The success of your student visa application process hinge on two key documents: your university admission and your german blocked bank account (the confirmation of having sufficient funds for your living expenses in Germany). There are different ways to prove that you have sufficient resources to cover your living expenses as a student in Germany. You can present either a scholarship or a sponsoring but the most commonly option is to show the embassy your confirmation of a blocked bank account with a specific sum on it. You already know from our previous blog from April what a blocked account is, and its importance and purpose. This blog aims at informing you about recent changes in the german blocked account landscape:
Historically, the Deutsche Bank has been a major player in the bank opening landscape for visa application. Deutsche Bank, as an established and internationally recognized bank, was for a long time the sole provider of blocked accounts for international students. However, with digitalization and the rise emerging digital solutions, new players entered the market. Services provided by fintech have become more comfortable for international students (being quicker, cheaper, less bureaucratic, etc.), and, as a result, as of 1 July 2022, Deutsche Bank Germany has decided to cease its global blocked account service. This leaves only online providers to render the opening bank account services.
Now, with only fintech solutions available, it is essential to choose correctly your blocked account provider. Choose a trusted German bank provider. This checklist can help you in choosing the appropriate bank account provider:
- Make sure your account has a German IBAN
- Make sure your account will be opened in your own name
- Ensure no sensitive data is transferred via emails
- Ensure the provider you choose offers deposit insurance
- Ensure your service provider is recognised by german authorities
In closing, start your application process very early and check your documents thoroughly. If you have any question concerning the opening bank account process, get in touch with SGN (Study in Germany Now).