German blocked account or proof of financial means is amongst the most important requirements for a German student visa, for residents of non-EU countries who wish to study in Germany
Proof of financial resources is an important condition to get your student visa and your study residence permit.
Firstly, the German blocked bank account (Sperrkonto) is designed to serve international students and job-seekers as proof of financial resources for living in Germany for a year and is a requirement when applying for a German student visa or a student residence permit
It’s known as a “blocked account” because the money deposited into the account cannot be withdrawn until the account holder arrives in Germany.
From 1 January 2021, the annual requirement that must be paid into the blocked account when applying for a visa is a minimum of 10,332 euros.
Secondly, Yes you can study in Germany without a blocked account if you can provide proof of financial resources by providing one of the following:
Previously, a German blocked account was only offered by Deutsche Bank, a renowned, fully licensed German bank. Since then, a few more established providers have entered the market, offering online solutions for blocked accounts and other services that complements it. Most of these providers don’t act as a bank themselves but work with a partner bank or a financial service provider. Here are some of the most popular blocked account providers in Germany:
Deutsche Bank | Fintiba | Expatrio | Coracle | |
Market Entry | Incumbent | 2017 | 2018 | 2018 |
Financial Partner | Deutsche Bank | Sutor Bank | Mango Pay (Luxembourg) as a financial service provider with BNP Paribas France as custodian | Lemonway (France) as a financial service provider with BNP France as custodian |
Fully licensed German bank | Yes | Yes | No | No |
Listed by German Federal Foreign Office | Yes | Yes | Yes | Yes |
Accepted by local foreign offices | Yes | Yes | Partially | Partially |
Online document exchange | Account opening offline and via courier. | Secure mobile and web application | Web application | Web application |
Set Up Fee | 150 € | 89 € | 49 € | 99 € (Coracle Basic) |
Account Opening Time | 1 week | 10 minutes with automated AI-identification | One working day. | One working day |
Transfer Option | International bank transfer, SEPA | Option A: Fintiba Transfer: Third-party transfer via partner xCurrency and Transfermate. (including credit card payment option): 1-3 working days Split into several transfers possible in exceptions Option B: SEPA transfer; duration: same day to max 1 working day Option C: International Bank transfer (1-2 weeks) | Option A: Transfer via transfer provider Cohort Go, Instarem, Moin (Korea); Duration: 3-5 daysEverything must be transferred in one transferOption B: SEPA transfer; duration same day to max 1 working day) Option C: International Bank transfer | No integration of transfer provider Option A: SEPA transfer; duration same day to max 1 working day Option B: International Bank transfer |
Transfer Currencies | Euro only | Wide range of currencies supported with Fintiba Transfer | Through Cohort Go, several local currencies are available. If local currency not available, then EUR or USD. | Euro Only |
Blocking Confirmation Issuance | After receiving the full blocking amount, the student and the German embassy automatically receive a confirmation by e-mail. | After 1-3 days, depending on the transfer option Instant issuing after money arrival | After 1-5 days, depending on the transfer option | After 3-5 days, depending on the transfer option |
Requirements for account activation in Germany | Account activation at local branch together with the provision of city registration certificate | Visa (or entry stamp) Upload | · Visa or entry stamp · Current account opening confirmation · City registration (or other proof of address) | · Visa or entry stamp · City registration |
Mobile App | Only for current account function, not blocked account processes | Yes | No | No |
Multi-Language Support | English, German | English, German, Chinese (QQ & WeChat support) | Chinese and English (QQ & WeChat support) | Only English |
With Fintiba, you would only need an ID card or passport to register and create your account.
With Deutsche Bank: