Open Blocked Account in Germany for Students and Visa Applicants

Comparison between providers of Blocked Account

The listed banks offering blocked account services include Coracle, Dropmoney, Expatrio, Fintiba, ICICI, Kotak Mahindra, and RemitX. These institutions cater to individuals seeking to fulfill financial requirements for visa and immigration purposes, particularly in countries like Germany. Each bank may have its own set of fees, age restrictions, and eligibility criteria, making it essential for applicants to carefully review the terms and conditions before proceeding. Additionally, it’s important to note that the availability of these services may change over time, and individuals are advised to refer to the German Federal Foreign Office’s official website for the most up-to-date information regarding blocked accounts and related regulations.

Various providers offer Blocked Accounts with different fees and eligibility. Coracle charges €80 for Buffer and €99 for Escrow, Drop Money charges €70 with a €5 monthly fee, Expatrio charges €49 set-up fee and €5 monthly (18+ only, excluding Russia and Syria), Fintiba charges €89 initially and €4.90 monthly (18+), ICICI Bank charges €150 (Indian only, with €30 cashback), Kotak Mahindra Bank has no fees (Indian only), and RemitX charges €89 for set-up (18+, Indian only). Choose based on specific needs and eligibility.

Who are required to open a Blocked Account?

If you’re not from a European Union or Schengen country and want to get a visa for below purposes, you must open a blocked account there in Germany.

• • Student Visa
  • Job Seeker Visa
  • Au-pair Visa
  • Visa for Learning a language
  • Training or apprenticeship Visa
  • Foreign credentials recognized

Documents Checklist

In order to open a blocked account, you have to submit the following documents:

• • Proof of University Admission Letter (if applicable)
  • Your current Passport
  • Proof of source of finance
  • Your ID Proof

Note: The documents needed to open a blocked account differ among banks and also depend on the type of visa you are seeking.

Required amount for Blocked Account

Starting from 1 January 2023, if you’re applying for a German student visa, you’ll need to deposit €934 per month or 11,208 euros per year into a blocked account. Keep in mind that not all accounts are accepted by all authorities. Make sure the provider you pick meets all your needs, and note that the opening processes might vary a bit. You can withdraw the whole amount from your blocked account once you come and settle in Germany.

Steps to Open a Blocked Account

In addition to the information provided above, here are some general steps and considerations when opening a blocked account in Germany:

• • Choose the Right Bank: Research and compare the features, fees, and services offered by different banks. Consider factors such as customer support, accessibility, and additional perks.
  • Check Eligibility: Ensure you meet the age and qualification criteria specified by the bank. Most institutions require applicants to be within a certain age range.
  • Application Process: Follow the bank’s application process, which typically involves completing an online application form. Some banks may require additional documents such as a passport, proof of enrollment, or a visa.
  • Deposit Funds: Transfer the required amount of funds to your blocked account. The minimum amount is determined by German authorities to cover living expenses.
  • Receive Confirmation: Once the funds are deposited, the bank will provide confirmation of your blocked account. This confirmation is essential for the visa application process.
  • Useful Services: Explore additional services offered by the bank, such as health insurance packages or current accounts, which may simplify your financial management in Germany.

In conclusion, the Consulate’s acceptance of multiple blocked accounts from several banks made it easier for individuals applying for visas. By offering a wide range of options, visa applicants have the freedom to choose any any provider in Germany to open blocked account according to their preferences. For the most up-to-date information regarding the accepted blocked account provider, always refer to the official website of the German Federal Foreign Office.