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?

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It’s known as a “blocked account” because the money deposited into the account cannot be withdrawn until the account holder arrives in Germany.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?

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 Require 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

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