I started writing a series of articles for people who want to live in another country. “How to Open a Blocked Account in Germany?” is covered in this section. Every year, it gets easier to open a blocked account. In 2022, it is much easier to open a blocked account due to advances in financial technology.
Firstly, the blocked account is the most hesitant step and where there are most misconceptions. Before embarking on my journey, I also put a lot of thought into it. I’ll attempt to answer the question of How to Open a Blocked Account so that you don’t waste your time.
Blocked Account
- What?
- How to Open?
- In Which Bank?
- How Many Days Will It Take?
- How To Withdraw Money?
- Is it safe?
What is a Blocked Account in Germany?
A blocked account is a guarantee that applicants for a German National Visa or a German Language Course Visa have, to prove their financial ability to make a living during their stay in Germany.
Blocked Account Amount 2022
The minimum amount required in the blocked account you open at the bank is the annual scholarship amount determined by the Federal Education Promotion Act (BaföG). In addition, BaföG annually updates the minimum amount required to be in the blocked account.
2022 Blocked account, the minimum amount of €11,364 * (bank transaction fees not included). Also, let’s not forget that you will have access to 1/12 of this amount monthly. Because you are expected to spend that much monthly.
How to open a Blocked Account?
You can get the blocked account service from a German bank that provides this service, or from your local bank (as of 2022*), which has operations and branches in Germany if there is such a service. But now, thanks to the new Financial Technologies (FincTech), it is easier to Open a Blocked Account.
Some banks and FinTech companies allow you to open a blocked account.
Easy and New Ways to Open a Blocked Account
| Deutsche Bank | Expatrio | Fintiba | Coracle | |
|---|---|---|---|---|
| Open an Account | Online + Documents | Online | Online | Online |
| Time | Relatively Difficult | Easy | Easy | Easy |
| Approval Process | 3-6 Weeks | 1 day | 1-3 days | 1 day |
| Opening Fee | €150 | €49 | €89 | €99* |
| Cancellation Fee | €0* | €0* | €0* | €0* |
| Monthly Fee | – | €5 | €4.9 | €60 (2nd year) |
| Additional Fees | ~ €40 (Shipment) | – | – | – |
| Customer Service | E-mail or Form | E-mail or Call | E-mail or Call | E-mail or Call |
| Additional Services** | – | Health insurance | Health insurance | Health insurance |
| Annual Total Cost*** | €190 | €109 | €147.8 | €99 |
I hope that this guide can help you make an informed decision and ensure that your visa procedure works smoothly.
Have a lovely start in Germany!
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