A blocked account is basically a bank account that has a certain minimum deposit amount and a maximum withdrawal amount per month. Having a blocked bank account can be very helpful if you are applying for a German visa.
As German visas are known to be the hardest visas to get, we believe that having a blocked account in Germany can help you a lot! This type of blocked bank accounts is referred to as Sperrkonto in Germany.
Of course, having a blocked bank account in Germany allows you to prove your financial means better when you are applying for a German visa. Currently, to be eligible for opening a blocked bank account in Germany, you are required to deposit a minimum amount of €10,332. In addition to that, you can only withdraw €861 per month during your stay in Germany.
Ultimately, this shows your dedication to living in Germany on a budget, when you are applying for a German visa. However, you may or may not need this blocked bank account in Germany depending on the type of German visa you are applying for. So, let’s take a look at who needs to open a blocked bank account in Germany.
Do you need a Blocked Bank Account?
If you are applying for the following visa types of Germany, you may need to open a blocked bank account in Germany:
- Germany Student Visa
- Germany Language School Visa
- Germany Job-Seeker Visa
Keep in mind that even if you have these visas above, you are also required to have a residence permit in Germany when opening a blocked bank account. Even if you are a citizen of Australia, Canada, Honduras, Israel, Japan, New Zealand, The Republic of South Korea, or the United States of America, you are required to apply for a residence permit in Germany to be eligible to open a blocked bank account.
It may or may not be required for your application. So, we advise you to contact German officials to learn more about if you need to open a blocked bank account for your application or not.
When should you open a Blocked Bank Account in Germany?
When you finally receive your letter of acceptance from a German higher educational institution, you can then open a blocked bank account in Germany. Keep in mind having an appointment with the German Embassy would be beneficial for you as they will be providing what documents you are going to need to open a blocked bank account in Germany.
Blocked Bank Account with Fintiba
You have two options to choose from when you decide to open a blocked bank account in Germany. You can either choose Fintiba or Deutsche bank. Today, we will let you know what you are going to need for each of these options. Let’s start with opening a blocked bank account with Fintiba.
Fintiba is known to be one of the easiest and fastest options to open a blocked bank account in Germany. Nevertheless, you must be careful when you are following the steps online and submit accurate information about yourself. Thanks to Fintiba’s online option, you do not need to worry about bureaucracy and paperwork. As Fintiba is partnering with Subo Bank, the first step for you would be to open an account on Sutor Bank. Then, you should do the following steps:
- Open Fintiba’s website and register yourself as a customer
- Fill in the Fintiba application form carefully.
- Upload a digital version or a scanned copy of your passport photo.
- Wait for about 10 minutes for your information to be verified.
- Make the necessary transaction from your local bank account to Fintiba. As it may be considered as a SWIFT transaction, make sure to ask your bank about the related fees and charges.
- International money transfers are processed within 3 to 5 business days. So, be patient about it until you get a confirmation email from Fintiba.
- When you get the confirmation email, make sure to print it out.
- Now, you are ready to add this document to your German visa application documents.
If you have trust issues towards Fintiba, we suggest you make your own research about it. Fintiba is a widely used option for students in Germany. So, if you would like to have a smooth application process, we recommend you to open your blocked bank account in Germany via Fintiba.
Deutsche Bank Blocked Account
Deutsche Bank is known to be one of the best banks in Europe, specifically in Germany. However, the application process through Deutsche Bank may not be as easy as it is via Fintiba.
As you cannot submit your blocked bank account application online, you must visit the nearest German embassy or consulate to let them know about your blocked bank account application. Unlike Fintiba, you should expect a couple of weeks of waiting time or sometimes a month to open your blocked bank account in Germany.
If you are still determined about choosing Deutsche bank, you should do the following steps for your application:
- The first thing you should do is to download the Deutsche Bank Application form online
- You are required to fill this application form digitally and then print out two copies of it. Therefore, handwriting on this form is not expected.
- After printing two copies of this form, you need to send the form to the nearest German embassy or consulate along with your supporting documents such as your passport, letter of acceptance, prepaid envelope, and proof of financial means.
- After these steps, the German embassy will accept your application and send your documents to Deutsche Bank in Germany.
- You should expect at least a couple of weeks for your application to be processed. When your application is processed, you will receive an IBAN number from Deutsche Bank.
- Now, you can finally transfer your funds to your blocked bank account in Germany.
In conclusion, if you would like to have a faster and smoother application process, we highly recommend Fintiba. If you are not in a hurry and you would like to have your funds in a more-known bank, you can always choose Deutsche bank for a blocked bank account.
Blocked Bank Account when your visa is rejected
As visa rejection is always possible, you may be wondering what is going to happen to your already transferred funds in Germany. Rest assured, you can get your transferred funds back easily!
However, you still have to deal with some paperwork. If your visa is rejected, you should send a letter to the bank where you have transferred your money (either Fintiba or Deutsche bank) and let them know about your visa refusal. If you are already in Germany but you decided to transfer your money back, then you should be able to prove that you will no longer stay in Germany and you are going back to your country.
Keep in mind that a letter of confirmation from the Foreigners Office that you are going back home. After giving this confirmation letter to your bank, you should expect your funds to be transferred back in a week.
Where can you withdraw money?
Once you arrive in Germany, you need to open any student bank account of your choice to withdraw your money. Every month, a partial amount of your money will be deposited into your student bank account, and then you can withdraw your money.
What are the costs of opening a Blocked Bank account in Germany?
As you have two options to open a blocked bank account in Germany, you should take the costs of opening the account into consideration. Fintiba and Deutsche Bank fees are different.
- Fintiba: €89 of initial fee + €4.90 per month
- Deutsche Bank: €150 of initial fee + €5.90 per month
Keep in mind that apart from these costs, you will also be charged for international money transfers. As it depends on which bank you are using, the fees for the transactions are flexible. Unlike Fintiba, Deutsche Bank charges a significant fee for the certification of documents based on your nationality. So, you should ask them about this fee if you decide to open your blocked bank account in Germany.
What are the alternatives to a Blocked Bank Account in Germany?
If opening a blocked bank account in Germany is not appealing to you, you have some other options to prove your financial situation.
You can apply for a German visa with the help of a sponsor, you can apply for scholarship programs, or you can get a letter of sponsorship from someone you know in Germany.
However, if you think opening a blocked bank account is more convenient for you, you should also think about other things such as if €853 is going to be enough for you. In this scenario, you can always contact the local immigration offices to let them know about your situation, and you may get permission to withdraw more money.
A good tip to keep in mind is to withdraw more money to your blocked bank account in the first place. In this way, you will be able to withdraw more cash than the stated amount. Also, if their identity is proven, your parents or legal guardians can deposit money to your blocked bank account in Germany too!
