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Studying abroad has now become prevalent than ever. One of the highly popular destinations to achieve quality education as an international student is Germany. Germany offers quality education in an affordable tuition fee while offering a variety of scholarships to international students as well. However, to apply for higher education abroad there is a certain criteria that is mandatory for every international student to meet.
One of the many requirements for applying in Germany as an international student is the proof of funds which helps to depict that the student have enough funds. Students are required to open a blocked account as a proof of funds. Below we have mentioned the complete details of Germany blocked account.
What Is A Blocked Account?
When an international student including Pakistani students apply for a study visa they are required to provide proof of sufficient amount of funds that will cover their tuition, accommodation, etc. for a year in Germany. One of the most effective and common option to provide proof of funds among international students is by opening a blocked account.
It is known as a Blocked Account as the amount deposited in the account is blocked until the account holder does not reach Germany. The amount in the blocked account proves that the individual looking forward to reside in Germany has enough money to handle their expenses.
Is It Necessary To Have A Blocked Account For International Students?
International students often choose the facility of a blocked account as it’s the most effective way to provide a proof of sufficient funds. However, it is not necessary to have blocked account for an international student and they can choose any of the following ways to provide proof of funds.
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Proof of you parent’s income.
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Guarantee from a reputable bank.
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Provide a Letter of Commitment.
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A scholarship proof if you have received scholarship from a known provider.
Authentic Germany Blocked Account Providers
If you want to open a Germany blocked account to provide proof of sufficient funds it is highly recommended to open your blocked account at a reputable bank that is recognized by the German Federal Foreign Office. The top German Blocked account providers includes the following.
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Expatrio
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Fintiba
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Coracle
How To Open A Germany Blocked Account?
To open a blocked account in Germany follow the steps mentioned below.
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Select your bank
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Complete the online application procedure.
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Confirmation of your blocked account.
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Deposit your funds once your account is opened.
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Activate your blocked account upon arrival.
Documents Required To Open A Blocked Account In Germany
Following are the documents required to open blocked account in Germany.
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Application form
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Valid passport
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Offer letter from university
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Bank statement
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Paid fee €49 (this fee vary from bank to bank)
Required Amount For Germany Blocked Account 2023
As of October 2022, the minimum amount of €11,208 or Rs. 3,352,614/- are required to submit to the blocked account for a minimum plan of 12 months. However, the amount tends to vary and should be confirmed with the German consulate beforehand.
How To Transfer Money To A Blocked Account?
International students looking forward to transferring funds to their blocked account can transfer either by International bank transfer or through money transfer companies as follows.
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Western Union
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Paypal
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Money Gram
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Wise
Money Withdraw From A Blocked Account
Once you settle within Germany, you are required to open an international student bank account in Germany. International students are informed that they won’t be able to access their blocked account money directly which is why they need to open an international student bank account. A maximum of €934 or Rs. 279,425 is allowed to withdraw per month, no matter if you have deposited more than required amount in your blocked account.
Frequently Asked Questions
1 - Which providers are best to open a blocked account?
Expatrio, Fintiba, and Coracle are the official blocked accounts providers in Germany. With these options, Pakistani students can easily open their blocked accounts.
2 - What is the purpose of a blocked account?
A blocked account is opened to deposit the sufficient amount of funds. It is beneficial for Pakistani students to provide the proof of funds they require for a German student visa.
3 - How to confirm that my funds have been transferred to my blocked account?
Once you have transferred money to your blocked account you will receive a confirmation email. However, it may vary among different banks.
4 - How long does it take to open a Germany blocked account?
It may vary among different providers, your nationality, and documentation. If you have complete documents you might get your account opened in less than 24 hours.
5 - What are the basic documents required to open a blocked account in Germany as an international student?
To open a valid blocked account in Germany you must have a valid passport, offer letter from university, bank statement, and a paid fee slip.
6 - How can I withdraw money from my Germany Blocked account?
It is to inform that international students cannot have a direct access to their blocked accounts. However, they are required to open an international student bank account in which a specific amount of money (maximum €934/ month) will be transferred from your blocked account.
7 - What happens to the deposited money in to a blocked account in case visa rejection?
In case of visa rejection, you need to contact the German consulate in your country to inform you the documents required for submission to refund your funds. The amount will be refunded to you, however, it might require some time.
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