Students have to show financing options to apply student visa for Germany. Blocked account is one of these financing options. Students can open blocked account in different German banks(normal and direct). Normal banks include Deutsche Bank and Sparkasse. Indirect banks include Fintiba and X-patrio.
Opening a blocked account in foreign bank is stressful for Pakistani students. Especially if they get visa rejection and want their money back. But with local bank they can instantly get their money back and apply for visa later.
Pakistani students had no option in past to open blocked account in local bank. Such as Indian students can open blocked account in Kotak Mahindra Bank. Which is a local Indian bank. But recently UBL Pakistan has signed a Memorandum of Understanding with the German Embassy Islamabad. Through this collaboration UBL Pakistan will provide facility of blocked account to Pakistani students. This blocked account will be a FCY Euro account with blocked funds as per German embassy requirement. These blocked funds would be later transferred to the student’s account in Germany.
Procedure to Open Blocked Account in UBL Bank:
This account can be easily opened at most UBL branches in Pakistan which deals in Foreign Exchange. Existing accounts of family members can be used as well to block funds. Follow this procedure to open blocked account in UBL Bank.
- First arrange 8,640 euros in cash as per German embassy requirement
- Visit any UBL branch which deals in Foreign Exchange and ask for FCY Euro account with block funds for the purpose of issuance of German Student Visa
- Bank will first open your FCY Euro account and request to deposit money. Later bank will block funds for German student visa
- Get funds block confirmation with bank statement and use it for student visa application
If you already has a FCY account or want to use your relatives account. Then deposit money in that account and request to block funds for the purpose of issuance of German Student Visa.
You required following documents to open FCY Euro account with blocked funds:
- The agreement for block fund printed on Rs.200/- stamp paper, attached as annexure
- Annexure A – customer agreement – where student is the account holder (joint – either or survivor with parent/ guardian/ relative)
- Annexure B – third party customer agreement – where parent/ guardian/ relative of the student is the account holder
- Annexure C – Letter of authority – to be signed by account holder
- Copy of CNIC of account holder & beneficiary(student)
- Copy of passport of the beneficiary (student)
- Copy of German University/ Educational Institution letter confirming admission details of the beneficiary (student)
Release of Blocked Funds on Visa Approval:
After successfully get the German student visa. Account holder visit UBL branch for release of block funds with following documents.
- Copy/Scanned image of the student’s passport with student visa stamp
- Request of the account holder to release block funds
- Original NOC issued by the German Embassy for release of block fund (Not mandatory submit if available)
- German bank account details to transfer the funds (if available). Otherwise share later after moved to Germany.
- All document copies to be duly stamped as original seen by two ISP/POA holders of the branch.
Release of Blocked Funds on Visa Rejection:
Account holder require following documents to release block funds is case of visa rejection.
- Copy of the student’s passport (showing visa rejected) or letter from the German Embassy/ Consulate confirming visa has been rejected
- Original NOC issued by the German Embassy for release of block funds
How to Access UBL Blocked Funds in Germany?
After successfully moved to Germany open a student account in any German bank. Get all the bank details included IBAN. Send these details to UBL branch in which you have FCY Euro account. Then UBL bank will transfer these funds to your German bank account. Once you received your money, use it and stay happy in Germany. Check which student account is best in Germany to transfer of funds.
You don’t need to open another blocked account in Germany to access this money. Instead with a normal student account you can access this money. As you already blocked your money in UBL. So they will send 720 euros each month in your German bank account.
Yes, if you are not 100% sure to get the visa. Otherwise choose easy options like Fintiba or Deutsche bank.
In UBL first you need to open a normal FCY Euro account. Then request to put blockage on this account as per German embassy requirements. This blockage made this Euro account to a Blocked account.
It means Foreign currency account.
No, only those UBL branches can open blocked account which deal in foreign exchange.
Yes you can use this account.