A blocked account can be an account that is subject to foreign exchange controls in a country that restricts the amount of its currency that can be transferred to other countries or exchanged into other currencies. In Germany, blocked accounts work something like this, for foreign students not from EU member states.
Please note: for certain countries, it is not possible to transfer the funds via domestic bank transfer in your own currency. For other countries, it is not possible to send the funds directly to your Blocked Account. In such cases, you will see the available possibilities when initiating your transfer.
To extend your blocked account, please log in and click 'Extend Account' in the Blocked Account Card in order to start the process. You can use your existing blocked account and transfer a new blocking sum if you need it for the authorities (for example, for your visa/residence permit extension process).
Coracle – slightly the cheapest with an easy opening and activation process in Germany, but little flexibility in money transfer. Fintiba – most expensive provider and cumbersome in money transfer from abroad.
The only way to access your money in Germany is to set up your monthly payouts to a separate current/regular account ("Girokonto", "Basiskonto" or "Girokonto für Jedermann") that you have to open at a bank of your choice when you arrived in Germany.
If your documents are in order, the bank sets up a blocked account for you. This costs a one-time fee of 50-150 euros. As soon as your account is ready, you have to deposit at least 10,236 euros (since 01.01. 2020) into it.
The prices for the individual components are as follows: Blocked Account: Initial opening fee of € 89.00 + monthly administration fee of € 4.90. Travel Health Insurance (MAWISTA Visum): FREE of charge (usually € 95.00) Private Health Insurance (MAWISTA Student): Monthly fee of € 33.10.
An amount block is that part of the balance in a customer's account, which you wish to reserve for a specific purpose. When a debit to a customer account is made, where the transaction amount exceeds the available balance in the account, the system asks for an 'override'.
Deutsche BankThe student's account called “Junges Konto” is free of charge for all up to 30-year-old students, trainees, students, and volunteers. There is no monthly basic fee. The Deutsche Bank Card, which can be used to withdraw money from over 38,000 machines in around 31 countries, is included free of charge.
What happens if you send money to a blocked account? The money may be eventually returned. A civil proceeding may be seizing assets or simply blocking dispersemnts. Either way the money should be returned eventually unless it is considered a forfieted asset.
If you don't have much time then go to Fintiba by Sutor Bank but I believe there must have been some charges for their online services. Besides if you have time then of course Deutsche is the best option in terms of cost saving. So if you do not want to waste time then you can choose Fintiba .
Most students who opt for an education loan for MS in Germany, need to open a Blocked Account and deposit the required funds even before they apply for a visa. Most government bank officials who are authorized to disburse education loans hesitate to disburse funds to their applicants before their visa is approved.
DKB – Deutsche Kredit BankDKB is the best German bank, if you are comfortable with doing all your banking online and you don't mind to sign up for your account in German. DKB – Deutsche Kredit Bank has some outstanding advantages other traditional banks do not offer.
Opening a Savings Account with Deutsche BankTo open a Savings Account with Deutsche Bank you have the option of logging onto the official website and filling out the application form. A representative from the bank will contact you to process the application further.
A student visa applicant should open a blocked account before entering Germany in their home country since a confirmation from the bank is among the required documents for a visa application. Once the student is in Germany, he or she will be able to withdraw a maximum of 861 Euros per month.
How to open a blocked account at Deutsche Bank?
- Fill the application form with your personal information.
- Print out two copies of the completed application form.
- Arrange an appointment at the German embassy and make sure you have the necessary documents.
