Why German blocked account required?
Germany is attractive for international students because of two reasons; tuition-free education and low cost of living. Germany has approximately 400 state-recognized universities that offer higher than 19,000 programs. Of these 400 universities, 240 are state-funded universities, and 160 are non-state (private) universities. In 240 state universities, the majority are offering tuition-free education.
If we speak about the cost of living. Then Germany is amongst those countries that have an inexpensive cost of living and an extraordinary standard of living. That’s why foreign students want to move to Germany for higher studies.
Tuition-free education means; education at no cost. But to meet all the living expenses, students require finances. International students, particularly non-EU students, needed a visa to enter Germany. To get this visa, non-EU students require to show a certain amount of finances that prove students (applicants for visa) can bear all the living expenses on their own. One of the most recommended methods to show these finances is a German-blocked account (Sperrkonto).
What is a Blocked Account (Sperrkonto)?
A blocked account (Sperrkonto) is a bank account that has some limitations to using money. It works like a standard bank account, but users can only withdraw a particular amount per month. German authorities introduce a blocked account for non-EU students who want to come to Germany as self-financing persons (for study or work). The blocked account (Sperrkonto) has some particular limitations set by German authorities.
What are the restrictions to using the money from the blocked account?
The blocked account (Sperrkonto) has some particular limitations placed by the German government. These restrictions are:
- Students are required to deposit 11,208€ in this account.
- Students can only withdraw 934€ 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 accounts. But Coracle, Fintiba, and Expatrio offer online assistance to open a block account. That’s why, it’s much easier to open a block account in Fintiba, Coracle, and Expatrio as compared to Deutsche bank.
How much money is required to deposit in a Blocked Account?
It’s obligatory for non-EU students to deposit 11,208€ in a blocked account. The blocked amount is now increased from 10,332€ to 11,208€. Every bank has its individual account opening charges. So, also combine these charges additionally in the whole amount.
How do I open a Blocked Account in Deutsche bank?
- Download the account opening FORM from the official website of 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 the German embassy)
- Arrange one copy of the passport and one copy of the university admission letter.
- Appear in the embassy any day or on an 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 11,208€ to 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 11,208€ and a scanned copy of your passport.
- Visit the official website of Fintiba and choose the ‘Open Account Now’ option.
- Follow the procedure, fill out 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 11,208€ to 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 from Expatrio right after the submission of personal details. This confirmation will contain your block account details.
- Transfer 11,208€ to 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 11,208€ to 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 previously resided in Germany and require 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.