Funds Transfer Scheme
ANZ New Zealand
Sunil Kaushal
Head of Indian segment, ANZ New Zealand
Confidential
Information contained in this report is strictly confidential and may be subject to legal professional privilege.
It is the exclusive property of Australia and New Zealand Banking Group Limited, and is solely for ANZ
internal use. No part of it may be circulated, copied, quoted or otherwise referred to without prior written
approval of ANZ Group.
Introduction
• ANZ New Zealand Overview
• Migrants in NZ
• Importance of India
• Offshore Activity
• Onshore Activity
• Funds Transfer Scheme (FTS)
- Process Map
• Example of Welcome Letter/Proof of Funds
• Questions
2
ANZ New Zealand
• We were New Zealand's first bank, with ANZ established in 1840
• ANZ New Zealand is part of ANZ Group, which is among the top 50 banks in the world and
present in 32 countries.
• We work as a strong and trusted financial partner to New Zealand: through our two full-service
retail banks, ANZ and The National Bank; ING for investments, superannuation and
insurance; UDC Finance for consumer and business finance; EFTPOS New Zealand for
electronic payment processing; Direct Broking for sharemarket investing; and New Zealand save
and win icon, Bonus Bonds.
• Nearly one in two New Zealanders have a banking relationship with an ANZ National branded
business
• We employ around 9,000 people across New Zealand.
• New Zealand’s largest company based on profit and assets
• Through ANZ and The National Bank we finance one third of all home loans in New Zealand
• ANZ and The National Bank’s Institutional Divisions are New Zealand’s largest provider of foreign
exchange
• EFTPOS New Zealand provides retailers with the electronic payment network that drives a large
part of their business and makes their customers’ shopping experience easier and more
convenient
• The National Bank is New Zealand’s largest rural banker, with a market share of 39 per cent
• ANZ staff gave more than 16,000 volunteer hours to a range of community organisations in our
last financial year.
3
The Importance of India
R e s id e n t
N a tio n a lity
W o rk
S tu d e n ts
T o ta l
%
2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10
C h in a
6 ,7 9 0
4 ,7 6 9
1 9 ,3 1 5
1 4 ,0 5 4
2 2 ,8 9 8
1 8 ,5 5 3
4 9 ,0 0 3
3 7 ,3 7 6
In d ia
3 ,1 5 5
2 ,9 1 2
1 3 ,9 0 0
1 5 ,2 3 2
9 ,5 8 9
8 ,4 9 4
2 6 ,6 4 4
G re a t B rita in
8 ,6 4 1
6 ,3 2 2
2 4 ,3 4 8
1 8 ,5 6 2
2 ,3 4 3
1 ,6 5 1
3 5 ,3 3 2
854
826
6 ,7 3 7
4 ,5 5 0
1 3 ,7 1 7
1 1 ,0 7 2
Fiji
3 ,4 1 3
2 ,6 1 8
9 ,5 9 2
6 ,9 8 9
4 ,0 6 5
Ph ilip p in e s
3 ,4 8 4
3 ,2 9 4
9 ,5 7 7
6 ,7 8 1
U n ite d S tate s of A m e rica
1 ,1 0 0
953
8 ,8 0 6
7 ,7 9 6
669
632
9 ,4 8 5
5 ,3 4 4
4 ,3 9 4
Jap an
457
M alay sia
616
T h ailan d
354
S ou th K ore a
G e rm an y
S ou th A frica
1 5 .3 7 %
1 4 .6 4 %
2 6 ,6 3 8
8 .3 6 %
1 0 .4 3 %
2 6 ,5 3 6
1 1 .0 8 %
1 0 .3 9 %
2 1 ,3 0 8
1 6 ,4 4 8
6 .6 8 %
6 .4 4 %
3 ,3 3 9
1 7 ,0 7 0
1 2 ,9 4 6
5 .3 5 %
5 .0 7 %
2 ,7 4 9
2 ,0 3 1
1 5 ,8 1 0
1 2 ,1 0 6
4 .9 6 %
4 .7 4 %
3 ,1 0 6
2 ,4 3 4
1 3 ,0 1 2
1 1 ,1 8 3
4 .0 8 %
4 .3 8 %
7 ,8 8 7
3 ,6 0 0
2 ,3 0 8
1 3 ,7 5 4
1 0 ,8 2 7
4 .3 1 %
4 .2 4 %
7 ,6 2 6
3 ,7 0 7
2 ,7 2 0
1 ,2 7 8
1 5 ,6 9 0
9 ,3 7 9
4 .9 2 %
3 .6 7 %
396
5 ,8 7 9
4 ,3 0 8
3 ,9 0 5
3 ,3 5 6
1 0 ,2 4 1
8 ,0 6 0
3 .2 1 %
3 .1 6 %
500
4 ,2 2 9
3 ,3 9 0
2 ,5 7 8
2 ,3 1 9
7 ,4 2 3
6 ,2 0 9
2 .3 3 %
2 .4 3 %
341
3 ,4 4 8
2 ,7 8 2
2 ,7 3 7
2 ,5 3 6
6 ,5 3 9
5 ,6 5 9
2 .0 5 %
2 .2 2 %
Immigration New Zealand Statistics.
Migrant Stock: New Zealand Ethnic Census Data 2006
4
The Importance of India
People Connection
•
Increasing India Population within New Zealand
•
120,000 Indians living in New Zealand
•
Third largest source country of permanent migrants and
International Students
•
19% of Auckland’s population is Asian and this figure is rising
quickly
Trade Connection
•
New Zealand/India Free Trade Talks (FTA) are in progress.
•
Trade between India and New Zealand’s has crossed the $1b mark for
the first time.
*http://business.newzealand.com/Economy/15264.aspx
5
Offshore Activity:
Pre-arrival Clients
Dedicated New Zealand Pre-Arrival Branch:
•
New Resident Services (range of languages incl Hindi, Punjabi, Bengali, Gujrati,
free phone number from India)
•
Assist new customers moving to New Zealand with their banking
requirements (Migrants, International Students, Working Visas).
•
Customers are able to open accounts with ANZ up to 12 months prior to arrival in
New Zealand.
-
No cost to set up new Accounts.
-
Fees waived for International Students
-
Tailored banking solution offered on arrival (eg Student Package,
Migrant Package, full range of banking products)
6
Onshore Activity:
Retaining and Growing Migrant Customer Base
• Over 150 ANZ Branches and 400 ATMs Nationwide
• 7 Day Banking – key sites operating 7 days per week
• Multilingual ATMs (English, Chinese, Korean, Japanese)
• 24/7 Phone Help Line, where staff speak over 20 languages
• Call Centre (0800 838 123) with Indian language skills
• Indian Business Banking Team
• Indian Mortgage Managers, Insurance Specialists
• Indian Specialist Branches (Auckland, Wellington, Rotorua, Palmerston North,
Hamilton, Christchurch)
• Student Package – no monthly fees or transactional charges while studying.
• Celebrating key cultural events – Diwali, Holi, Vaisakhi
• Community Participation and event sponsorship– (Diwali, Holi, Vaisakhi, Onam,
Independence/Republic day and other Indian community events)
7
FTS Process Map
1
6
Upon arrival in NZ, applicant
visits nominated ANZ branch
to confirm identification of
account & account is
activated with a regular
automatic payment in to the
cheque account
5
Applicant transfer funds
into the nominated
account and is provided
with a confirmation of
funds received into the
account from ANZ NZ.
Copied to INZ
Student opts for
FTS
2
If successful,
INZ issues AIP
3
Student Applicant
obtains ANZ
application form from
INZ website/agent >
completes it and
fax/emails it to ANZ
NRS (can also occur
prior to AIP)
4
ANZ NRS team opens the
account, places hard hold &
emails welcome letter with
details on how to transfer
funds into the account.
8
Example of Welcome Letter/Proof of funds
Welcome Letter
Proof of Funds
9
Questions?
10
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