German student account - New, convenient product package.

(Baonghean) - VietinBank is the first Vietnamese bank to be present in the Federal Republic of Germany, and also the first Vietnamese bank to launch a German student account product with many outstanding benefits… Currently, VietinBank's Vinh City branch is actively promoting this product.

As the first Vietnamese bank to establish a presence in the Federal Republic of Germany with two branches in Frankfurt and Berlin, VietinBank officially launched its German student account product in 2012. This blocked account for students studying in Germany is a type of payment deposit account opened by the Vietnam Joint Stock Commercial Bank for Industry and Trade - Germany Branch in cooperation with the VietinBank branch in Vietnam for Vietnamese students applying for a student visa to Germany. It is a blocked account as regulated by the German Embassy in Vietnam to demonstrate financial capability. Eligible applicants are Vietnamese citizens or foreigners legally residing and working in Vietnam.

Global Consulting Company specializes in studying in Germany.

Ms. Le Thi Anh Ngoc, Deputy Head of the Accounting Department at the Vietnam Industrial and Commercial Bank (VietinBank) in Vinh City, stated that this is a payment deposit account in EUR in the form of a blocked account as per regulations. Customers can open a VietinBank - Germany branch account at any VietinBank branch across all 63 provinces and cities in Vietnam. Customers will receive full guidance and their documents will be promptly sent to Germany, and they will receive their account number within a maximum of 2 working days. This allows for quick money transfers, and the Vietnam Industrial and Commercial Bank - Germany branch will provide a confirmation of account balance to complete the visa application process at the German Embassy.

The required documents for opening an account include: a passport valid for at least 6 months; a valid household registration/ID card to verify permanent address; an acceptance letter from a German university/college or a certificate of pre-registration for a place at a university/college; or a certificate (final notification) from the agency that assessed the university/college application. The monthly withdrawal amount during the student's studies in the German Democratic Republic is subject to the regulations of the German Embassy in Vietnam regarding student visa procedures in each period.

This product has been highly praised by the German Embassy because it actively supports Vietnamese students studying in Germany, making the process easier, faster, and more cost-effective. With a German student account, customers can make periodic payments for utilities, telephone, internet, and other recurring expenses to providers through authorized payment services provided by VietinBank - Germany Branch (within the allowed monthly spending limit); register for internet banking to inquire about and transfer money to other payment deposit accounts opened at VietinBank Germany Branch or accounts at other banks; receive an ATM card for spending and withdrawals; receive account statements and year-end tax statements; and have deposit insurance up to 100% of the account balance.

In addition, VietinBank also provides loans to cover study abroad expenses (including money transferred to Germany and other study abroad costs) with loan amounts up to 70% of the total cost and a maximum loan term equal to the course duration plus 3 years.

“We started expanding our services in April 2014, and to date, we have received over 300 applications for account openings at our Vinh City branch. We are continuing to work with study abroad agencies in the three provinces of Nghe An, Ha Tinh, and Quang Binh to introduce our product. This is a new, convenient, and cost-effective product that is very useful for students studying in Germany. Parents and students should consider it,” added Ms. Le Thi Anh Ngoc.

Viet Phuong