A German Blocked Account is a mandatory financial requirement for international students studying in Germany. The amount required to be deposited in the account will be EUR 11,904, effective from September 2024. The balance is to prove to German authorities that the student has sufficient financial resources to support themselves during their stay in the country. To know more about the process and list of accepted Blocked Account providers, continue reading the blog further.
Table of contents
- What is a German Blocked Account?
- Germany Blocked Account Amount 2024
- List of accepted Blocked Account Providers for a Visa in Germany
- How To Open A Blocked Account?
- Documents Required to Open a Germany Blocked Account for International Students
- How To Withdraw Money from a German Blocked Account?
- German Blocked Account Alternatives
- FAQs on Germany Blocked Accounts for International Students
Also Read: Examine the core benefits of Sparkasse Bank Account for international students studying in Germany.
What is a German Blocked Account?
A German Blocked Account, or Sperrkonto is an account for non-EU international students in Germany. Students are required to deposit a specific amount of money before they arrive in the country. The blocked amount is typically divided into 12 monthly instalments, which can be accessed after your arrival.
- The money is blocked in the account, meaning it can only be accessed in monthly instalments.
- Several banks offer blocked account services. Expatrio is the most preferred choice among students after Deutsche Bank. However, it no longer provides blocked account services.
- The blocked account is a visa requirement. It ensures that international students have the necessary funds to cover living expenses without relying on part-time work immediately upon arrival.
- This is similar to a GIC account in Canada that also provides proof of adequate funds to pursue higher education in the country.
Germany Blocked Account Amount 2024
As of September 2024, the minimum amount required in the German Blocked Account is EUR 11,208 per year. Students can use EUR 934 per month for 12 months to meet their living expenses. However, there will be an additional rise of EUR 696 per year from September 2024 onwards. Students will be required to deposit EUR 11,904 for 12 months, or EUR 992 a month.
Thus, the updated balance requirement from September 2024 in a German Blocked Account will be EUR 11,904. The amount is based on the BAföG rate, Germany’s financial aid program for international students.
List of accepted Blocked Account Providers for a Visa in Germany
There are certain providers that help with Germany Blocked Account for international students. We will help you with the list of accepted and special banks and providers that provide special offers for students.
- Expatrio
- Coracle
- Drop Money
- Edubao
- Fintiba
- ICICI Bank
- Kotak Mahindra Bank
- RemitX
- Studely
Explore the top banks in Germany that cater specifically to students, offering a range of services to make their financial journey seamless and stress-free.
How To Open A Blocked Account?
It is mandatory to open a Blocked Account. Without it, your visa to Germany will not be approved. So, an individual must open this account. But how? Let’s us help you with the steps to open a blocked account.
Firstly, you must enquire the German embassy and consult which type of blocked account is required. Students can open a blocked account in India with any branch of Kotak Mahindra Bank or ICICI Bank. Once you travel to Germany, this account is transferred to a local branch in Germany near your university.
Another way to open a blocked account is to choose the provider you want to open a bank account with. You can refer to the list of accepted blocked account providers (as discussed above), visit their website online, and fill out the application form. Once the application is processed, you will receive the IBAN/ BIC. Using this, you can transfer money to your Germany blocked account by following these tips for international money transfers. Finally, you will receive a confirmation statement from the provider. You need to present it to the German embassy and wait for them to finalise your visa application.
Documents Required to Open a Germany Blocked Account for International Students
Following is the list of documents that all aspiring students applying for a German Visa must keep ready. This will help to ease the process of opening a blocked account and fill out the application form faster-
- Passport size photographs
- Valid passport
- Admission letter from a respective school, college, or university
- Any national ID proof
- Application form
- Receipt of prepaid fee
Also Read: Check out some compelling reasons why you should consider the Central Bank of Germany for opening an international student account.
How To Withdraw Money from a German Blocked Account?
To withdraw money from your blocked account, you need to have an international bank account in the country because you cannot directly access the blocked account. In that international bank account, money from your blocked account will be transferred every month. You are allowed to withdraw a maximum of EUR 934 per month (INR 85,000).
German Blocked Account Alternatives
One of the frequently asked questions by many is if they can study in Germany without a blocked account. Well, the answer is yes. There are alternatives to German Blocked Account and you must prove necessary funds through other means. These include-
- Letter of Commitment (Verpflichtungserklärung)- In this alternative, a German resident can commit to financially supporting you throughout your studies. This requires a formal declaration and proof of their financial capability.
- Parental Income Status- You can provide documents of your parent’s income and financial status to demonstrate sufficient financial resources. This usually involves providing proof of income and assets.
- Bank Guarantee- A bank guarantee from a reputable financial institution can serve as an alternative to a blocked account.
- Scholarships– A full scholarship covering living expenses can eliminate the need for a blocked account.
FAQs on Germany Blocked Accounts for International Students
A blocked account is an account that international students studying in Germany need to open to prove that they have enough financial funds to sustain themselves throughout the first year of their studies.
The updated balance requirement from September 2024 onwards in a German Blocked Account will be EUR 11,904. The new amount is based on the BAföG rate which determines the estimated annual living expenses for international students in Germany.
The money needed for a blocked account is based on the minimum amount required to live in Germany for a year – in 2024, that is EUR 934 per month or EUR 11,208 per year.
Well, you can study in Germany without a Blocked Account. The condition for this is to prove to German authorities of the necessary funds through other alternatives. These include documents of your parent’s income and financial status, a letter of commitment from a permanent German resident, a bank guarantee, and scholarships.
You must show a minimum of €11,208 per year in your Blocked account which is equivalent to INR 10 lakhs.
Fintiba is the only provider to offer the blocked account at a German bank with German deposit protection which makes it a better option to consider opening a blocked account in Germany.
A German Blocked Account for international students is usually for 12 months. The balance of EUR 11,904 per year, or EUR 992 per month enables students to cover their first-year finances in Germany.
The new German blocked amount is EUR 11,904 per year. This is approximately INR 10.88 lakhs per year, or INR 90,700 per month (EUR 992 per month).
The minimum balance required for a German student visa is EUR 11,904 from September 2024 onwards. You must deposit the total amount in full in your German Blocked account. The balance is to prove to German authorities that the student has sufficient financial resources to support themselves during their stay in the country.
This was all about Germany Blocked Accounts for International Students. Check all the terms and conditions properly before opening the account.
To know more about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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