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May 19, 2020

What Is A Fintiba Blocked Account And How To Open One?

By Praveen K P

With more than 15000 study programs, 400 educational institutions and free education, it is no wonder that Germany is among the most popular destinations to study. With its world-class universities and excellent quality of education, Germany keeps attracting students from all over the world. But, specific requirements should be met, to move and study in Germany. One such requirement is a Blocked Account. Let us see in detail about Blocked Account and the process involved in setting up a Fintiba Blocked Account.

What Is A Blocked Account?

A blocked account is a type of German bank account for international students, to which they can deposit the amount to meet their living expenses for a year. This account should be opened at a German bank, while you're preparing your documents, in your home country. A Blocked Account is a prerequisite when you apply for a job seeker visa and a student residence permit. A student can take out €853 per month from their bank account. It would be 10236 euros for a year (with effect from January 2020).

Which Blocked Account Do International Students Prefer The Most?

Fintiba is a favourite choice among prospective students. Fintiba extends online solutions for individuals who are either interested in working or studying in Germany.

A majority of international students prefer the Blocked Account provided by Fintiba, because of the varied advantages it has. The complete process can be done quickly online, which saves a significant amount of time and energy. It takes less than 10 minutes to open an account and is a comparatively easy process, and you're less likely to get rejected.

What Is The Process Involved In Opening A Fintiba Blocked Account?

Registration: You can register either on Fintiba website or through their mobile application. The website provides detailed information regarding the procedure. They also offer free consultations to cater to your specific concerns about opening the account.

Fill the application form: You will be directed to an application form, where you need to provide your details with your identification data. The application form should be correctly filled, and if not, it won't be recognised. Verification of your identity by scanning your valid passport is the next step. Your Fintiba blocked account will be opened after the successful completion of the verification process. The process takes approximately around 10 minutes.

Deposit money: After you've gained access to the website, you can manage your details associated with your Fintiba blocked account. Now you can deposit the amount to your account. The service is subjected to an initial bank fee. The completion of international transfer varies, which depends on your local bank. At times it can take up to 5 days.

Receive a confirmation mail: Soon after your money gets transferred, you'll receive a confirmation mail with all details regarding the opening of your Fintiba blocked account and the money you've deposited.

Appointment at the Embassy: Once you get the confirmation mail regarding the account, you can proceed with the application for appointment at the German Embassy. You have to take a print out of the confirmation mail of the Fintiba account as the proof of your financial resources during your embassy visit.

Open a regular bank account in Germany: After you arrive in Germany, you need to open a regular bank account at any bank of your choice. Fintiba will help you with that. Fintiba transfers money every month from your Fintiba blocked account to the bank account in Germany. Just make sure that you have completed the final steps of opening a Fintiba account and upload the necessary documents.

A Fintiba Blocked account is a safe option as the German Federal Office authorises it. Besides opening a blocked account, you can seek help from Fintiba regarding your stay in Germany.

When Is The Best Time to Open Your Blocked Account In Germany?

Most students complain that the confirmation for their blocked account gets delayed. But they never realise the fact that the timing of their application is a reason for the delay, besides the delay by bureaucratic procedures. Other reasons for the delay can be the high number of applications or an excess of regular work in the bank.

With this regard, after receiving your admission letter, it will be better if you start the procedures as soon as possible. But decide on the provider for opening your blocked account well ahead of time so that you won't waste any time for it.

When Can I Start Money Withdrawal From The Fintiba Blocked Account?

You can withdraw money from a Fintiba blocked account after settling on a registered address in Germany. But in no way you have direct access to your account. You can do so by opening a student bank account while in Germany. Every month your money will be transferred from the Fintiba blocked account to this account.

You can withdraw a maximum of 853 euros every month, and depending on your choice, you can withdraw a small amount at a time or withdraw all at once.

Why Should I Open A Blocked Account At Fintiba?

• A quick and easier way to open a blocked account
• The procedure can be completed online, regardless of opening hours.
• Blocked account opening is wholly processed online. Also, you can apply for your visa quickly.
•  Fintiba provides automated guidance throughout the process.
• You have complete authority over your account since the blocked account is opened in your name. 
• Your deposit is completely secured with insurance of € 100,000.

Is It Possible To Deposit More Than €10,236 In My Blocked Account?

You can deposit more than €10,236 in your blocked account. For the application of your international student visa, this is the minimum amount you need. This is to prove that you have sufficient financial support for residing in Germany.

Who Needs A Fintiba Blocked Bank Account?

If you are applying for a Germany student visa, Germany job seeker visa, German residence permit or a language course visa, you require a blocked account. A blocked bank account is mandatory if you are planning to enter Germany either for studies or job.

What Should I Do If My Visa Is Rejected?

Suppose if your visa is rejected, you can get your money back. All you need to do is to send a German consulate visa rejection copy to Fintiba. Upon confirmation, the amount will be transferred back to the source. Suppose, if you've changed your mind and want to cancel your stay, you need to submit an official document to Fintiba. Fintiba will close your account and transfer the money to its original source.

Sometimes, you may find it difficult to manage the process of starting a blocked account all by yourselves and face any issues later on. Fortunately, some organisations can help you out by easing the entire process, guiding you from the beginning until the end and managing everything on their own. Fintiba is one such intermediary party, highly recommended by local authorities. And the best advantage of using Fintiba is that you only need to submit your passport, where your passport should be scanned and uploaded electronically. Moreover, it isn't necessary that the passport needs to be approved by the embassy. Till date, the wide variety of services Fintiba provide, have helped students from all over the world.