Why German blocked account is required?
Germany is attractive for international students because of two reasons; tuition-free education and low cost of living. Germany has around 400 state-recognized universities that offering more than 19,000 courses. In these 400 universities; 240 are the state-funded universities and 160 are the non-state universities. In 240 state universities, the majority is offering tuition-free education.
If we talk about the cost of living. Then Germany is among those countries that have a low cost of living and a high standard of life. That’s why foreign students want to move to Germany for higher studies.
Tuition-free education means; education at no cost. But to fulfill all the living expenses, students need finances. International students especially non-EU students required a visa to enter Germany. To get this visa, non-EU students need to show a certain amount of finances that proves students (applicants of visa) are able to bear all the living expenses on their own. One of the most popular and recommended methods to show these finances is a German blocked account (Sperrkonto).
What is a Blocked Account?
Blocked account (Sperrkonto) is a bank account that has some restrictions to use money. It works like a normal bank account but users can only withdraw a specific amount per month. A blocked account is introduced by German authorities for non-EU students who want to come to Germany as a self-financing student.
What are the restrictions to use the money from the blocked account?
The blocked account (Sperrkonto) has some specific restrictions set by German authorities. These restrictions are:
- Students are required to deposit 10,236€ in this account.
- Students can only withdraw 853€ per month after relocation to Germany.
Where can I open a Blocked Account?
You can open blocked accounts in specific German banks. These banks are:
- Deutsche bank
Deutsche Bank doesn’t offer online services for block account. But Fintiba, Coracle, and Expatrio offer online services to open block account. That’s why, it’s much easier to open a block account in Fintiba, Coracle, and Expatrio as compare to Deutsche bank.
How much money required to deposit in Blocked Account?
It’s obligatory for non-EU students to deposit 10,236€ in a blocked account. Each bank has its own account opening charges. So, also add these charges additionally in the total amount.
How do I open a Blocked Account in Deutsche bank?
- Download account opening FORM from the official website of the Deutsche bank.
- Fill it with personal information and take a print.
- Visit the German embassy personally or book an appointment at the German embassy present in your country. (check these details on the website of German embassy)
- Arrange one copy of the passport and one copy of the university admission letter.
- Appear in the embassy any day or on appointment day. The embassy will attest to the documents and then send them by mail to Deutsche bank.
- You will get a confirmation from Deutsche bank via mail and by post once they will receive your documents. Confirmation will contain your account details.
- Immediately transfer 10,236€ in this account. Then Deutsche bank will send you a confirmation of this transfer. You can use this confirmation letter to get a visa from the German embassy. More details…
How to open a Blocked Account with Fintiba?
- Arrange 10,236€ and a scanned copy of your passport.
- Visit the official website of Fintiba and choose the ‘Open Account Now’ option.
- Follow the procedure, fill the application form and upload a scanned copy of your passport for identity verification.
- When the verification process will complete. Fintiba will send you to account opening confirmation via email. This email will contain your block account details.
- Transfer 10,236€ in this account.
- After a successful transfer, Fintiba will send you a confirmation via email. You can use this confirmation letter to secure your visa. More details…
How do I open a Blocked Account with Expatrio?
- Visit the official website of Expatrio and choose the ‘Blocked Account’ option.
- Follow the instruction, enter your personal information in the form and submit.
- You will get a confirmation email form Expatrio right after the submission of personal details. This confirmation will contain your block account details.
- Transfer 10,236€ in this block account.
- Expatrio will send you a confirmation letter after a successful transfer.
- Utilize this confirmation letter to secure a student visa. More details…
How do I open a Blocked Account with Coracle?
- Go to the official website of Coracle and choose the ‘Open Now’ option.
- Follow the procedure, and provide your personal information to Coracle. Also, upload a scanned copy of your valid passport.
- Coracle will send you confirmation of the account within 24 hours. A confirmation email will contain your account details.
- Transfer 10,236€ in your Coracle block account.
- Coracle will send you confirmation of this transfer.
- Use this confirmation letter to get a visa for Germany.
Opening a Blocked Account while staying in Germany?
If you are already living in Germany and want to open a block account. Then you have many options. You can open a blocked account in the following banks:
- Deutsche bank
Just visit the nearest branch of any of these banks with your personal documents (e.g residence permit, admission letter) and request to open a block account.