Transfer of living expenses to a bank account in New Zealand
Information received from various education providers indicates that overseas students may be facing problems in obtaining part time work in the current economic situation. Whilst all students are required by policy to demonstrate that they have sufficient funds to pay for the tuition fee and to meet their living expenses in NZ, it appears that a majority of the Indian students may not be carrying sufficient funds for their living expenses and are looking for part time work soon after entering NZ.
As the economic growth slows down further overseas students will have more difficulty in obtaining part time job as more NZ residents and citizens would be looking for jobs. This could leave more international students disappointed which has the potential to adversely affect the NZ Inc reputation in overseas market.
In order to mitigate this risk ND branch proposes to put in place a system wherein the students will need to transfer at least 12 months’ living expenses to a bank account in NZ, in addition to paying the tuition fee for 1year. The amount deposited in the bank is locked for a period of 12 months and then drip fed to the student on a prearranged basis.
There are three ways the banking option will work:
1. Students will have an option to open an approved savings account with ANZ Bank in New Zealand from India and deposit the amount stipulated by INZ for cost of living support funds, into that account. They would then provide evidence of this with their visa application. If the application is declined INZ will advise the bank and provide a copy of the bio data page from the student’s passport. ANZ will then remit the funds and the accrued interest back to a nominated bank account in India,
2. The student can indicate when the visa application is lodged that they will remit the funds to the ANZ bank account. This can be done by opening an account with ANZ and...