A comprehensive guide - German Blocked Account
As an international student, if you belong to a non-EU country or non-EEA country, you need to present a proof of financial resources in Germany to fund your stay during your study program.
Proof of financial resources is an essential part of your admission process. Without submitting the poof of financial resources, it will be difficult for you to get the student’s visa and residence permit.
A German Blocked Account is a great way to prove that your finances are in place during your stay in Germany. In this article, we’ll discuss everything about the German Blocked Account in detail. Keep reading to know more.
First things first – What is a German Blocked Account or Sperrkonto?
There are three types of German bank accounts. These include:
- The current account or Girokonto
- The saving account or Sparkonto
- The blocked account or Sperrkonto
As mentioned at the beginning of the article, the Blocked Account is a unique type of account that is designed for international students pursuing further studies from Germany. Using the Blocked Account, international students that prove financial resources to stay in Germany during their study program.
Even though there are several other ways to prove financial resources in Germany, a Blocked Account is one of the most uncomplicated ways to accomplish the task.
In the case of a Blocked Account, all you need to do is deposit funds to the account over a limit set by the German government. By putting the money into the account, you’re proving that you have ample funds to sustain yourself during the period of your study program.
The minimum amount that you need to deposit is €853 per month or €10,236 for an entire year. Over and above the minimum amount, you can deposit as much money as you want.
How to open a German Blocked Account?
Don’t worry, opening a Blocked Account in Germany is not at all difficult. Here’s what you need to do to open a Blocked Account in Germany:
- Choose a service provider.
- Apply online or download the application PDF and submit the duly filled application.
- Pursue appropriate legalisation at the German embassy.
- Deposit the money.
- Receive the confirmation for your Blocked Account.
Want to open a German Blocked Account? Here’s a list of documents that you need
Depending on your home country and the bank service provider you choose, the documents required may be different to open a blocked account.
Here’s a list of documents that you need to open a Blocked Account in Germany:
- A German Blocked Account application form
- A valid passport
- Admission letter from the German university
- Your bank statement with the proof of your income
- A prepaid fee
Picking a bank service provider for your German Blocked Account
The two most popular bank providers that can help you with a German Blocked Account are the Deutsche Bank and Fintiba.
Here’s a quick table to help you decide which service provider can be a perfect choice for your German Blocked Account:
Time taken to create the Blocked Account
Less than 1 week
Availability of online application form
Monthly charges for maintenance
0 (If you are under 30)
The amount you can withdraw every month
Attestation of documents required at the German embassy (Yes/No)
Minimum age requirement
Age no bar
Customer service response
Not that great
Even though both service providers come with their own set of advantages and disadvantages, most of the international students prefer Fintiba over the Deutsche Bank.
You can check the official websites of both the service providers for more information on the application process.
The ideal time to open a German Blocked Account
Many international students grumble that it takes ages to get the confirmation of the opening of their Blocked Account in Germany. Other than the organisation procedures that lead to the delay, the timing of your application can be a factor behind the delay.
During certain times of the year, the banks are flooded with applications from international students or burdened with their own work. These can also be two reasons that can lead to a delay in opening the German Blocked Account.
So, the best thing you can do to get a quick confirmation is smartly time the opening of your German Blocked Account and submission of your university application. Begin the process as soon as you can.
Time required to open a German Blocked Account
There is no fixed time that bank service providers require to open a German Blocked Account. The time required depends on various factors such as your home country, the service provider you choose, the workload of the Germany embassy in your home country, your documents, and a lot more. If all your documents are good to go, your Blocked Account will open in less than a week from the date of submitting the application.
For instance, it can take up to 3-4 days to open a Blocked Account with Fintiba.
Please note, if you mistakenly skip a few documents while filling the account application form, your German Blocked Account may take up to several weeks to open.
Withdrawing money from your German Blocked Account
This is indeed an important section, so please read carefully.
Once you settle in Germany and have a permanent residential address, you can easily withdraw money from your Blocked Account.
However, the critical point here is that you can not withdraw any money from the Blocked Account directly. You need to open another account (foreign student bank account) where all the money from your Blocked Account will be transferred.
At present, you are only allowed to withdraw €853 every month unless you have deposited more funds than what was required.
Common questions related to the German Blocked Account
Apart from the points mentioned above, there are some other common queries that a lot of international students put forward.
Let’s look at them one by one (click on + to expand the question):
Of course, you can deposit as much money as you want in your German Blocked Account. €10,236 is only the minimum amount that is required to open a Blocked Account.
Yes, in case your documents are no up to the mark or are missing, your student’s visa application can get rejected. However, in such a case, the fund in your Blocked Account will be refunded. All you need to do is get in touch with the service provider or the German embassy in your home country. Once you get in touch with them, they’ll guide you on what needs to be done to get your money back.
In case of a refund, the transfer fee will not be refunded.
Yes, you need to declare the source, and there is more than one way of doing this. The easiest way to provide a proof of your source is submitting your bank account statement.
Well, yes, there is certainly a fixed fee that the service provider may charge you for opening a German Blocked Account in your name.
The bank service provider may charge you a minor monthly maintenance fee once your account is functional.
Yes, a third-party can deposit money on your behalf. But, they’ll have to prove their identity while doing so. The bank service provider may request you for an authorisation letter mentioning that you are authorising the third-party to deposit funds on your behalf.
The money in your German Blocked Account is entirely safe and secure. The Association Banks in Germany are participants of the Deposit Protection Scheme in which the banks assure the protections of your deposits with up to 20% of their money.
Sad enough, there’s no way to speed up the process of opening a Blocked Account in Germany.
Once you arrive in Germany, you need to register your address within 2 weeks. You can get an address registered at the Local Resident’s Office for Registration or the Einwohnermeldeamt.
We hope that by now you’ve understood the importance of a German Blocked Account. Don’t take it lightly. If you want to get your student’s visa and residence permit without any roadblocks, make sure you apply for a Blocked Account at the earliest. The earlier you do, the better it will be for you. If you have any more questions about the Blocked Account in Germany or the service providers, you can drop your questions in the “comments section” below.