Immigration New Zealand now requires international students to provide at least three months of transaction history for their bank accounts. However, for strengthened financial evidence, they recommend providing a longer history, ideally around six months.
It is emphasized that having a single source of funds is easier to trace than having multiple sources. Therefore, evidence must be in the name of the applicant, their financial guarantor, or their sponsor. Additionally, the provided evidence should be genuine and verifiable; otherwise, it will not be considered valid.
Applicants must also present their bank balance and transaction history for at least three months, with the option to provide a longer history if desired. However, any significant deposits exceeding NZD $2000 or multiple smaller transactions require an explanation regarding their origin.
For students planning to undertake multi-year courses in New Zealand, they must demonstrate access to liquid funds sufficient to cover tuition and living expenses for the first year of study, along with a payment plan for the remaining years. Fresh funds can be preferred only in the case of a payment plan with a source. This requirement aims to ensure that students can sustain themselves throughout their academic journey.
Students should plan their finances responsibly to avoid breaching visa conditions, such as working beyond permitted limits, which could leave them vulnerable to exploitation.
Considering the matter, Sahil Lamba, the country head of New Zealand at Infinite Group, highlights that “according to Immigration New Zealand, international students must furnish a minimum of three months’ financial history. However, on the other hand, they advise submitting a financial statement covering at least six months. Drawing from extensive industry experience, I strongly recommend providing a comprehensive 6-month financial history, accompanied by valid justifications for each last deposit, to make your case strong. To expedite processing, applicants should provide concise evidence that is easily verifiable and should lodge the visas at least 6 weeks before the starting of the intake.”
Applicants from certain countries, including India, China, Hong Kong, Macau, Pakistan, the Republic of Korea, Sri Lanka, or Vietnam, may need to provide additional evidence for their study visa application.
New Zealand warmly invites applications from international students worldwide. With over 34,000 international student applications accepted last year, the country is excited to welcome new individuals to its vibrant community. If you or your students are considering studying in New Zealand, please reach out to us at newzealand@infinitegroup.org for more information.
