Having Proof of Financial Support
Demonstrating your ability to support yourself financially is a crucial requirement for obtaining a student visa and residency permit in Germany.The Importance of a Blocked Bank Account
To meet the financial requirements for a German student visa or a student residence permit, having a blocked bank account (Sperrkonto) is highly recommended. The blocked account serves as evidence that international students and job seekers have sufficient financial means to sustain themselves in Germany for one year.Understanding the Blocked Account Process
To open a blocked account, individuals planning to temporarily reside in Germany need to deposit a specific amount of money determined by the German government. Beginning October 2022, an amount of €11,208 (equivalent to €934 per month for up to 12 months) must be placed in the German bank account when applying for a student visa. It is important to note that this amount is calculated based on the BAföG, a German government scholarship program, and may vary, so it’s advisable to consult your embassy or consulate for the precise requirements.Reputable Providers of Blocked Accounts
Several reputable providers in Germany offer blocked accounts for international students. Some of the established providers include Expatrio, Coracle, and Fintiba. These providers not only facilitate the opening of a blocked account but also offer additional services such as travel and health insurance packages, which are often mandatory.Comparison of Blocked Account Providers in Germany
When it comes to choosing a provider for a blocked account in Germany, several options are available. Let’s compare the features and pricing plans offered by three popular providers: Coracle, Fintiba, and Expatrio:| Remitout and Coracle and Remitout* | Expatrio* | Fintiba | |
|---|---|---|---|
| Rating On TrustPilot | 4.9 | 4.2 | 4.5 |
| Customer Support | Within 2-3 hours | 1-3 days | 2-4 days |
| English Website & Support |  |  |  |
| Yearly Fees | Starts from €59 | €60(Adv payment of 109, with 40 reimbursed) | €89 |
| Monthly Fees | None | €5 | €4.90 |
| German IBAN |  |  |  |
| Health Insurance (Public) | Yes, Choose TK, Barmer or AOK | Yes TK | Yes DAK |
| Travel Insurance |  |  |  |
| Approved by German Foreign Office |  |  |  |
| Deposit Amount more than €11,208 |  |  |  |
Eligibility for a Blocked Account
If you are applying for a student visa, job seekers visa, visa for training or an apprenticeship, or a language course visa in Germany and you come from a non-EU or non-Schengen Member State, you are required to have a blocked account.Opening a Blocked Bank Account
In most cases, opening a blocked account requires being in your home country since it must be done prior to submitting a German visa or residence permit application. The process may vary depending on the service provider you choose, but the general steps are as follows:- Determine the specific amount of money required by consulting the German Embassy or Consulate. It is essential not to deposit any funds before confirming the minimum required amount, even though it often remains the same for all applicants.
- Open a blocked account with your preferred bank. If you work with intermediaries like Coracle, Fintiba, or Expatrio, you can open an account online. However, if you directly approach a bank, you will most likely need to submit a paper application, usually through the German Embassy if you are not located in Germany.
- Await the processing of your application.
- Transfer the funds. The provider will provide you with the account’s IBAN and the necessary information to make the transfer. You can choose to transfer the funds through a bank or an international money transfer service/app. The process generally takes three to five days to complete.
- Obtain the bank’s confirmation letter. Once the transfer is finalized, the provider will send you the Confirmation Document for a Blocked Bank Account, which you must present to the German Embassy.
- Wait for visa processing. After submitting the confirmation letter and the required documents, you will need to wait for the visa processing. Once approved, you will be granted a National D Visa, enabling you to enter Germany.
Timeframe for Opening a Blocked Account
The time required to open a blocked account in Germany depends on various factors, including your nationality, the chosen provider, the pace of operations at the German embassy in your place of residence, and the completion of necessary paperwork. If everything goes according to plan, your blocked account should be opened within a week of submitting your application.When to Apply for a Blocked Bank Account
The processing time for a blocked account application can range from one to six weeks. It is important to obtain your bank’s confirmation before applying for a German visa. Therefore, it is advisable to initiate the process well in advance. The specific processing time depends on the provider you select and the bank they collaborate with.Alternative Ways to Prove Financial Capability
If a blocked account does not align with your financial requirements while studying in Germany, there are alternative ways to demonstrate sufficient funds for your stay. These include:- Provide bank statements from your parents’ or guardians’ accounts.
- Obtaining a letter of sponsorship from an individual residing in Germany.
A Blocked Account as a Supplementary Bank Account
While a blocked account serves as a means to demonstrate financial resources to German authorities, it should not be considered a substitute for a regular bank account. Students will still need to open a regular bank account in Germany to receive their salary or stipend, if applicable, and to handle financial transactions, including bill payments.Accessing Funds in a Blocked Account
The funds in a blocked account are “blocked” until the student arrives in Germany and presents their visa to the bank. After presenting the visa, the student can withdraw the approved monthly amount designated for living expenses.Using a Blocked Account for Tuition and School Fees
Typically, a blocked account cannot be used to pay for tuition and other school fees. These expenses are usually paid directly to the educational institution through bank transfers or credit card payments. It is advisable to check with your school or university for information regarding accepted payment methods.Transferring Money and Payments Outside Germany
Generally, funds in a blocked account can only be utilized for living expenses within Germany. Transferring money from a blocked account to other accounts or making payments outside Germany is usually not permitted. For money transfers to and from Germany, popular providers such as Xe Wise, Remitly, and Western Union are available. Detailed instructions on how to perform these transfers can be found in our related article.Adding Funds to a Blocked Account
In most cases, adding additional funds to a blocked account after its initial setup is not possible. Coracle although does allow this flexibility. With other providers if you need to transfer additional funds to cover your living expenses in Germany, you will need to use a regular bank account.Handling the Funds upon Departure from Germany
When you leave Germany, any remaining funds in your blocked account will be transferred back to your home country or the bank account of your choice. To ensure a smooth transfer, it is important to close any regular bank accounts and settle any outstanding bills before leaving the country.Closing a Blocked Account Before Completion of Studies
Generally, it is not possible to close a blocked account before completing your studies. A blocked account serves the purpose of providing funds for your living expenses throughout your study duration in Germany. If you need to close your account for any reason, it is necessary to consult with the bank holding the account and explore available options.FAQs - Opening a Blocked Account in Germany
A blocked account serves as proof of financial resources, demonstrating that you can support yourself financially during your stay in Germany. It is a requirement for obtaining a student visa or residence permit.
The minimum amount required to be deposited in a blocked account is €11208, or €934 per month for up to 12 months. This amount may vary, so it’s essential to confirm with your embassy or consulate.
Yes, besides a blocked account, you can provide bank statements from your parents’ or guardians’ accounts or a letter of sponsorship from someone in Germany as alternative proof of financial resources.
Generally, a blocked account is not used for paying tuition and school fees. These expenses are typically paid directly to the educational institution through bank transfers or credit card payments.
The time it takes to open a blocked account can vary based on several factors, including your nationality, the chosen provider, and the processing speed of the German embassy. Typically, it can take up to a week if everything goes smoothly.
Yes, you can withdraw a maximum of €934 per month from your blocked account to cover your living expenses. You have the flexibility to withdraw the amount gradually if desired.
If your visa application is denied after depositing funds into a blocked account, you need to provide a letter of visa rejection to the bank. They will close your blocked account and transfer the money back to your original account.
Generally, a blocked account is intended to provide funds for the duration of your studies, and it’s not possible to close it before that. However, you can consult with the bank to explore any available options.
Generally, funds in a blocked account are restricted to covering living expenses in Germany. It is not typically possible to transfer money from a blocked account to other accounts outside of Germany.
When you leave Germany, any remaining funds in your blocked account will be transferred back to your home country or to a bank account of your choice. It’s important to close regular bank accounts and settle outstanding bills before leaving Germany.
After reaching Germany,you need to register your address (Anmeldung) and get a registration certificate. Read here – Opening a bank account in Germany. After receiving this certificate,open up a bank account. Related article here – Opening a bank account in Germany. Once bank account is opened,share details with your provider (Expatrio/ Coracle/Fintiba) who will then release funds into this account monthly
Our Recommendation
We recommend to go with Coracle for opening your blocked account, and this is for multiple compelling reasons such as lightning fast processing of application plus excellent support by their customer support. This would be useful in case of for example delay in disbursal of monthly amount to you -then you would be under tremendous financial pressure, and getting a quick effective response from the support team would be critical. Also their rating are super high on TrustPilot. Their attractive fee structure and low transfer charges only reiterate the confidence in their services.
The fact that they in Conjunction with Remitout are offering Indian students an Exclusive discount of Inr 3000, is only the icing on the cake. To avail this offer you have to register via this special link. After registeration is completed, the customer support team of Remitout will contact you and guide you from thereon. We already have had feedback from students who availed their services, of having had an amazing experience with them apart from the discounts that is.
We hope this article has cleared some doubts regarding how to open a blocked account in Germany and has made the process a little bit easier for you. We wish you all the success in your educational journey ahead!
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Disclaimer
This article might contain some affiliated links, where we earn anywhere from a few cents to a few Euros,and don’t cost you an extra cent. Our recommendations remain unbiased although, and are based on a combination of market research and own experience.
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