Summary: Having a blocked account is a key requirement for international students planning to study in Germany. Hence, understanding the blocked account process is vital for a smooth transition to Germany. Continue reading to learn more about the blocked account, the application process, and more!
Germany is one of the top destinations for Indian students pursuing higher education, thanks to its world-renowned universities, excellent job prospects, and affordable education. However, studying in Germany has one essential requirement for international students and that is opening a Blocked Account.
A Blocked Account isn’t just a visa requirement; it ensures you have the necessary funds to cover your living expenses during your time in Germany. If you’re planning to study in Germany, understanding the Blocked Account process, its benefits, and how to transfer funds from India to this account is crucial. This blog will take you through everything you need to know about Blocked Accounts in Germany.
What is a German Blocked Account?
A Blocked Account is a special type of bank account that international students need to open to prove they have enough money to support themselves while studying in Germany. It’s called a “blocked” account because the deposited amount cannot be fully withdrawn at once; instead, it is released in monthly installments.
The German government requires students to deposit a minimum of €11,904 into the Blocked Account (as of September 2024). This amount is disbursed monthly, with a maximum withdrawal limit of around €992 per month, ensuring students have sufficient funds to cover their living expenses while in Germany.
Why is a German Blocked Account Required?
Germany mandates a Blocked Account for non-EU students applying for a student visa. The primary purposes of the Blocked Account are:
1. Visa Requirement: A Blocked Account is a key requirement for obtaining a German student visa, ensuring that students won’t face financial challenges while studying.
2. Financial Proof: It demonstrates that you have enough funds to support yourself without needing to rely solely on part-time jobs or other income sources.
3. Budget Management: The installment-based disbursement ensures you don’t run out of funds and helps manage your monthly expenses effectively.
Eligibility Criteria for a German-Blocked Account
To open a Blocked Account in Germany, you must meet the following eligibility requirements:
1. You must be a non-EU/EEA citizen, such as citizens from India, China, Vietnam, and others
2. You should have an acceptance letter from a recognized German university or institution
3. You need a valid passport
Required Documents for Indian Students for a Blocked Account
Indian students are required to provide the following documents when opening a Blocked Account in Germany:
1. A valid passport
2. University admission or acceptance letter
3. Proof of enrollment or admission in a German institution
4. Proof of financial means (initial deposit)
Which is the Best Blocked Account in Germany?
There are several institutions in Germany where you can open a blocked account, and each offers different services. Some of the most popular Blocked Account providers are:
| Providers | Fees | Time Taken to Open an Account | Online process | Document upload | Health insurance add-on |
| Expatrio | €69 processing fee along with €5 monthly fee | Less than 24 hours | Yes | Online | Yes |
| Fintiba | €89 processing fee and €4.90 monthly fee | Ten minutes | Yes | Online | Yes |
| Drop Money | €45 processing fee and €5 monthly fee | 24 hours | Yes | Online | Yes |
What Is the Minimum Deposit Required for a Blocked Account in Germany?
Starting from the winter semester of 2024, the minimum amount required to transfer to your blocked account for a student visa application is €11,904 per year, equating to a monthly allowance of €992. This amount represents the estimated funds needed for an individual to cover essential living expenses in Germany. Note that for the Chancenkarte visa, the required blocked amount is slightly higher at €12,324, which breaks down to €1,027 per month.
Can I Deposit More Than the Required Minimum Amount?
The €11,904 is the minimum accepted by German authorities for a study visa or residence permit application. You may deposit more, but not less. However, most providers advise against depositing above the minimum, except for covering international money transfer costs and account opening and maintenance fees. If you anticipate needing more than €992 per month, it’s advisable to keep that extra amount in a separate current account for immediate access.
Which Countries’ Citizens Do Not Need a Blocked Account to Study in Germany?
Citizens of the European Union and the Schengen Area are exempt from requiring a blocked bank account to study or train in Germany. This includes residents of the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
How to Open a Blocked Account in Germany?
Opening a Blocked Account for your German visa is straightforward. Here’s a step-by-step guide to help you open a Blocked Account in Germany:
1. Choose a Provider: You can choose from various options like Fintiba, or Expatrio, based on your preference for services, processing time, and fees.
2. Register Online: Most providers like Fintiba and Expatrio allow you to open a Blocked Account online. You’ll need to provide your passport, university admission letter, and personal details.
3. Transfer Funds: Once your account is created, you are ready to transfer the required amount to your Blocked Account. You can transfer funds via Indian banks or online money transfer platforms.
4. Receive Confirmation: Once the provider confirms the funds, they’ll issue a Blocked Account certificate, which you’ll need to submit during your visa application.
5. Account Activation: After arriving in Germany, you’ll need to visit the bank branch (if applicable) to activate your Blocked Account and access your monthly disbursements.
How to Transfer Funds to a Blocked Account from India?
Transferring funds from India to Germany is a critical part of the Blocked Account process. Here’s a detailed guide on how to transfer funds:
Step 1: Choose a Transfer Method
You can use one of two primary methods:
1. Indian Banks: Major Indian banks like State Bank of India (SBI), HDFC Bank, or ICICI Bank allow international transfers. However, be aware of the high transfer fees (INR 500–2500) and less favorable exchange rates.
2. Online Transfer Platforms: Money transfer platforms such as BookMyForex provide competitive rates and zero transfer fees, along with faster processing times. BookMyForex also allows you to lock in exchange rates, ensuring you get the best rate at the time of transfer.
Step 2: Confirm the Transfer Details
Ensure that the German bank’s SWIFT code and your Blocked Account number are accurate. Double-check the required amount to avoid issues during the transfer.
Step 3: Track the Transfer
Transfers usually take between 12 to 48 hours. Once your provider receives the funds, they will issue a Blocked Account certificate, which is crucial for your student visa application.
FAQs
What is the purpose of a Blocked Account?
A Blocked Account proves you have enough funds to cover your living expenses in Germany, a mandatory requirement for obtaining a student visa.
How much do I need to deposit into a Blocked Account?
The minimum required deposit is €11,904, which will be disbursed monthly to cover your living expenses.
Can I access my funds before the term ends?
You can withdraw funds on a monthly basis, but the amount is limited to €992 per month.
How can I transfer money to a Blocked Account?
You can transfer funds via traditional Indian banks or use money transfer platforms like BookMyForex, which offer live exchange rates and zero transfer charges.
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About the Author
Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.
