How to Open a Blocked Account with Fintiba: Everything you need to Know
If you’re a student planning to study in Germany, one of the essential requirements you need to fulfill is to open a blocked account. The German government requires students to have a blocked account, which is a special type of bank account, to ensure they have enough funds to cover their living expenses while studying in Germany. The German Federal Foreign Office officially recognizes and approves the blocked account service provided by Fintiba. Fintiba displays this recognition and approval on its official website as one of the specialized providers of blocked accounts for Visa applications. In this blog post, we will guide you on how to open a blocked account with Fintiba.
Why do students need a blocked account?
Students from outside the European Union who intend to study in Germany must have a blocked account. Students must demonstrate to the German government that they have the financial means to pay for their living expenses while studying there. This makes sure that while they are there, students don’t just rely on government assistance. Fintiba do not allow minors to open blocked account.
The current submission requirement is €11,208. The account is locked for a specific amount of time after the money has been deposited. The account holder can only access the money after the lock-in period expires or when they arrive in Germany and provide the necessary documentation.
Why should you choose Fintiba to Open a Blocked Account?
Here are several reasons for opening a blocked account with Fintiba.
- Due to federal government approval, the procedure is rapid and secure.
- You can complete the entire process online, from opening the account to filing the documents, transferring the money, and receiving the Blocking Confirmation.
- It takes only about 10 minutes to open a Fintiba blocked account.
- Only a copy of your passport is required.
- Computerized advice will assist you at every step of the procedure.
- You can combine a blocked account with a health insurance plan (when you arrive in Germany) and a travel insurance plan (when you apply for a visa at the embassy).
Steps to open a blocked account with Fintiba
- Register on the Fintiba website or app. You must provide your contact information, tax situation, the justification for needing a blocked account, and personal information.
- Submit a scanned copy of your passport. After registering and responding to all the questions, you need to send a scanned copy of your passport as further identification.
- Wait for the blocked account to be opened. The account opening process at Sutor Bank takes roughly ten minutes.
- Wait to receive your IBAN then transfer the money. They will open your account and communicate the IBAN (international bank account number) of Sutor Bank, where you must deposit the funds, to you by email.
- Wait for the international transfer to be completed. Depending on the method used, the transfer could take a few days or even up to a week to finish.
- Receive your Confirmation Letter from the bank. You will get an email with the Blocking Confirmation once the funds are in the blocked account.
- Submit the Blocked Account Confirmation to the German Embassy and apply for the visa.
- Travel to Germany.
- Register your address. You must register your address with the local registration office after arriving in Germany to obtain the Registration Certificate.
- Open a checking account. Open a checking account and register it to receive the funds from your blocked account each month as soon as you receive the registration certificate
How to activate (legitimate) your Fintiba Blocked Account?
You must go through a “legitimation” process after opening a blocked account with Fintiba before you can access your money. This could be required of you before or after entering Germany. Your Fintiba account will show the precise technique of legitimation used in your case. There are four approaches:
- Uploading your passport and visa is part of regular legitimation.
- Video legitimation may require you to video chat with a Fintiba Call representative and produce your passport.
- The German Postal Service (Deutsche Post) offers PostIdent legitimation, an electronic form of legitimation, at all of its locations.
- Manual legitimation entails your physically visiting a Sutor bank branch or the Fintiba office in Frankfurt. This is often only asked if none of the other options work for you.
Opening a blocked account with Fintiba is relatively easy; however, it does require close attention to the details. Before beginning the application process, make sure you have all the required documentation and information ready. Additionally, pay close attention to the instructions provided.
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