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Deutsche Bank: Opening a blocked account for foreign students

13/07/2017 - 08:34-2 Comments by | china flag

Documents required for opening a blocked account

Documents required for opening a Deutsche Bank blocked account

The title of this week’s blog should sound fairly familiar to all applicants because this is one of the mandatory documents needed to apply for a visa.

To open an account I went to the Deutsche Bank, Beijing Branch. This is one of the three Deutsche Banks in China, and also the only one in Beijing. It is located in an overly posh part of the city and can be reached through Subway Line 1 or Line 14. The bank is situated on the 27th floor of a humongous skyscraper, the bank itself is very tiny and there are only two counters. It opens for two hours only, from 9:30am -11:30am, and is closed on weekends. It is a good idea to arrive around 9am or earlier because that’s when most applicants arrive and start lining up.

QR-Code

               QR Code for entering the building

Upon entering the skyscraper, there is a German receptionist and twothings could happen depending on the number of applicants on that particular day. If there are less applicants, to enter into the premises, you need to get a QR code from an automated machine, and swipe it at the entrance.

If there are many applicants, the receptionist will request you to line up behind the other applicants already in the queue. In this case, you do not need to get a QR code. You simply need to wait in line until an employee shows you in  – usually 10 applicants at a time are granted permission to enter. The rest need to wait in line until their turn arrives.

Even though I had started to read through all the pages of, what I found to be, highly confusing instructions, that could be found on the bank’s website and had started to compile the required documents a couple of weeks before I came to the bank, I did not think my application would be accepted in one go. And that is exactly what happened.

The bank clerk told me that there was a problem with my Account Statement — I had frozen too large an amount of money for too long a period of time when all I needed to do was freeze the amount of money that I was going to transfer into my Deutsche Bank account for just one day. So, I had to go back to the bank the next day and fortunately this time, everything went well.

#ApplicantName #ReferenceN0. #PaymentDetails

After the bank clerk had checked and approved all my documents, she gave me a piece of paper which had my name and reference number. I then needed to transfer a processing fee of RMB850 in cash to the Deutsche Bank Beijing Branch’s account on the very same day. It is a mandatory requirement that the transfer take place on the same day. Besides this, I also had to transfer a minimum of EUR8640 to a branch of the Deutsche Bank in Frankfurt, Germany. The bank name and IBAN could all be found on the same piece of paper. The amount an applicant transfers to this account depends on the amount they have filled out in the application form – it could be larger than EUR8640, but no less than EUR8640, for students who are enrolled in a program that lasts longer than a year. This amount does not have to be transferred on the same day one’s documents get approved.

(P.S. The figures above are accurate up to the date I am writing this blog post. In case you are reading this, you must read the Deutsche Bank website carefully to find out what figures and procedure apply to your region or situation.)

Once all the monetary transfers have been complete, the processing of your application will begin.

Tags: English Blog Post, First Steps in Germany, Useful Links & Tips

Comments

2 Comments

    useful!

    Comment by Danila created 17/08/2017 - 11:33

      Hi Danila, thank you for your comment. I am glad you found it useful ◕‿◕

      Comment by Rumeng created 11/11/2017 - 14:31

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