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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.
What is a Blocked Account?
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It’s known as a “blocked account” because the money deposited into the account cannot be withdrawn until the account holder arrives in Germany.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.
Can i Study in Germany Without a Blocked Account?
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:
- A document of your parent’s income and financial status.
- Scholarship Certificate from a recognized scholarship provider.
- Letter of Commitment (Verpflichtungserklärung): Through this document, a permanent resident of Germany (a relative or a friend) can guarantee they will cover all your expenses during your time as a student.
- A bank guarantee.
Blocked Account Providers
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
Comparisons Between Blocked Account Providers
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 |
How to Open a Blocked Account in Germany
- Choose the provider.
- Apply online for your blocked account.
- Download and fill the pdf application form (which only applies to Deutsche Bank).
- Seek proper legalization at the German embassy (only if you’ve chosen Deutsche Bank).
- Deposit funds.
- Get your blocking confirmation.
Documents Required to Open a Blocked Account
With Fintiba, you would only need an ID card or passport to register and create your account.
With Deutsche Bank:
- An application form
- Your valid passport
- The admission letter from your university
- A bank statement of your income
- A prepaid fee