Know How to open a Blocked Account in Germany
This comprehensive guide will help you evaluate and select the best provider of blocked accounts. It also explains how to open a blocked account for foreign students who want to study abroad or live in Germany.
If you are an international student
from a non-EU or non-EEA nation, you are required by German law regulations to
demonstrate that you have the financial means (Finanzierungsnachweis) to pay
for your living expenses while studying there.
Providing evidence of your financial
stability is crucial to obtaining a study residence permit and student visa in
Germany. For comprehensive instructions on opening a blocked bank account in
Germany, see this article.
It is known as a “blocked
account” because the money deposited into the account cannot be withdrawn until
the account holder arrives in Germany. 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.
Even though there are other
ways of showing one’s financial standing, the blocked account is the most
common among international students.
By allocating a certain amount
of money (determined by the German government) to the blocked account, a
person willing to reside in Germany for a period testifies that he or she can
handle living and other expenses during that time.
Importance of
Blocked Account
·
Studying in Germany without a blocked account is possible if you can
prove to German authorities that you have sufficient funds through any of the
following alternatives:
· A document of your parent’s
income and financial status.
· Scholarship Certificate from a
recognized scholarship company.
· 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.
Reputable Providers of Blocked Accounts
International
students can obtain blocked accounts from several reliable German providers.
Among the well-known suppliers are Fintiba, Coracle, and Expatrio. These
companies not only make it easier to open a blocked account, but they also
provide extra services like health and travel insurance, which are frequently required.
We hope that this post has answered some of your
questions and helped you through the process of opening a blocked account in
Germany. To know more about the process, visit this: https://expatguides.de/how-to-open-blocked-account-in-germany/#comparison-of-blocked-account-providers-in-germany
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