Are you planning to move to Germany for studies or a job search? One important requirement you should be aware of is the blocked account. In this post, we’ll explore what a blocked account is, its purpose, how to open one, and the benefits of using specific service providers.
What is a Blocked Account?
A blocked account is a special type of bank account required for international students and job seekers in Germany. Although education is free in Germany, students must deposit €11,208 into a blocked account to cover living expenses. This money does not go to the government; instead, it remains your own and is accessible to you once you arrive in Germany.
How Does a Blocked Account Work?
The money you deposit in a blocked account is returned to you in monthly installments of €934 over the course of a year. This means that while you are required to set aside a significant amount of money, you will eventually get it all back. The rationale behind this requirement is that the German government wants to ensure that students and job seekers can support themselves without becoming a financial burden.
| Blocked Account Overview | |
|---|---|
| Total Deposit Required | €11,208 |
| Monthly Allowance | €934 |
| Duration of Payments | 12 months |
| Total Amount Returned | €11,208 |
Why is a Blocked Account Necessary?
While education in Germany is free, living expenses such as food and accommodation are the individual’s responsibility. The blocked account ensures that students have sufficient funds to support themselves during their time in Germany, allowing them to focus on their studies or job search without financial stress.
When to Open a Blocked Account
The best time to open a blocked account is when you receive your admission letter from the university. This timing is essential because you’ll need the blocked account when applying for your visa.
How to Open a Blocked Account
Opening a blocked account is straightforward, thanks to several service providers that facilitate the process. When it comes to choosing a provider, one highly recommended option is Expatrio. Below are some reasons why Expatrio is often preferred:
Benefits of Using Expatrio
- Ease of Use
Expatrio offers an entirely online process for opening a blocked account. All you need is your passport, admission letter, and a few basic details. After completing the process, you’ll receive essential documents like your IBAN and bank account number. - Fast and Secure Service
Your blocked account is set up in your name, ensuring that your money is safe. Expatrio operates under strict guidelines, and your funds are protected by a deposit guarantee scheme against fraud, bankruptcy, and theft. - Cost-Effective
Expatrio stands out for its competitive pricing. When you opt for their value package, you receive your initial setup fee back. This package includes essential services such as travel health insurance, which is complimentary. You can save up to €249 by purchasing this package.
| Expatrio Value Package Benefits | |
|---|---|
| Initial Setup Fee Refund | €49 |
| Free Travel Health Insurance | Yes |
| Cost Savings | Up to €249 |
Accessing Your Funds
Once you arrive in Germany, accessing your funds is simple. You can download the Expatrio mobile app, complete a verification process, and start receiving your funds within two business days.
Frequently Asked Questions
- Can you open a blocked account from Pakistan?
Yes, you can transfer money from any Pakistani bank to a blocked account with Expatrio. - What if my visa is rejected?
If your visa application is denied, you can withdraw your money from the blocked account back to your bank account, as it is your own funds. - How can I access my funds?
Use the Expatrio mobile application for a user-friendly experience to manage your blocked account.
Conclusion
A blocked account is a crucial step for anyone looking to study or search for a job in Germany. While it may seem like a significant financial commitment, it ensures that you have the necessary support during your stay. With service providers like Expatrio, the process of opening a blocked account is streamlined, secure, and cost-effective. By planning ahead and understanding the requirements, you can make your transition to Germany smoother and more manageable.