Under the laws in Germany, if you are an international student, then you need to prove that you have the financial means to cover all your expenses. The account you will have to open to prove that you have enough funds to live for one year is called a blocked account. If you have an intention to apply for a student visa or resident permit, then this is a requirement. The minimum monthly amount for a blocked account as of 2020 is €853 and that is €10,236 annually.
The blocked account which is also known as Sperrkonto was designed to be proof that students and unemployed individuals can provide for themselves, while staying in Germany. Although there are so many ways to prove that one is capable of providing for themself, this is one of the most common ways chosen by foreign students. This account does not just contain any amount of money.
The government allocates the amount of money that every applicant must possess. Before migrating to Germany to study, you need to be able to testify that you can handle living, feeding, and other expenses. The amount of money required is not permanent, and as of 2020, various Germany embassies have started requesting the updated sum. This post is going to inform you of all you need to know about the blocked account.
Guides to open a Germany blocked account
Opening a blocked account is very easy. All you have to do is follow the steps below:
- First, choose your bank provider. You can either choose a Deutsche or a Finitiba bank
- If you choose Finitba, you will have to apply online for the blocked account. However, if you choose Deutsche, you will be required to download and fill a PDF form application. Then, you will need to request for legalization at the embassy.
- Now, deposit funds into your account, and
- Get a confirmation for your blocked account.
Requirements needed to open a blocked account
There are lots of things needed to open a blocked account. The country you are from and the bank provider you choose will determine the type of documents you will have to provide.
If you are using a Deutsche bank, you will need the following documents:
- Your admission letter from the University
- A valid international passport
- Application form
- Bank statement showing your income
- Prepaid fee
However, with a Finitiba account, all you need is a passport or a valid form of identification to create and register your account. The process does not take up to 15 minutes.
Read also: How To Study Free In Germany
Fintiba VS Deutsche Bank
As mentioned earlier, you need to choose from either one of these providers. These two banks are very different and require different processes of creating your blocked accounts.
The first thing to do is to visit their official website (Fintiba.com) and start creating your account. You can finish the process online in less than 15 minutes. The initial fee and the monthly maintenance fee are €89.00 and €4.90 respectively. With this account, you will be able to withdraw €853 every month. Applicants that are still underage (under 18 years) cannot apply for Fintiba. You do not need to do the attestation of documents at the German consulate, unlike the Deutsche bank. It is very possible to get your health insurance with the blocked account. They have very fast customer support and are approved by the federal government.
It takes several weeks to open this type of account and you cannot open it online. The service fee is around €150.00 and you have to pay €5.90 every month for maintenance. With Deutsche provider, you can withdraw €853 monthly. You will have to pay a sum of about €10-30 for the attestation of documents at the German consulate/embassy. Unlike the other provider, you can apply for this even if you are below 18 years. It is not as guaranteed as Finitba and so, there is every tendency that your application may be rejected. In addition, you cannot get your health insurance with your account. For more information, you can visit their website (DB.com).
Both bank providers have their advantages and disadvantages. However, the most common choice among international students is the Fintiba. Applying to the bank is very flexible and there is no reason to go to the embassy for the legalization of any document. This is mainly because it is not time-consuming, and actually very easy to apply for. It takes minutes to open the account and start transferring almost immediately. Another difference between these two banks is in the aspect of proofing source of funds. With Finitba, you do not need to prove the source of the money you are transferring. However, with Deutsche, you will have to show where you got the cash from. The way to do that is showing your bank records which reveal all your deposits.
Germany Blocked Account Amount In 2020
The main reason for a blocked account is to prove that applicants can provide and sort out themselves after migrating to Germany. There is no way to avoid this as an international student. You will have to show evidence beyond reasonable doubt that you have the required finances to take care of yourself. The amount of money in a blocked account is determined by the German government.
As at January 2020, the required amount of money that should be in the account of every applicant is €10,236 yearly and about €853 monthly. It was formerly about €720 monthly. This increase applies to every visa application that was submitted for the 1st of September, 2019. You may have more than this amount in your account but cannot be lesser. The government is only looking out for you. They want to know you can live comfortably in Germany for at least one year.
What happens to my blocked account, if my visa application is rejected?
There is no need to worry about what happens to the funds in your blocked account, if the embassy rejects your student visa application as you only have to contact the provider who will guide you on what you have to provide to get back your funds. However, the initial service fee paid will not be refunded.
Now you know all there is to know about Germany’s blocked account. Following the links earlier, you can begin the process of creating a blocked account