allow Sri Lankan students to have the ability to open a savings account with ANZ Bank while still in Sri Lanka and deposit an amount equivalent to the cost of living requirements for one year. (NZ$10,000) From 2 April,2012 this will be NZ $15,000.The amount deposited will be locked in for a period of 12 months and the student will only have the ability to withdraw 1/12th of the total amount in any given month.In the event the student terminates their study and intends to return to Sri Lanka the outstanding amount in the savings account along with the accrued interest will be remitted back to a bank account in Sri Lanka. Letter from institution confirming termination and return air tickets will need to be provided.
3 FUNDS TRANSFER SCHEMEAim is to facilitate processing of student visa applications from Sri Lankan nationals who want to go to New Zealand to studyis an option for Sri Lankan students to satisfy INZ that they have sufficient funds to support their study in NZReduces documentation required for demonstrating financial ability of sponsorsNot a mandatory requirement but an optionCan be done through any bank in Sri LankaAt this stage only ANZ Bank is providing this service in NZHas proven successful in China & India
4 FUNDS TRANSFER SCHEMEUnder this scheme INZ has tied-up with ANZ Bank in NZ to facilitate the funds transfer scheme.Step 1: Applicant lodges their student visa application with the branch and clearly marks the front of the application form with a bold ‘FTS’; also applicant needs to mention this in their covering letter.Step 2: INZ branch processes the student visa applications and if satisfied notifies the applicant that they have been approved in principle.Step 3: Applicant provides a copy of AIP letter to ANZ Bank along with complete ANZ enquiry form. Account will be opened and account details will be sent to the applicant. The applicant approaches their bank in India to remit the money to the NZ account.Step 4: After remitting funds in their ANZ bank account, applicant provides a copy of the TT receipt to ANZ bank.Step 5: ANZ bank notifies INZ confirming the applicant’s account balanceStep 6: Applicant submits fee receipt, ANZ account balance letter and other AIP requirements for issuance of student visaStep 7: On arrival in NZ, the student visits the nearest ANZ bank branch and activates their bank account after which the bank releases funds on a prorated basis from the students holding accounts to the transaction accounts which the student can use for meeting living costs.
5 FUNDS TRANSFER SCHEME Benefits of the process : allows parents to have control over the amount of money that their child has access to in New Zealand;Ensures that the student will have access to sufficient money to meet cost of living in New Zealandhelps the immigration officer to determine the ability of the applicant to fund their tuition and living costs in New Zealand.It is also anticipated that the timeliness of student applications for this market will improve due to INZ not having to carry out lengthy verifications.