If you are aiming to study in Germany as an international student and belongs to a non-EEA or a non-EU country, then you are required to prove your financial resources. It is known as Finanzierungsnachweis and is necessary to cover your living and study cost in Germany. Furthermore, it is necessary to show the proof of financial resources in order to get the German student visa and the resident permit.
In this article, we have discussed all the blocked accounts which you need to show as a financial proof to get your visa and residence permit.
What is a Blocked Account?
It is a distinct type of bank account needed by the international students in Germany to show the financial proof, that they can cover their cost of living in Germany. The money in the blocked account is supposed to cover the expenses for one year in Germany. It can be opened by using the services of one of the banks i.e Fintiba or Deutsche Bank.
Although there can be many ways to show your financial proof while getting a visa and a residence permit, but the blocked account is commonly used by many students. A blocked account is known as Sperrkonto in German language and helps many foreign students to manage their expenses in Germany.
So, it simply means that by blocking some of the money in the blocked account a person can take care of his or her expenses. According to legal regulations you have to deposit an amount of 10,236 euros into the blocked account from January 2020. And this applies to all the visa applications being submitted to the embassy from foreign students. Moreover, many German embassies in different countries have started asking for proof of such amount at the time of visa application.
Furthermore, this is the limited amount you can deposit in the blocked account to get the student visa. So, if you have more money you can definitely deposit in it to support yourself and cover your expenses in Germany. Last but not least, the minimum amount required monthly depends on the maximum amount of money that can be taken out by the account holder within a definite time duration.
How can blocked account be Opened?
Opening a blocked bank account in Germany is easy, just follow these steps:
You can open a blocked account by following the steps below
- Choose the bank that can be either Fintiba or Deutsche Bank.
- For Deutsche Bank download the application form and fill it completely.
- For Fintiba Bank apply online
- If you have chosen a Deutsche Bank to take legalization by the German embassy
- Deposit your funds
- Get the confirmation of blocked account
Documents required to open a German blocked account
There is the number of documents required by the bank where you are going to open a blocked account. It also depends upon your country of origin. Fintiba bank requires only an ID card or passport to create a blocked account. On average it takes only 10 minutes to get your account ready.
However, Deutsche Bank requires some of the documents listed below to open your block account
- Application form
- University admission letter
- Prepaid fee
- Bank statement of the income
Which bank to choose for Blocked Account in Germany?
As mentioned earlier there are two banks that provide the facility of blocked accounts in Germany i.e Fintiba and Deutsche Bank. Following is the comparison between two banks to give you an overview of both of them.
|10 minutes||Several weeks|
|Monthly Maintenance Fee||€4.90||€5.90|
|Initial Service Fee||€89.00||€150.00|
|Attestation of documents at needed||No||Yes|
|Amount of money that can be withdrawn||€853||€853|
|Documents attestation fee||None||€10-30|
|Chance to get rejected||Unlikely||Yes|
|If I am under 18 years old can I apply for a blocked account id?||No||Yes|
|Health insurance service||Yes||No|
|Step-by-step guidance with the digital process||Yes||No|
|Support Response||Fast||Not Fast|
|Approved by the German Federal Office||Yes||Yes|
Which bank is most trusted for opening a Blocked Account in Germany?
Both of the banks are popular as but of them have their own pros and cons. Finntiba banks are however considered more by the people. It is because it has an easy procedure for applying a block account. Additionally, it is also less time consuming as all the procedure is done online and only takes a few minutes to create your block account.
People who have tried other options for opening a block account have complained about the delay of time and also the complexity of the procedure. Which resulted in the delayed appointments and late submitting of documents for visa applications. Moreover, some people have also faced visa rejections due to this.
Some people who have tried other options have also complained about the security problems. In this regard, the Fintiba Bank is highly secure. On the other hand, the procedure for opening the bank account at Fintiba bank is highly flexible as its procedure is online and you don’t have to go anywhere to open a bank account. Additionally, it does not require extra documents to be legalized through the embassy.
Fintiba bank is a great service provider. It helps the students in different aspects. Such as its mobile application helps to find the solutions of health care, rent deposit, insurance, liability insurance, etc.
Fintiba plus is a special kind of package providing services of customized health insurance and a blocked account. It customizes everything according to your needs and includes both incoming insurance and governmental insurance required for visa and the enrolment in the university. Furthermore, this is attractive to the students because they don’t have to visit a local insurance office as everything can be done online.
Since you will deposit a large amount of money into an account that will be blocked for a certain duration, it is highly important that you open the bank account under your own name and that no third party is involved in this process. No documents or sensitive data should be sent to you via e-mails.
Fintiba is also important in this sense that it does not involve a third party between your bank account operation by sending you emails. As you are depositing a large amount of money in your blocked account to manage your expenses, the provider must be safe. All the information, you need to know about the account balance or blocking confirmation is available on the mobile application and it notifies you when your action is needed.
How to Open a blocked account at Fintiba in Germany?
It is challenging as an international student to deal with all the process of creating a bank account and managing all the issues alone.
Fortunately, there are such organizations that help you to manage your operations with the blocked account, acting as an agent, managing things for you.
One of these organizations is the Fintiba and is highly recommended. It helps international people in Germany by providing many services and one of them is the blocked account service. Additionally, it is also approved by the German Federal Foreign Service.
Following are some of the steps to open a blocked account in Fintiba Bank
- Fill the application form with all the necessary information
- You will get access to the platform to manage the account
- Once the details are received, deposit the money and pay the bank fee
- Application is going to be processed
- When the money will be transferred, the confirmation email will be sent to you.
So, when you will reach Germany, the Fintiba will help you to make a sperate normal bank account from which you will be able to transfer the money from the block account monthly. Lastly, depending upon the country you belong you might have to do legitimation in Germany.
How to Open a blocked account at Deutsche Bank in Germany?
Until a few years ago the Deutsche Bank has been the only option for international students to open a blocked account in Germany. Deutsche Bank is another option for international students to open a block account.
The following are the steps to open a block account at Deutsche Bank.
- Fill in the application form with all of your information
- Print two copies of application form
- Get your appointment at the German embassy with all your documents ready.
- After the embassy completes the legalization of documents, they will be sent to the bank in Germany
- The application will be processed
- The Bank will send an email to you that your account is ready with all the other details.
- Deposit the money after paying the bank fee.
- The bank will give you the confirmation of the deposit.
The Deutsche Bank informs readily after it gets your documents and processes it. So, whenever you receive the email deposit your money and continue with the visa application.
what time is Suitable to open your blocked account in Germany?
Most of the time, students complain about the delayed confirmation of the block accounts which results in the delayed visa application. There are also times when banks receive a lot of applications and they get overloaded which results in the delayed process of opening Sperrkonto.
So, the best time to apply for a block account is when there is not a peak time for German universities to process your application so that you get the admission letter earlier and can apply for the block account. So, we highly recommend you to start the procedure at your utmost so that you get the admission letter followed by the block account and visa.
How long does it take to open a blocked account in Germany?
The time duration for opening a blocked account depends upon many factors such as the nationality, German embassy workflow, paperwork, the provider, etc. if everything goes as planned then you can have your block account ready in a week.
Furthermore, if you choose more advance options to open a bank account like Fintiba then it takes only ten minutes to create a block account online. Delays in other processes are mostly due to documents that are sometimes missing but Fintiba does not need any of your documents but your ID to create an account.
how to Withdraw money from your blocked account in Germany?
Once you get the residence permit you can have your money withdraw from the blocked account. But unfortunately, you cannot have direct access to the block account. You have to open an international student account in Germany which will be linked to your blocked account. This will help you transfer the money from a blocked account to the bank account every month to cover your expenses.
Under current legal regulations, you can withdraw €853 per month unless you have more money in the blocked account than the minimum money. This money can be withdrawn from the student bank account linked to your blocked account.
FAQ about opening a German blocked account
Can more money be deposited to my bank account than €10,236?
Yes, of course, this is the minimum number of money required uber current legal legislations to apply for student visa. Its only purpose is that you must have sufficient funds to support yourself for one year.
What if I get rejected, as a German student visa application?
There is no need to worry about the money if your visa application gets rejected because all of your money will be refunded by the German embassy. Just contact the German embassy or block account provider and they will guide you about the procedure you need to follow for getting your money back. However, you will not get you to transfer fees back.
Does the source of money need to be provided when opening the blocked account?
You don’t need to show the source of money when opening a bank account with Fintiba as they don’t require any proof. But if you are opening the block account with Deutsche Bank you have to show the source of funds.
However, in order to show the proof of origin of financial means you can provide a bank statement which will reveal all the records.
Do I have to pay any administrative fee?
Yes, you have to pay the initial fee to the bank to get the service.
Is there any fee for maintaining a blocked account?
Yes, there may be a monthly fee that you have to pay for getting the services from the provider.
Can someone else deposit on my behalf?
Third-party can deposit the money on your behalf but for that, they have to provide their identity. Additionally, the bank provider will provide ask you about the authorization, passport and a valid receipt of bank transfer.
Is my money safe in the blocked account?
Yes, your money is absolutely safe in the blocked account. The banks in Germany are participants of the Deposit Protection national scheme in which the bank guarantees to protect your money.
Are there any exemptions for opening a blocked account in Germany?
Blocked accounts are used to show your financial sources which will help you to cover expenses in Germany. However, there are other options you can consider to show your financial resources for example if you have a relative residing in Germany and can cover living costs for you, then you can give their reference in the application.
Can the procedure of opening a blocked account speed up?
Sadly, no you can’t speed up the process even if you have less time.
Where to register a residence address for a blocked account?
You can get a residence permit in Germany at a local Resident’ Office. You have to do this within two weeks after your arrival in Germany. the banks need this information to further proceed on the block accounts.