What is a Blocked account in Germany?
How to open a Blocked account in Germany?
What are the advantages of a Blocked Account in Germany?
In Germany, a blocked account is known as "Sperrkonto" or "Sperrkonto für Studienzwecke." It is a type of bank account that is required for certain individuals, especially international students, who need to demonstrate sufficient financial means to cover their living expenses during their stay in Germany.
Opening a Blocked Account in Germany involves the following steps:
Choose a Bank: Research and select a bank in Germany that offers blocked account services. Some popular banks that offer this service include Deutsche Bank, Fintiba, and Expatrio.
Here is a list of banks in Germany where you can create a blocked account (Sperrkonto):
Deutsche Bank
Fintiba
Expatrio
Commerzbank
DKB (Deutsche Kreditbank)
Sparkasse (various regional savings banks)
Postbank
Santander
HypoVereinsbank
N26
Please note that this list is not exhaustive, and there may be other banks in Germany that offer blocked account services. It's always recommended to research and compare the services, requirements, and fees of different banks before choosing the one that best suits your needs. Additionally, it's important to check the most up-to-date information on each bank's website or contact them directly for specific details regarding the process of opening a blocked account.
Application: Fill out the application form provided by the chosen bank. This can often be done online. You will need to provide personal information, such as your name, address, passport details, and intended duration of stay in Germany.
Deposit Funds: Transfer the required amount of money into the blocked account. The minimum deposit varies but is typically around €8,640 (as of 2021). The exact amount can change, so it's advisable to check the current requirements with the bank.
Verification: Provide any necessary documents for verification purposes, such as a copy of your passport, proof of admission or enrollment at a German educational institution, and sometimes proof of health insurance coverage.
Receive Confirmation: Once the bank receives your deposit and verifies your documents, they will issue a confirmation letter or certificate. This document serves as proof of sufficient funds for visa and residence permit purposes.
Advantages of a Blocked Account in Germany include:
Visa and Residence Permit Requirement: Many non-EU individuals, especially students, need to show proof of sufficient funds to obtain a student visa or a residence permit. A blocked account satisfies this requirement.
Easy Access to Funds: While the funds in the blocked account are meant to cover living expenses during your stay in Germany, you can access a portion of the money each month to meet your financial needs.
Safety and Security: The funds deposited into a blocked account are kept separate from your regular bank account. This ensures that the money is available when needed and remains untouched until you initiate withdrawals.
Accepted by Authorities: Blocked accounts from recognized banks in Germany are widely accepted and recognized by the relevant authorities, including immigration offices, embassies, and consulates.
Flexibility: The remaining funds in the blocked account can be accessed after your studies or when your visa or residence permit expires, allowing you to manage your finances accordingly.
It's important to note that the specific requirements, procedures, and advantages of a Blocked Account in Germany may vary among different banks and over time. It's advisable to research and consult the chosen bank or financial institution for the most up-to-date and accurate information regarding opening a Blocked Account in Germany.
Here are some websites related to blocked accounts in Germany:
Deutsche Bank: Official website of Deutsche Bank, which offers blocked account services.
Website: https://www.deutsche-bank.de/en/
Fintiba: Online platform specializing in providing blocked accounts and other services for international students in Germany.
Website: https://www.fintiba.com/
Expatrio: Online platform offering blocked account solutions and other services for international students and professionals in Germany.
Website: https://www.expatrio.com/
Deutsche Kreditbank (DKB): German bank that provides blocked account services for international students.
Website: https://www.dkb.de/
Sparkasse: A network of savings banks across Germany that may offer blocked account services.
Website: The official website of Sparkasse may vary depending on the region. You can search for the specific regional Sparkasse in your desired location.
N26: An online bank that offers blocked account services and other banking solutions.
Website: https://n26.com/
Please note that the availability and suitability of these websites may vary depending on individual requirements, location, and specific circumstances. It's advisable to visit the respective websites, compare the services and requirements, and contact the banks or platforms directly for the most accurate and up-to-date information regarding blocked accounts in Germany.
website: https://www.bi-canada-germany.com/
website : http://www.bblessing.in/