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Under current law regulations in Germany, if you’re an international student from a non-EU or non-EEA country, you must prove you have the financial resources (Finanzierungsnachweis) to cover your living expenses in Germany.
Proof of financial resources is very important for getting your student visa and study residence permit in Germany.
Read this article for detailed information about opening a blocked bank account in Germany.
Summary
- As of January 2024, the amount that must be paid into the blocked account when applying for a German student visa is 11,208 euros.
- Be aware that not all accounts are equally accepted by all authorities. Make sure that the provider you choose covers all of your needs.
- The opening processes differ slightly. Depending on the time you have until your visa appointment is due, we advise you to opt for the faster option.
- Most providers offer blocked accounts and health insurance bundles for carefree preparation.
- Deutsche Bank no longer offers blocked account services.
- Based on over 2000 student reviews and its excellent reputation in the market, Expatrio is the favorite choice for international students; where you can also open a bank account directly connected to your blocked account as part of the Expatrio Value Package – to receive your monthly payouts in record time.
Table of Contents
What is a Blocked Account?
A blocked account is a type of bank account in Germany that restricts withdrawals until the account holder arrives in the country. And even after arrival, you can only withdraw a specified amount per month (currently 934€ per month).
It is primarily used by international students and job-seekers to prove they have sufficient funds to cover their living expenses for a year, a crucial requirement for obtaining a German student visa or residence permit.Â
While there are alternative methods to demonstrate financial resources, the blocked account is favored by most international students. By depositing a specified amount set by the German government, individuals show they can afford their stay and associated costs in Germany.
Can I Study in Germany Without a Blocked Account?
Well, yes! ÀÖ²¥´«Ã½ without a blocked account is possible if you can prove to German authorities that you have sufficient funds through any of the following alternatives:
- A document of your parent’s income and financial status.
- Scholarship Certificate from a recognized scholarship provider.
- Letter of Commitment (Verpflichtungserklärung): Through this document, a permanent resident of Germany (a relative or a friend) can guarantee they will cover all your expenses during your time as a student.
- A bank guarantee.
Germany Blocked Account Amount for 2024
For 2024, if you’re applying for a student or language visa for Germany, you need to deposit €11,208 into a blocked account. This translates to €934 per month for up to 12 months.
This requirement is based on the BAföG rate, which is Germany’s financial aid program for students, but the exact amount might differ and should be confirmed with your embassy or consulate.
This deposit is the minimum you must have in your blocked account to demonstrate you have the financial means (Finanzierungsnachweis) for a student visa. Note that this monthly amount also limits how much you can withdraw or transfer each month unless you’ve deposited more than the required minimum.
Moreover, securing health insurance is a critical step in the visa process. Some providers offer a package that includes both a blocked account and health insurance, simplifying the procedure for students.
Blocked Account Providers
Numerous providers offer blocked accounts in Germany, but not all are officially endorsed by German authorities. Unfortunately, the complete list of approved providers is no longer accessible on the German Federal Foreign Office website. Selecting a reputable provider is crucial, as choosing otherwise could jeopardize your student visa approval.
In the following sections of this article, we will provide tips on what to know when choosing a blocked account provider.
Do German Authorities Accept All Providers?
This is the most important question you need to ask because any provider not accepted by the German Embassy or Foreigner’s Office will result in getting your student visa rejected.
Blocked account providers need to go through a thorough verification process to get their license to provide services to students, and the German authorities trust only the providers that fulfill certain requirements.
You can double-check if the provider is accepted by the German authorities in your country by visiting their website or contacting their support directly. Once assured, you can move to the next step: comparing the services offered and fees for opening a blocked account.
How Easy Is It to Open a Blocked Account?
It’s very easy nowadays! Opening a blocked account has become more convenient with the rise of digital providers.
While traditional options like Deutsche Bank were once popular, it’s important to note that Deutsche Bank no longer offers blocked accounts. Previously, the process with Deutsche Bank involved submitting physical documents, typically taking 2-4 weeks.
Newer digital providers offer a seamless online experience, allowing you to open an account swiftly through their website, deposit funds in various currencies, and receive prompt confirmation letters.
Can I Close My Blocked Account if My Visa Gets Rejected?
Yes, you can! All providers will refund the money you deposited to your account if the German authorities reject your visa. However, remember that some providers take weeks to process the refund, as reported by many students.
In case of visa refusal, Expatrio will transfer back all the funds you’ve deposited for your blocked account, including all associated fees for opening the account.
What Are the German Blocked Account Provider Fees?
Fees for opening a German-blocked account vary; however, you need to pay attention to the monthly maintenance and setup fees. With Expatrio, you get a cashback if you choose their blocked account + health insurance package.
Are There Positive Student Reviews?
Thanks to the internet, you can now very easily compare blocked account providers and read the experiences of past students who chose one or the other. Before making a decision, it is important to pay attention to both positive and negative reviews.
How to Open a Blocked Bank Account?
Opening a blocked bank account in Germany is as easy as the following steps:
- Choose the provider (Ex. Expatrio).
- Apply online.
- Deposit funds.
- Get your blocking confirmation.
What Documents Do I Need to Open a German-Blocked Account?
The required documents to open a blocked account may vary depending on your nationality and your chosen bank account provider.
With Expatrio, for example, you only need your passport to register and create your account, and you will get your account opening confirmation within 24 hours.
When Is the Best Time to Open a Blocked Account in Germany?
The best time to open a blocked account in Germany is as soon as you receive your admission letter from a German university. In fact, we highly recommend this!
International students often face delays in having their blocked accounts confirmed due to high application volumes or banks being busy with their regular tasks. Starting the process early, immediately after getting your admission letter, ensures you avoid the rush and potential delays.
By the time you receive your admission, you should already know which provider you’ll use to open your blocked account, allowing you to proceed without further delay.
How Long Does It Take to Open a Blocked Account?
If everything goes well, your restricted bank account should be ready within a week of submitting your application.
For example, opening an account at Expatrio takes less than 24 hours to receive your confirmation. Naturally, missing documents may cause long delays and lead to an ultimate decline.
Generally, the time it takes to open a blocked account depends on factors like your nationality, the provider, the workflow of the German embassy in your home country, your paperwork, etc.
Depositing Money
Initiating your German-blocked account involves a crucial step: depositing the required funds. Once the money is transferred into your account in Germany, you’ll promptly receive confirmation that your blocked account has been opened, detailing the deposited amount.
>> Explore the Process of Transfering Money to Your Blocked Account in Germany
How to Withdraw Money From the Blocked Account?
You can withdraw money from your blocked account once you settle at a registered address in Germany. But remember that you won’t have direct access to your blocked account in Germany. The only way you can withdraw your money is by opening an international student bank account in Germany, where your blocked money will be transferred every month.
To make this part even easier, the Expatrio Value Package offers a free current bank account add-on. This means you can open both your blocked and current account through Expatrio, as part of the same package, and receive your monthly payouts without delay! Pretty convenient!
You’re allowed to withdraw a maximum of €934 per month unless you’ve deposited more money than the required minimum. This amount of money is transferred from your Sperrkonto to your regular account (or international student bank account), from where you can freely withdraw your money.
FAQ
Can I Deposit More Than €11,208?
Yes, you can. This is only the minimum amount of money required from you to apply for your student visa. The German government wants you to have the necessary funds to live in Germany for at least one year.
What if My German Student Visa Application Is Rejected?
If your visa application is rejected by the German embassy in your home country, you will be refunded. Contact the blocked account provider or the German consulate in your country, and they will tell you what you need to submit to get your money back. Note, however, that the transfer fee will not be refunded.
Do I Need to Prove the Source of the Money When Transferring Money?
Expatrio doesn’t require proof of the source of your transferred funds. But banks like Deutsche Kreditbank, Targobank, Postbank, and Sparkasse might ask to show where your money comes from. There are various ways to do this.
The most common way of proving your financial means is by submitting a bank statement that reveals your deposit records in a bank.
Is There Any Administrative Fee to Open an Account?
Yes, the blocked bank account provider charges you an initial fee for its service, usually from around €45 to €150 depending on the provider.
Do I Have to Pay a Fee for Maintaining My Account?
Yes, a low monthly fee (around €5) may follow after you pay the bank for their services.
Can a Third Party Send the Deposit on My Behalf?
Yes, a third party can deposit the funds on your behalf. However, they must prove their identity initially. The blocked account provider may request authorization from you to that person or organization, a valid passport and a bank receipt of the bank transfer.
Is Money Safe?
Yes, it is. The Association of Banks in Germany participates in the Deposit Protection national scheme under which every German bank guarantees to protect deposits with up to 20% of their total capital.
Can I Open a Blocked Account in Deutsche Bank?
No, you cannot! As of July 2022, foreign students in Germany can no longer open a blocked bank account with Deutsche Bank. A very good alternative to Deutsche Bank is Expatrio.
You can open your blocked account in less than 24 hours with Expatrio!
Are There Exemptions to Opening a Blocked Account?
A blocked account is only one way of proving that your financial standing is as required. With that said, there may be other forms you prove it, but you need to ask at the German consulate beforehand. For example, you may have a relative residing in Germany who guarantees he will cover the cost of your stay in Germany.
Can I Speed up the Procedure of Opening the Account?
Unfortunately, you can’t. Even if you’re short on time, the bank cannot process your application faster.
How to Open a Blocked Account in India?
The process above is the same in any country you apply from. Here is a more detailed article about opening a blocked account in India.
Where Do I Register My Address?
You can register your residence in Germany at the Resident’s Office Registration or Einwohnermeldeamt as it is known in German.
You must register your address within two weeks of your arrival in Germany. The bank will need it to send details of your blocked account once you arrive in Germany.