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The Best Ways to Transfer Money to the Blocked Account in Germany?

One of the steps you need to go through when opening your German-blocked account is to deposit the required money. As soon as the money is transferred into your account in Germany, you will receive a confirmation that your blocked account has been opened with the amount you have deposited.

How to Transfer Money to the Blocked Account in Germany?

If you want to transfer money to a blocked account in Germany, you must get the correct information before making any transfer decision. Initially, you want to find an option that is simple, efficient, and budget-friendly.

Nowadays, sending and receiving money has become much simpler than it used to be back in the day, and banks are no longer the only option to transfer your money from one country to another.

You can transfer money to your blocked account in Germany through one of the following methods:

  • International Bank Transfer
  • Money Transfer Companies

International Bank Transfer

International bank transfers can be done online as well as in person. To commence with an international bank transfer, you will need to provide the following information:

  • The recipient鈥檚 name, address, and account type.
  • The name and address of the recipient鈥檚 bank.
  • The recipient鈥檚 account number or IBAN (International Bank Account Number).
  • The recipient鈥檚 bank鈥檚 BIC/SWIFT code.

Keep in mind that using your bank as a method of international money transfer can be a little pricey. The fees for international money transfers vary depending on the bank in your home country. That is why it is recommended to check with the bank account and make sure that the amount you are sending will cover the minimum amount. Otherwise, your blocked account confirmation letter will not be issued.

Typically, an international money transfer takes 3 to 5 working days, but it might also take up to a few weeks in particular cases. As soon as the money is credited to your bank account, you will receive your blocked account confirmation, which you can use for your visa application.

Money Transfer Companies

Money transfer companies, like Wise, Western Union, MoneyGram, and PayPal, are cheaper than traditional banks. They will offer lower fees and more competitive exchange rates in comparison to banks. This is why you must choose your money transfer provider based on their fees and processing time.

Here are a few money transfer companies through which you can transfer money to your blocked account in Germany:

Wise (Formerly TransferWise)

We recommend Wise as a money transfer method due to its low and transparent fee for conversions.

It was specifically created to provide fast, affordable, and efficient transfers, making it different from traditional banks. This company is trusted worldwide, transferring over 拢5 billion every month while saving people and businesses around 拢3 million in hidden fees every day.

You can send money approximately eight times cheaper through Wise than traditional bank methods. Some other providers add a markup to the real exchange rate in addition to their fees. However, through Wise, the transaction is made using the real, mid-market exchange rate, the same as you see in Google.

International payments through Wise are delivered within 24 hours or less, which is quite convenient compared to the 3-5 working days through regular banks.

Do you want to learn more about how Wise can help you transfer the amount required to your blocked account in Germany?

Western Union

Western Union has been known for sending and receiving telegrams up until recent years. Now, this company has entered the wire transfer market, and it is available in 200 countries dealing with 130 currencies. There are numerous ways you can send money through Western Union, including online transfers. Regardless of what you pay with, be it your credit or debit card, or your bank deposit, Western Union will get it done. However, you will notice that Western Union offers higher fees and weaker exchange rates than other online options.

MoneyGram

You may also transfer money internationally through MoneyGram, one of the largest providers of money transfers globally. Through MoneyGram, money can be sent to more than 200 countries and territories, and there is also the option to send funds directly to a bank account or mobile wallet. Fees, however, may vary depending on the location, amount, payment method, or other factors. Keep in mind that those who want to make an online transfer of more than $10,000 at a single time at once or within a month won鈥檛 be able to do so due to its online transfer maximum restriction.

PayPal

PayPal is also among the international money transfer options. Through PayPal, you will get a trustworthy and reliable service. However, several fees will add up when you make the international transfer. This electronic commerce company facilitates payments between parties through online transfers.

Tips When Transfering Money

  • Before you transfer money to your German-blocked account, compare the exchange rates that apply to your transaction since they can impact affordability.
  • Ensure you know additional fees for your transfers since companies with higher exchange rates may also have higher fees.
  • The money you are transferring must arrive in Euro (鈧) since the account is in Germany.

Talk to your bank and ensure that the transaction is made in Euro and that the transferred amount (using your home currency) equals the required amount in Euro.