One of the most important documents you require for your German student visa approval is evidence of your financial reserves. Once you receive confirmation of admission from your university, you need to have a blocked account before your visa appointment. There are four ways in which you can apply for a blocked account from India: through Deutsche Bank, Kotak Mahindra Bank, Expatrio (ECO-Escrow) or Fintiba services.
Fintiba services help you open a blocked account for your student visa in Germany. Apart from arranging a substantial amount of funds for opening a blocked account, it is crucial that you use a service provider that is safe, reliable and secure. The Fintiba team takes extra measures to guarantee that your funds are protected. Fintiba is a Fintech-Hybrid company, based out of Frankfurt, established in 2016, to help international students who wish to study in Germany. It is approved by the German Federal Foreign Office. They provide block account and health insurance services. Given below is a list of the factors that make Fintiba unique.
Click here to open your Fintiba blocked account:
1. Quick and Convenient
Unlike banks that require you to hand over documents in person, make multiple visits and wait for weeks for processing of your blocked account application; opening a blocked account with Fintiba services takes minutes and can be done online. The entire process is flexible and user friendly as the website provides you with the application, with which you can log in by using your laptop from anywhere in India. It also gives you the freedom to download all the contracts, confirmations and transfer documents you need to complete the process expertly. Besides, before opening a blocked account with Fintiba, you are not required to get your documents attested from the German consulate.
The Fintiba team guarantees opening of your blocked account within 10 minutes, after which you will receive your German IBAN. The same process takes several weeks to complete at Deutsche Bank.
2. Safe and Secure
Fintiba services is approved by the German Federal Foriegn Office and have high safety standards. To keep your personal data secure, Fintiba makes sure that your information is not shared over any emails or any other portals as they might be vulnerable to hacking. They also make sure that all the data sent from your browser to their database is encrypted.
Everything on your Fintiba account or on the Fintiba app is secured with the mTAN verification process. You will receive a confirmation code whenever you make any changes to ensure that it is you who has entered the bank details. By doing so, they keep your personal data and sensitive banking details safe and secure. In case your visa gets rejected by the German embassy, all the money will be transferred back to your original account. They put extra emphasis on sending the amount back to the original account from which it received the funds. In case you want it transferred into a different account, they have security checks in place to do that as well.
The initial service fee for opening a blocked account with Fintiba is only €89.00 as compared to Deutsche Bank, which charges €150.00. Since there is no need to get your documents attested from the German embassy before applying for your blocked account, you save 10 to 30 euros that is charged by the embassy as attestation fees. Besides, the monthly account maintenance fee is €4.90 as compared to €5.90 for Deutsche Bank. Please note that if for some reason your visa application does get refused by the German embassy, you will lose the initial application fee you paid for your Fintiba account.
4. Authorized Banking partner
Fintiba is the official partner of Sutor Bank, a private bank in Germany that has won numerous accolades for its outstanding achievements in asset management. Sutor Bank is regulated by the German regulator BaFin which is known as the most robust regulatory body in all over Europe. Contrary to accounts opened in foreign banks where you may face the danger of being rejected, you will not face problems with the German authorities with your Fintiba blocked account.
5. Easily accessible
Once you reach Germany on a student visa, you can easily access the money in your Fintiba blocked account. The blocked account will be in your name, and only you will have access to its deposited funds. This isn’t an account where your money is in another person’s name until you arrive in Germany. You can access the money in your blocked account by opening a regular account at a local bank. Fintiba then transfers your monthly sum of 853 from your blocked account to your regular account.
6. Widely Trusted
Customer reviews on Fintiba services are generally positive. The application process for a blocked account with Fintiba is straightforward with a quick confirmation. Fintibas customer service team is helpful and fast to respond. On the other hand, there are some complaints about the Fintiba app as it crashes at times, and it sometimes becomes complicated to log in. The updated version has been classed as more troublesome than the previous one.
Here you can find more details about the Fintiba Basic Blocked Account:
Governmental Health Insurance
It is mandatory for international students studying in Germany to have health insurance. You can also acquire governmental health insurance through Fintiba. It comes with an advantage of unlimited health insurance coverage. It also has added benefits like extensive coverage of medical services, doctor appointment service and doctor-video-chat. There is no initial fee for this service and monthly fee starts from € 109.89.
Fintiba Plus is an exceptional package service that helps you reduce all the bureaucratic paperwork to get your student visa approval. . This Fintiba service package covers almost everything you need for a successful visa approval; including your blocked account and insurance coverage. With the Fintiba Plus package, these insurance products can be included along with your blocked account:
Click here for more on Fintiba Plus:
Total Cost for various services
To get complete details about Fintiba services and packages, visit their website through the link below:
For an international student, opening a blocked account in Germany prior to your visa appointment is mandatory under German law. It can be a cumbersome process, but there are services like Fintiba that simplify the task for you. Availing Fintiba plus package will ease your burden further, as it takes care of the blocked account and all the required insurances. Fintiba services can come as a savior in a foreign land, where everything is new and alien. When the crucial aspects of money and insurance are handled efficiently by able people at Fintiba, you can focus on following your dream.