Why Do You Need a Blocked Account in Germany?
When you plan to study or work in Germany, one crucial step in your preparation is setting up your finances. A key component of this is the blocked bank account, known in German as a “Sperrkonto” . This account is essential for international students and job-seekers as it serves as proof of financial stability during their stay in Germany.
12 June, 2024
Understanding the Blocked Account
A blocked account is a special type of bank account for international students and some other visa categories, which safeguards a certain amount of funds that can be withdrawn only at a fixed rate per month. This requirement is to ensure that the individual has adequate funds to live on without needing unauthorized work or public funds.
The Role of a Blocked Account in Visa Application
For many international students, the journey to studying in Germany begins with a visa application, where proving financial independence is mandatory. Here's where a blocked account comes into play. It is an officially recognized method to demonstrate that you have sufficient funds to support yourself.
Financial Requirements
As of January 1, 2023, the German government, under the regulations of the Bundesausbildungsförderungsgesetz (BAföG), requires a minimum amount of €934 per month to be deposited into the blocked account. This amount is set based on regular reviews of living costs in Germany and is subject to change as economic conditions evolve. The total sum, therefore, for a one-year stay would be €11,208, reflecting the cost of living plus a safety margin.
Choosing the Right Blocked Account Provider
Selecting the right provider for your blocked account is crucial. With various banks and financial institutions offering this service, it is vital to
compare their fees, service speed, and reliability. A comparison site for blocked accounts can be an invaluable tool, helping you weigh the
pros and cons of each provider to make an informed decision that best fits your financial needs and goals in Germany.
Conclusion
Opening a blocked account is a significant, yet manageable step for your educational journey or career in Germany. By ensuring you have the necessary funds securely set aside, you can focus more on your studies and less on financial hurdles, paving the way for a successful and enriching experience in Germany.