08 May 2023 | All you Need to Know About Blocked Bank Accounts in Germany!
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What is a Blocked Bank Account?
A blocked bank account is a particular type of account whereby a particular sum of money is deposited in the account and cannot be accessed for a set time.
Blocked bank accounts in Germany may lead to confusion and frustration for many individuals, especially international students. It is important that you understand about this for a smooth and hassle-free experience. In this guide we will talk about everything you need to know about blocked bank accounts in Germany.
Why is a Blocked Bank Account Necessary?
It is crucial to explain that the action of opening a blocked bank account is a legal obligation set by the German government. It makes sure that the students have enough funds that will enable them to cater for their needs while in the country.
Read More: Why Should Students Opt for Germany as a Study Abroad Destination
How to Open a Blocked Bank Account in Germany
To open a blocked bank account in Germany, follow these steps:
Choose a Reputable Bank: Research and select a reputable bank in Germany that offers blocked account services.
Collect Required Documents: Gather all necessary documents.
Visit the Bank: Schedule an appointment with the chosen bank and visit their branch.
Complete Application: Fill out the necessary application forms provided by the bank.
Deposit Funds: Transfer the required amount into the account. This amount varies but is typically around €8,640.
Wait for Confirmation: The bank will verify your documents and deposit, then confirm the activation of your blocked account.
Managing Your Blocked Bank Account
A blocked bank account comes with specific rules and limitations:
No Withdrawals: You cannot withdraw money from the account until the stipulated time period ends.
Monthly Allowances: You are allowed a monthly withdrawal of a certain amount for living expenses.
Maintain Minimum Balance: Ensure that the minimum required balance is maintained in the account.
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What Is a Blocked Bank Account?
The Sperrkonto also known as the Blocked Account is another type of account in Germany meant mainly for those non-EU citizens who have come to Germany to undertake their bachelors or masters or any language course. This is because they are expected to have financial means to support their studies within this country. As mentioned, there are other methods for provided the necessary documents regarding financial solvency, but one of the most common practices among international students is the unblocking of an account. In order to access a closed account, one has to have a minimum capital of 10336 euros and can withdraw a maximum of 853 euros every month into a saving or current account.
Who Needs a Blocked Bank Account?
A Blocked Account is necessary when you are applying for Germany Study Visa, Language Course Visa or Germany Job-Seeker Visa. Further, if you are traveling to Germany for the purpose of education or for finding a job, whether or not you need a visa for Germany entry. Nonetheless, a Blocked Bank Account is needed if you want to receive your German Residence Permit. If you do not have the permit, you are not allowed to reside in Germany for a period exceeding three months.
What is the Working Procedure for a Blocked Account in Germany?
To set up a Blocked Account in Germany, you need to open an account at a bank and deposit a minimum of 10,236 euros. Once you arrive in Germany, you can open a separate saving or current account at your chosen bank. This is the only way to receive monthly payouts from your Blocked Account, as it cannot be used as a regular saving or current account.
What is the List of Documents needed to open a Blocked Bank Account?
Expatrio applicants are only required to submit their passports as proof of identity. The entire application process is completed online, so you must scan and electronically upload your passport.
If you would like to open a Blocked Account with Deutsche Bank through a German Embassy/Consulate, several documents are required such as, a valid passport, Acceptance letter from your school/college/university, evidence of source of funds and prepaid self-addressed envelope of a courier service provider like FedEx, DHL or UPS. After submitting these documents, the Embassy or Consulate will then certify them or endorse them before forwarding them to Germany.
What are the Alternatives to Blocked Bank Account?
Some of the alternatives of a Blocked Bank Account are having a scholarship, providing bank account statements from your parents or guardians, or obtaining a letter of sponsorship from someone in Germany.
For more assistance, please visit our study abroad consultancy services and explore our wide range of offerings for students interested in studying in the USA, studying in the UK, studying in Canada, studying in Australia, studying in Ireland, and many other countries.
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