Most of the German Universities offer less or no tuition fees, but the living cost in Germany will need enough monetary support. In order to provide sufficient financial statement, students can show their scholarship detail or any sponsorship (from the person staying in Germany) or blocked account. With respect to a blocked account, it is a unique account designed to serve foreign students and job-seekers as a ‘Proof of financial support’ while applying for Visa and also needed for a residence permit in Germany. A blocked account is necessary for all the non-EU students under current law regulations in Germany.
As you get to know that the Blocked Account is your financial support during your stay in Germany. The blocked account carries a certain required amount in order to provide proof of your financial statement. At present, the minimum required amount is €8,640 for one year, but from 1st August 2020, the blocked amount will be increased to 10,332 euros. In addition, this amount will be applied to all the visa applicants who submit their visa application form from 1st August 2020.
There are many blocked account service providers available such as Deutsche bank, Expatrio, Kotak Mahindra Bank and Fintiba. Where Expatrio and Fintiba are the latest online service providers to open a Blocked account. The choice is yours where to set up your blocked account.
You can always register through Blocked Account from our website, and you will get access to an online platform where you can conveniently manage the details of your account opening.
You can open your blocked account online in any of the mentioned platforms, but for your convenience, Fintiba and Expatrio are the safest and easiest ways to open your blocked account. Once you apply and go with the process, you will get the Blocking Confirmation and Insurance confirmations within 3-5 working days.
How does the blocked account work
- Applying for the blocked account
- Fill the details
- Deposit the required amount
- Receive the blocking confirmation
You will get the blocking confirmation immediately after transferring the required amount. Remember that your blocked account will be activated after reaching Germany, and you can only withdraw a certain amount per month.
You’re all set – enjoy Germany!
Deutsche Bank and Kotak Mahindra Bank are the traditional ways of opening a blocked account. Due to a long delay in application processing and a complicated procedure, these methods are least popular and not preferred by students in recent days. Whereas, Expatrio and Fintiba are approved by the German Federal Foreign Office to open a blocked account.
You have to obtain a German student visa first in order to be permitted to attend the studies in Germany. There are some specific requirements that you have to fulfil to get a Germany Student Visa. One of the requirements is to present a Blocked Bank Account as a way to prove your financial resources for living in Germany.
Now, you need not worry about the opening blocked account. Expatrio and Fintiba will support you entirely until you reach Germany. These are the most convenient and fastest blocked account services. The students can show the blocked account as proof of sufficient funds for their duration of study in Germany. You will need to open an account and deposit an amount (10,332 euros from 1st August 2020) for an entire year, and you are allowed to withdraw a fixed sum each month (861 euros). This process is to ensure that the student has enough funds to meet the living costs of the student while studying in Germany.