How to Open a Blocked Account with Studely: 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 to ensure that they have enough funds to cover their living expenses while studying in Germany. The German Federal Foreign Office has officially recognized and approved Studely’s blocked account service. Their official website lists Studely as one of the specialized providers of blocked accounts for Visa application, allowing you to see this recognition. In this blog post we will guide you on how to open a blocked account with Studely.
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.
To open a blocked account with Studely, you must transfer a minimum of €11,308, which includes €11,208 for the account and €100 for opening and maintenance fees. It is advisable to send a “buffer amount” to cover any additional fees. Having less than €11,208 in your account will result in the inability to confirm your blocking and apply for a student visa. Companies often request a buffer of €100, but if not specified, a lower amount can be sent. Any excess funds transferred will be divided into 12 equal portions and applied to your monthly payments of €934.
Why should you choose Studely to Open a Blocked Account?
There are many reasons why you should choose Studely to Open your blocked Account.
- It takes little time and is fully online.
- Within a day, your blocked account will be accessible, and a week will pass before you have your Blocked Account Certificate.
- You only need your passport and acceptance letter to submit your paperwork online.
- A bank and Studely have a partnership to make creating a current account easier.
- Takes American applications.
- Have comparatively low maintenance and opening costs.
Steps to open a blocked account with Studely
To open a blocked account with Studely, first visit official Studely website and follow these steps:
- Begin by registering on the Studely website. Upon registration, you will be directed to an online platform where you can manage your account.
- Provide your personal information, including your name, date of birth, place of birth, nationality, and address, to initiate the blocked account opening process.
- Attach electronic copies of your passport and university admission letter to complete the required documentation.
- Studely will verify your identity and proceed to open your blocked account. Your account will be held with MangoPay, Studely’s banking partner.
- Transfer the necessary funds to your blocked account. Studely will provide you with the bank account number and instructions for the international money transfer, which typically takes three to five days.
- Once Studely successfully transfers the full amount to your account, they will send you the Blocked Account Certificate. You must submit this certificate to the German Embassy as it is crucial for your student visa application.
- Upon your arrival in Germany, open a current account with a local German bank. This account is necessary for Studely to transfer the monthly amount of €934 from your blocked account. Opening a current account requires registering your address in Germany.
- Activate your blocked account by logging into your Studely User Portal and selecting the “Activate” button.
- Studely will initiate monthly transfers of €934 as your installment payment once the account is activated.
How to activate your Studely Blocked Account?
You must first register a current account in Germany (Girokonto) in order to activate your blocked account. The next step is to sign into your user interface, select “Activate Account”, send Studely the Girokonto number, and submit the necessary paperwork. Once activated, Studely will begin sending money to your current account on a monthly basis. They will make the first installment within two to three business days
By following these procedures, opening a blocked account with Studely might be a simple process. Don’t forget to confirm the accuracy of the data you’ve provided and to answer Studely’s questions as soon as possible. After successfully opening your blocked account, you will be able to meet the financial requirements essential for your education in Germany, enabling you to start your academic adventure stress-free.
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