Germany is one of the best nations to offer world-class programs for Bachelor’s, Master’s, and PhD. to aspiring international students. But before putting your best foot forward, you are expected to check on some of the most important eligibility criteria that count in the Blocked Account. Apart from scholarship certificates, and past educational qualifications, you will have to prove your financial resources to stay and study in German. That is where the account comes into form. You ought to provide the embassies with your Blocked Account proof to show that you are capable of financing your studies and stay in the country, before departing.
Understanding The Concept Of Blocked Account
It refers to the financial resource presented as proof for visa application while aspirants move to Germany for abroad study. Also known as a frozen account, the mandatory amount that must be present in your blocked account is €10,332 or €861 per month for a planned stay up to 12 months. This accounts have limitations on the amount that can be withdrawn.
The account has to be opened at a German bank while you are in your home country with some of the necessary documents to apply for your visa and residence permit. It is accredited by the German authorities and gets approval in a few working days after applying.
It is a restricted account that puts a limit on the amount that can be withdrawn in a month, along with a limitation on who can withdraw the desired amount. This account needs to be opened by aspirants before reaching Germany, as it is fundamental for visa application.
The overseas students who are not from EU member states require these accounts to stay and study in Germany. This is financial proof meant for the payment of the course program and stay in the country throughout its completion. But, the the account is not entirely accessible to the account holder, and they cannot withdraw any further than the minimum amount.
Under current law regulations in Germany, a German blocked bank account (Sperrkonto) is designed for international students and job seekers living in Germany. Another aspect of getting a student visa in Germany is health insurance and travel insurance.
Read More: How To Apply For Blocked German Account?
How To Open A Blocked Bank Account In Germany?
To open a blocked bank account in Germany in the following steps:
- Choose the right provider of blocked account
- Apply online for your Germany Blocked Account
- Download and fill the PDF application form
- Deposit funds after legalization at the German embassy
- Get your blocking confirmation in the next 3 to 4 working days.
Which Documents Are Required For Opening A German Blocked Account?
The list of documents that you will require for opening a German blocked account are:
- An application form
- Your valid passport
- The admission letter and approval letter from your university
- A bank statement of your financial resources
- A prepaid fee
When Should Students Open A German Blocked Account?
You must open a blocked account before you choose to move to Germany. If you want to transfer money to such a account in Germany, you must have the correct information about the recipient’s name, address, and account type.
The account is also a requisite for students who apply for a residence permit along with a visa.
But, students from Australia, Honduras, Israel, Japan, Canada, New Zealand, the Republic of South Korea, and the United States of America do not require it before migrating to Germany but post their arrival.
One who applies for a this account will receive the details on your like IBAN, and Bank ID Code, via email or by post to the registered address, post the account opening, and its functioning.
How To Withdraw Money From The Blocked Account?
You can withdraw money from your this account, but you won’t have direct access to the same. The only way that helps you withdraw money from your blocked account is by opening an international student bank account in Germany. The maximum amount that you can withdraw each month is €861, depending on the amount you have transferred to your account required for the duration of your German stay.
What Is The Future Of Your Blocked Account?
In the future, depending on your stay or study choices, you can either close your blocked account if you leave Germany or extend it if you want to extend your stay in the country for studies or employment purposes.
Who To Trust With Your Blocked Account?
If you are eager to move to Germany for your studies, then you can trust dROP MONEY for your blocked account.
dROP MONEY is a reliable German Blocked Account Provider ensuring your secured funds, acclaimed by the German Federal Foreign Office, with the right information reaching you.
dROP MONEY has enlisted the right classifications of blocked accounts that include a blue blocked account for students who wish to study for 12 months, with health insurance that is free of cost. Following this is the Gold Blocked Account that offers free ISIC card and free European Current Account with REVOLUT, along with other facilitation included in the blue Blocked Account. Lastly, they offer a Platinum Blocked Account that offers, Public Health Insurance with BARMER or TK, free personal liability insurance with protection up to 50 million euros, and other facilitation included in Blue and Gold Blocked Accounts.
Thus, depending on the duration of your study program and the necessities of an ISIC card or Revolut Current account, you can access the digital facilities from dROP MONEY depending on your requisites. Not only this, you can access the Travel insurance that can also be converted into Private Health Insurance (provided by their partner Mawista) that will stay valid until your stay period in Germany.