As a first-world nation, Germany has heavily invested in its educational sector over the years in order to maintain its high literacy rate and enhance its trail-blazing Tech sector. To gainfully tap from their industrial and technological advancement, many international students seek to become educated in German Universities.
However, barring students who come from the United States, Liechtenstein, Israel, Iceland, Norway, the Republic of South Korea, New Zealand, Australia, Canada, Switzerland, Japan, and member countries of the European Union; students who come from other nations of the world share one problem.
The problem is that prospective students beyond the highlighted countries MUST apply at the German Embassy for a Student Visa in order to come and study in Germany.
After having their Visa application approved, they still need to present a blocked account
For these students from other parts of the world, the basic pre-requisite demanded from them by the German Authorities is the presentation of what they call a “blocked bank account”. It has probably been over-stated in many blogs or sites on the internet. Today, however, special time will be taken by us to exhaustively bring this confusing pre-requisite to a simple understanding for prospective international students who still do not grasp what it means.
Other matters related to it will also be flogged on this post.
How to open a German blocked account
A Blocked Account is a particular kind of bank account for international students in Germany, to deposit the needed amount of money to meet their living expenses for one year, and serves as a proof of financial resources when you are applying for a German student visa.
You can either open a Germany blocked account at Fintiba or Deutsche Bank
How can you open a blocked account at Fintiba?
As an international student, it’s usually hard to cope with the challenge and the process of opening a blocked account.
However, some agencies serve as an intermediary party between the student and the bank. Their job is to ease the whole process by leading you through.
One of these intermediary parties that is reliable is Fintiba. One of the many services they render is opening a German blocked account (Sperrkonto).
Follow these steps to open your blocked account at Fintiba:
1. First, you should register on their website or in the Fintiba-App.
2. Fill the application form with your identification data. Ensure that you fill the form correctly (Application form), or it won’t be acknowledged.
3. Then you’ will be given access to their online platform. You can easily control all personal details associated with your blocked bank account.
4. You will receive the account details, then deposit the money in your account and make payment for the initial fee the bank charges you.
5. Your application will be processed.
6. Once the money is transferred, you’ll get an email to confirm the opening of your blocked account German: “Sperrkonto”) containing the amount of money you have deposited.
Finally, after arriving in Germany, Fintiba will assist you in opening a regular bank account where they transfer money from your blocked account monthly.
What Is A Blocked Account?
It is a unique bank account peculiar to international students who intend to come and study in Germany. These international students from countries outside the above-listed are mandated to deposit a minimum amount of money into selected Banks located in Germany before the German Embassy Officials will approve their Student Visa to come study in Germany.
Those who are exempted from applying for Student Visa before studying in Germany are nationals of the following countries; USA, Liechtenstein, Israel, Canada, New Zealand, Australia, Iceland, Norway, Republic of South Korea, Switzerland, Japan, and the countries in the European Union. For these prospective students; there is no need for an application for a Student Visa, but they still need to deposit some money into a blocked account in a Deutsche Bank.
This minimum amount of deposit is expected to offer financial insurance over the student in his first year of study in Germany. This minimum bank deposit also certifies that the student is financially capable of overseas education.
It does not just end there, the blocked account is a pre-requisite to the issuance of two certifications, namely;
- A residence permit: this is for the international students who are nationals of countries such as the United States, Honduras, Israel, Japan, Canada, New Zealand, Republic of South Korea.
- A job seeker visa: permits you a stay in Germany for as long as six months in order to find a job.
Please, the creation of a blocked bank account is paramount and an indication to the German Authorities or Officials that you can sustain yourself financially, at least during your first year in Germany while still having slight glitches with adapting to your new environment. Opening of this account is usually done after the reception of your University admission letter.
N/B: The minimum initial deposit allowable into the blocked account is €8,640. When the student resumes his first school year in the nation, he is then permitted to make a minimum of €720 withdrawal in every month.
How Can I Activate My Blocked Account In Deutsche Bank?
Several students are perplexed by this. If you have opened a blocked bank account at the Deutsche Bank in Germany or any of their worldwide branches and you would love to activate it, then follow these proceedings.
- Visit the official Deutsche Bank site, slide past the “Information and service” page , slide pass the “FAQs” page, open the “Forms” page, maximize the “Activate the blocked account”. Read and digest the age classes on that page then download the pdf which suits your age bracket; whether you are an under 18 international student, or an above 18 international student.
- Fill the form on your PC or smartphone, then print out two copies of the filled application forms. Ensure you reserve a copy for your self.
- Book a meeting at the German Embassy closest to you, ratify all your documents there on the scheduled date. These are what to take; a copy of a filled application form for activation of a blocked Deutsche bank account, a valid passport, one copy of your university’s admission letter, a prepaid envelope containing bank statements from a private service provider, example; DHL, FedEx.
- Thereafter, using the German Embassy nearest to you, dispatch the filled and ratified application to this address;
DB Privat- und Firmenkundenbank AG
Alter Wall 53
20457 Hamburg
Germany
Also included in the admission form envelope, the following items
- Confirmed copies of your passports
- One copy of the admission letter from your chosen university
- A record of your bank statements
- Place into the blocked account a total sum of €8,640.
- Upon your arrival in Germany, go out to Deutsche bank nearest to you with your passport and visa and activate your blocked Deutsche bank account. You will be issued a card and online banking guidance.
N/B: Only €720 can be withdrawn per month.
How Does A Blocked Account Work?
To narrow it down, a blocked account is simply a bank account that is monitored by an authority or government officials. In Germany, in partnership with the Government, Banks impose restrictions on when a sum is withdrawn, how much it is that is withdrawn, and by who a sum can be withdrawn.
The government uses these limitations to restrict the sum of their currency that leaves their shores or is switched to another currency. That is a strict monetary policy that ensures a currency is not devalued.
For an international student who is a non-member of an EU nation; a blocked account is evidence the said student can be financially independent in his early days in Germany and not resort to doing crimes or constituting nuisance due to money scarcity.
This bracket of international students will have to deposit into the blocked account, a €720 per month which will sum up to the total number of months in their valid visa. Upon the student’s arrival in Germany, he is not allowed to withdraw any amount greater than €720 per month, it is only permissible if he deposited any sum at an amount higher than €720 per month.
What Is Fintiba?
Do not get it twisted, Fintiba is not a Bank, nor do they offer banking services. Fintiba is only an intermediate between the customer and Sutor Bank – a private bank located in Germany. Fintiba is under the Germany Business Regulation; a government body’s watcheye. So you can be assured of their reliability.
Fintiba as a company was set up in 2016 by a group of private persons who are professionals in the spheres of banking, education, insurance and IT, and have rich experience with a wide network of outreach which assist them in delivering top-notch services and assistance to international students and job seekers who intend to come to Germany for the purpose of getting educated or seeking employment. They are located in Frankfurt am Main in Germany, with the zeal to assist international students to settle down in Germany, especially financially and academically.
CEO: Bastian Krieghoff
Fintiba’s business partners are
- SutorBank ; a private-owned bank in Germany. Founded in 1921, provides a wide array of banking services including opening of a blocked account.
- DAK-Gesundheit ; a leading health insurance company in Germany aiming to provide foreign students with a regulated health insurance while studying in Germany.
- MAWISTA GmbH ; a private health insurance company targeting international students seeking health insurance upon arriving Germany. Their health products are available via Fintiba plus package service. Students also get to work here during work hours and obtain health insurance bonus as incentive
- Deutsche Bildung AG ; an investment company – their mentorship programme awarded to students empower the recipients in the spheres of networking, and coaching. They also assist students in financial balance or footing after their arrival in Germany.
- German-Jordanian University ; a public university sited in Mushaqar. They partnered with Fintiba in 2016 and ever since, numerous international students’ challenges have been bridged through their partnership.
- Techquartier ; a tech coy that focuses on assembling innovators, IT experts, investors, and providing them with necessary tools to utilize and better the world.
- Deutschland ; a privately owned news website offering multilingual services to international students studying in Germany. Their various boards including German politics, economics, culture, environment, knowledge and life which are offered in multi-diverse languages help students from all parts of the globe to settle into life in Germany.
How Long Does It Take To Open A Blocked Account In Germany?
The length of time for the opening of a blocked account in Germany is relative. It is dependent on the process that is employed by the student as there are more than one approach to opening a blocked account.
If the student is opening a blocked account lodged in Deutsche Bank, the entire proceedings take one week.
When the student opts to open his blocked account through the Germany Mission/Embassy/Consulate, the proceedings will require two to three weeks. So, students who desire to use this approach are encouraged to apply early at the Embassy.
Xpatrio is a website that processes the opening of a blocked account in an instant. Formally, their blocked account opening service is authorized by German Federal Foreign Service and taken by any German Embassy/Consulate/Mission in all parts of the world. They are highly professional and customer friendly. The service of having your blocked account quickly opened by them will cost you only €49.
Conclusion
Opening a blocked account is actually for the benefit of the account owner who also doubles as an international student. It saves his face from running into unnecessary debts, crime in foreign land, hardship, financial dependence, and can end up making the student lose his admission. The purpose of education in Germany will have been defeated if an international student loses focus in his first few months upon arrival; that is why the German government has made it a policy to enforce a law that guarantees prospective students, financial security.
Organisations like Fintiba were set up to assist students in the processes of opening a blocked account and in activating them.