To meet the requirements for a study visa or job seeker visa in Germany, it is mandatory to establish a Block Account. This account is pivotal for the visa application process.
This guide aims to elucidate the procedure for Opening a Block Account in Germany through online channels, in addition to suggesting the most suitable German bank for such an account.
It is worth noting that acquiring Travel and Health insurance for your stay in Germany may also be necessary, both of which can be conveniently bundled into a single, cost-effective plan.
When embarking on the journey of obtaining a German visa, having a blocked account becomes indispensable, serving as evidence of ample financial means to cover the cost of living for a year.
However, citizens hailing from the EU and EEA regions are exempt from the obligation of possessing a blocked bank account when arriving in Germany for educational pursuits. Provided below is the application procedure for initiating a Block Account in Germany for the year 2023.
What is the required amount of funds to establish a blocked account in Germany in 2023?
In 2023, the necessary deposit for a one-year stay in Germany within a blocked bank account is 11,208.00 Euros, which translates to 934 euros per month. Monthly withdrawals of 934 euros are permissible.
Which bank is recommended for a blocked account in Germany?
Numerous banks offer online services for initiating a blocked account. However, we will focus on the two most reputable options for a blocked account:
1. Coracle
2. Fintiba
These two banks are extensively utilized by students to open a blocked account. They are officially endorsed by the German Federal Foreign Office and are acknowledged by all German Embassies and Consulates.
How to Open a Block Account with Coracle Bank
Regular Block Account Cost: 99 Euros for up to 1 year. No Monthly Fees.
Coracle Prime: All-inclusive package - Block Account, Health Insurance, and Travel Insurance - for only 59 Euros! No monthly fees. Experience the Ultimate Value.
Additionally, Travel Insurance is required when applying for a Visa at the German Embassy. Upon arrival in Germany, Health Insurance becomes necessary too.
Opting for Coracle Prime at a Lower Price is highly advisable.
Necessary Documentation for Coracle
- - Admission offer letter
- - Passport
Initiating a Block Account with Fintiba Bank
Block Account Fee: €147.80 (€89 setup + 12 x €4.90 monthly)
Mandatory Requirements for Opening an Account with Fintiba
- Valid Passport
Online Procedure to Establish Your Germany-Blocked Account in 2023
The application process for creating a Blocked Account in Germany can be swiftly completed within a few hours, exclusively through online means.
To initiate a Blocked Account with Fintiba, please access the following link: https://www.fintiba.com/solutions/german-blocked-account/
For opening a Blocked Account with Coracle, please visit: https://www.coracle.de/blocked-account
Kindly proceed by following the outlined steps to conveniently establish your account through online channels.
How to Transfer Funds from Your Local Bank Account to a German Bank Account?
After successfully opening a blocked account and gaining access to your account, you will receive your account details, including the IBAN/BIC.
Subsequently, you can initiate a money transfer from your local bank account to your German-blocked account using various online services. Alternatively, you have the option to make transfers through credit cards, online banking, or net banking, or you can seek assistance from your bank.
Upon completion of the transfer, you will obtain a confirmation statement from the service provider, which you will need to present to the German embassy.
Presenting Financial Proof to the German Embassy
You can then download the bank statement from your German bank account and utilize it as evidence of your financial funds when applying for a visa at the German embassy.
Applicable Purposes for a Blocked Account
A blocked account is essential for two main purposes: obtaining a study visa and pursuing job opportunities.
Study Visa: Intended for students.
Job Seeker Visa: Designed for individuals who wish to travel to Germany without a job offer, specifically for job hunting.