The Best Blocked Accounts in Germany and Their Uses
Blocked bank accounts are essential for international students, ensuring they have the required funds for living expenses and simplifying visa processes. This article explores the benefits of these accounts and compares top options, from traditional banks to modern fintech solutions, to help students find the best fit for their financial needs abroad.
What Are Blocked Accounts?
Blocked accounts, known as „Sperrkonto“ in German, are special types of bank accounts required for certain purposes, most notably by international students and visa applicants. These accounts ensure that individuals have sufficient financial means to support themselves during their stay in Germany. The German government mandates blocked accounts as part of the visa application process to guarantee that foreign nationals will not depend on public funds.
What Are Blocked Accounts Used For?
At One Glance
| Info | Fintiba | Expatrio | Coracle |
|---|---|---|---|
| Accepted by German Authorities | ✅ | ✅ | ✅ |
| Deposit Protection | 100.000 € | 100.000 € | 100.000 € |
| App | ✅ | ✅ | ❌ |
| Initial Fee | 89 € | 69 € (plus a 100 € buffer, which will be refunded with the final payout; cashback and discount promotions possible) | 99 € (cost for extension for an additional study year: 60 €) |
| Monthly Account Management Fee | 4,90 € | 5 € | ➖ |
| Transfer Fee | ➖ (Fintiba Transfer) | ➖ (might be asked by home bank) | ➖ (might be asked by home bank) |
| Health Insurance | ✅ available for a fee starting from the Fintiba Plus Package | ✅ available for a fee with the blocked account and the Value Package, but also separately | ✅ available separately for a fee, but also with the Prime models |
| Travel Insurance | ✅ included for free starting from the Fintiba Plus Package (however, the entitlement to this travel insurance lapses if the customer does not activate either the private or statutory health insurance included in the package) | ✅ Travel insurance included for free with the Expatrio Value Package | ✅ Free travel insurance included with the Prime models |
| Website | fintiba.com | expatrio.com | coracle.de |
The Best Blocked Accounts in Germany
Choosing the right blocked account involves several considerations. Fast processing times are vital, especially if you’re on a tight visa schedule. Digital providers like Fintiba and Expatrio often offer quicker account setup than traditional banks.
How Do I Select the Best Blocked Account?
How Can I Get My Money Back?
Sometimes things don’t go to plan or unexpected events happen, so that you need to close your account and take your money back. Getting your money back from a Blocked Account (Sperrkonto) involves a specific process, depending on your circumstances (e.g., visa rejection, completion of studies, or early departure).
Here’s a detailed guide on how to retrieve your funds:
- 1. What to Do When… ?
- Visa Rejection: You will need the visa rejection letter from the German consulate.
- Completion of Studies: You require proof that you have completed your studies, such as a graduation certificate.
- Early Departure: You need proof that you have left Germany, such as a deregistration certificate from the local residents‘ registration office (Abmeldung).
- 2. Prepare Necessary Documents
- Application Form: Most banks have a specific form for account closure and fund retrieval. Download it from the bank’s website or request it directly.
- Proof of Identity: A copy of your passport or ID.
- Reason for Refund Documentation: Visa rejection letter, graduation certificate, or deregistration certificate.
- Bank Details: Your new bank account details for the transfer of the remaining funds.
- 3. Submit the Application
- Fill Out the Form: Complete the account closure and refund application form accurately.
- Attach Documents: Attach all necessary documents to support your refund request.
- Send to Bank: Submit the form and documents to the bank either through email or post, as per the bank’s instructions.
- 4. Bank Processing
- Review: The bank will review your application and documents.
- Approval: Upon approval, the bank will close your Blocked Account and initiate the transfer of the remaining funds to your specified bank account.
- 5. Retrieve Funds
- Transfer: The remaining balance will be transferred to your specified bank account. The processing time may vary, but it typically takes a few business days.
Tips for a Smooth Process
- Check Bank-Specific Requirements: Each bank may have slightly different procedures and requirements, so check with your bank for specific instructions.
- Keep Copies: Make copies of all submitted documents for your records.
- Follow Up: If there is a delay, or you do not hear back from the bank within the expected time frame, follow up with the bank to ensure your request is being processed.
Conclusion
Blocked accounts are essential for international students and other visa applicants in Germany, ensuring financial stability and compliance with visa requirements. The best blocked accounts, such as those offered by Fintiba, Expatrio, Deutsche Bank, and Coracle, provide various advantages and cater to different needs. By considering factors like processing time, fees, customer support, and additional services, applicants can choose the blocked account that best fits their requirements and facilitates a smooth transition to life in Germany.
Advantages and Disadvantages of Blocked Accounts
Advantages of Blocked Accounts
Disadvantages of Blocked Accounts
-
Maintenance fees
Ongoing monthly charges can add up over time.
-
Verification delays
Account approval can take time, especially if there are issues with submitted documents.
-
Exchange rates
Fluctuations can affect the amount you need to deposit if your currency isn’t the euro.
-
Interest rates
Funds in blocked accounts typically earn little to no interest.
Finanzfuchs: Introducing Ourselves
At Finanzfuchs, everything revolves around smart financial management. As a comparison portal for consumers, we offer detailed analyses and well-founded recommendations so that everyone can manage their finances optimally. Our experts understand how precious time is – that’s why we take research seriously and scour the market for the best options and opportunities.
Numbers are our passion. With the concentrated information power of Finanzfuchs, consumers are always one step ahead and can be confident that they are well-informed.
Frequently Asked Questions: Blocked Accounts Germany
A Blocked Account (Sperrkonto) is a special type of bank account designed to help international students prove their financial resources while applying for a German student visa. This account ensures that students have enough funds to cover their living expenses during their stay in Germany.
German authorities require a Blocked Account to ensure that international students can support themselves financially without needing additional employment. This requirement helps to minimize financial stress and allows students to focus on their studies.
As of 2024, the required deposit for a Blocked Account is €11,208. This amount is based on an estimated monthly living expense of €934, covering one full year (12 months). This amount may be adjusted annually based on living cost changes.
You can open a Blocked Account through several approved providers such as Fintiba, or Expatrio. The process involves completing an online application, verifying your identity (usually through video identification or at a German embassy), and transferring the required funds into the account.
The time required to open a Blocked Account typically ranges from 1 to 2 weeks, depending on the bank and the accuracy of your provided documents. Some delays may occur due to high application volumes or incomplete submissions.
No, withdrawals are restricted to a monthly maximum, usually €934, which is intended to cover your monthly living expenses. This restriction ensures that you have a steady flow of funds throughout your stay in Germany and do not exhaust your resources prematurely.
Any unused funds remain in your Blocked Account and can be accessed later. At the end of your stay, you can close the account and request a refund of the remaining balance. The exact procedure for closing the account and withdrawing funds varies by bank.
Yes, having a Blocked Account is crucial for your student visa application. The confirmation letter from the bank serves as proof of financial means, which is a requirement by the German consulate when processing your visa application.
If your visa application is rejected, most banks allow you to close the Blocked Account and refund the deposited money. To initiate this process, you will need to provide the bank with the visa rejection letter from the consulate.
Yes, there are alternatives to a Blocked Account, such as a formal obligation letter (Verpflichtungserklärung) from a sponsor residing in Germany, proof of a scholarship covering your expenses, or a recognized financial guarantee. However, the Blocked Account is the most straightforward and widely accepted method.
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