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July 13, 2023

Germany Welcomes International Students with Free Blocked Accounts and Services

Expatrio, a blocked account provider in Germany, is offering international students heading to the country the chance to open a blocked account at no cost, saving up to €109.

A blocked account or Sperrkonto is a type of bank account into which a visa applicant should deposit a fixed amount of money to provide evidence they have sufficient means to support themselves during their stay in Germany, SchengenVisaInfo.com reports.

A recent report by Studying-in-Germany.org says that along with the blocked account, Expatrio is offering international students planning to study at German universities free Incoming Insurance and other services so they can secure their student visas.

The same notes that the offer is valid until the end of July, meaning those planning to move to Germany for studies should be quick and benefit from the special deal known as Value Package.

When applying to open a blocked account with Expatrio, international students are typically charged €49 to set it up and a monthly fee of €5 (€60 per year).

“You will not only receive the €49 cashback after you have activated your health insurance, but also receive a cashback of the monthly €5 service fees (up to €109 in total),” the provider’s announcement posted on its website says.

After applying to open a blocked account, students will receive cashback on all fees once they activate their account and health insurance.

Blocked accounts should comply with rules by the German Residence Act (Aufenthaltsgesetz), as not all accounts are approved by local authorities in Germany. Expatrio works with trusted partners in the banking industry, such as Aion Bank.

Under the new regulation in Germany, international students from non-EU or non-EEA countries should have €11.417 in their blocked accounts, or 934€ per month for up to one year in Germany. This amount has increased by 8.5 percent beginning January this year, as the amount required to be deposited in the past years was €10,332.

“From January 1, 2023, the presumed annual requirement that must be paid into the blocked account when applying for a visa amounts to €11,208,” the Federal Foreign Office said in an earlier statement announcing the changes.

A blocked account is otherwise known as a frozen account because the holders are unable to access the funds until they arrive in Germany. It is one of the main requirements for international students to secure their study visas.

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According to a report by the higher education search platform Erudera, there are more than 440,000 international students in Germany, of whom 349,438 are international students and the remaining 91,126 are resident international students. Germany is one of the top study destinations for international students.

>> Health Insurance for International Students, Guest Scientists & Researchers in Germany