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Are you planning to move to Germany on a student visa? If so, then you have probably stumbled upon the ‘blocked account’.

According to the most current estimates, you need to have at least €11,904 as proof of financial resources to live in Germany. The blocked account (Sperrkonto) is one of the most commonly accepted ways to prove you have these funds.

Keep reading to learn more about opening a blocked account with Fintiba, the benefits this provider offers, fees, and more.

What is Fintiba?

Fintiba is a fintech company located in Germany’s financial hub, Frankfurt. The company offers several services for internationals planning to live in Germany, including banking solutions, insurances, and other complementary benefits.

Fintiba partners with Sutor Bank to offer different blocked account packages for you to choose from, depending on your needs. From the standalone blocked account to the Fintiba Plus customized package including health insurance, there’s something for everyone.

How to Open a Blocked Account With Fintiba

You can open a blocked account with Fintiba in a quick amount of time. The first thing to do is , click ‘Open Account Now’,  and follow the next steps:

1. Select the Reason for Your Stay in Germany

You will get a pop-up asking if you’re applying for university studies in Germany.

Click ‘yes’ if you are, and if not, click ‘no, I have other reasons’ and select one from the list (e.g. language studies, au pair, etc.)

2. Calculate Your Total Blocked Amount

Next, you have to calculate and adjust the total amount of your blocked account:

• Amount per month – €992 is the standard amount required for proof of finances during your visa appointment. The amount can be lower if you have a scholarship or another form of funding or you can go higher if any special requirements were set for you by your embassy.
• Number of months – This is how long you will have the account for. German student visa applicants are required to show proof of funds for at least one year (12 months x €992). If you’re staying for a shorter period of time, you can adjust this accordingly.

The initial set-up fee will be automatically included in your total amount. If you want, you can also calculate the monthly maintenance fee (€4.9) into your total.

3. Select Your Nationality

Select your nationality from the list. Note that, unfortunately, the Fintiba blocked account is not available for US citizens and North Korean citizens.

You will be sent to a window asking if you have a second nationality. If you do, click yes and select it. If not, simply click no.

4. Select Your Official Relationship Status

If you’re single you will be redirected to the next step. If you are or were married you will be required to state your maiden name if you have changed it.

5. Determine Tax Liability

• If you have a , click ‘Yes’ and select the country where you are liable.
• Then, enter your TIN.
• If you don’t have a TIN, simply proceed by selecting the country where you are liable for taxes. In most cases, this is the country where you’re a resident.

6. Provide Personal Information

You have to provide the following information:

• Gender
• Date of birth
• Full name
• Confirmation that you’re not a US tax resident
• Current address

7. Finalize the Last Details

Agree to the terms and conditions of Fintiba and their partners and download them for reading. Then enter your email address and create a unique password for your Fintiba account. Next, click Open Account.

When you do so, you will receive an email with a four-digit code. Use the code to verify your account and you’ll be redirected to your Fintiba account. Click on the blocked account to add any missing personal information.

8. Upload a Copy of Your Passport

This is an important step to verify your identity and for the German visa authorities to check that all information is correct. Therefore, pay special attention and provide correct information regarding your passport, including your passport number and expiration date. Then, upload a clear scanned copy of your passport and submit it.

9. Finalize Account Application and Receive IBAN

Once you finalize your account and submit all necessary documents, in a couple of minutes, you will receive an email from Fintiba containing an International Bank Account Number (IBAN).

This is the account to which you will send the total amount of the blocked account, so all that’s left is to start the process.

10. Transfer the Money and Receive the Blocking Confirmation

The transfer of the blocked amount can take anywhere between 2 to 4 business days to reach with Fintiba Transfer, up to even 2 weeks in some cases. This depends on the intermediary banks involved in the process, but you can use for the quickest service.

Once the money reaches the account, you will receive a document called the Blocking Confirmation. This document proves that you have a blocked account with sufficient funds. Download and print it to have it ready for your visa or residence permit appointment.

Benefits of Opening a Blocked Bank Account With Fintiba

Here are some reasons why you should consider Fintiba for your blocked account:

• Recognized and accepted worldwide. This account is accepted when applying for a visa or permit through any German authority.
• No city registration required. Fintiba allows you to open a blocked account even if you don’t have an address in Germany. You can open it from your current location.
• Great user feedback. Users gave Fintiba a 4.8 score out of 5 in 938 Google reviews and a 4.6 out of 5 from 2056
• Multiple choices of current accounts. You need a current account to access the money from the blocked account. Fintiba partners with a couple of reliable banks to offer current accounts, free of charge.
• Extra benefits with Fintiba Plus. The customized Fintiba Plus package includes free travel health insurance, the opportunity to apply for the , access to free educational webinars, and more.

Cost of Fintiba Blocked Account

The following fees are calculated in your Fintiba Blocked Account:

• Account set-up fee (€89) – One-time fee to open your account.
• Monthly fee (€4.90) – Administrative fee for account maintenance.
• Buffer deposit (€100) – This fee is to avoid currency or intermediary bank transaction fees, reducing the amount of money in your blocked account. Any remaining amount from this will be returned to you.

Therefore, the total to be transferred per year is €12,151 and 80 cents.

Frequently Asked Questions

If you have any more questions, here are some answers to some frequently asked questions that can help:

Can I Use the Blocked Account By Fintiba as Proof of Funds for the German Student Visa?

Yes, the Fintiba blocked account is accepted by all German authorities worldwide for visa and residency purposes.

How Do I Access Money From My Blocked Account?

You can only access the money from your blocked account once you arrive in Germany and take care of a couple of other small steps:

1. Upload your visa or residence permit to your Fintiba account for verification, along with your German address.
2. Complete a legitimation process as . There are three options for legitimation depending on your country of residence:
   1. Selfie + passport (via Onfido)
   2. Video legitimation (via WebID)
   3. Legitimation via post (PostIdent) or manually in the Fintiba offices in Frankfurt/Sutor Bank branch in Hamburg/alternative locations.
3. Open a current account in the SEPA region and receive an IBAN. Then, set up the monthly payouts from your blocked account in the Fintiba app. You do this by sending your current account information to Fintiba and providing the mTAN code (to be received by Fintiba).
4. Connect your mobile phone number to your Fintiba account, if you haven’t already done so.

How Long Does It Take to Transfer My Money to the Blocked Account?

The time it takes for your money to reach the blocked account depends on your location, the intermediary bank sending the money, and your time zone. We would say to give it a couple of days, at least. It can take up to 10 days and even 2 weeks in some cases.

However, if you choose Fintiba’s service, Fintiba Transfer, the process is usually quicker, taking about 2-4 business days.

What Happens to the Blocked Account if My Visa Is Rejected?

If your visa is rejected, Fintiba will return the funds from your blocked account. All you have to do is send them the rejection letter.