Assistance in Blocked Account GIC and OUAC
Foreign students must open a Blocked Account, also known as a “Sperrkonto” in German, before obtaining a German visa and beginning a course at a German higher education institution. Most of you have probably never heard of this type of account, but if you decide to relocate to Germany, it’s critical to understand how it works to ensure a smooth visa application process as well as a comfortable stay in the country. DEGIS provides the most thorough and up-to-date overview of the relevant Blocked Account providers, as well as an extensive step-by-step comparison that you should read before settling on one of the providers.
What is Blocked Account ?
A Blocked Account is essentially a technique for students to demonstrate to the German government that they have the financial resources to maintain themselves for a set period of time. The Blocked Account is frequently a visa requirement. A Blocked Account is not the same as a standard current bank account that we are all familiar with. The key distinction is that when you register a Blocked Account, you will not have direct access to your funds and will not be issued an ATM card. There will be no way to pay for goods or services using your Blocked Account. Instead, regular monthly disbursements will be made from your Blocked Account to your ordinary current bank account.You might think of it as a monthly stipend that should cover your living expenditures.
People who do not have a consistent and sufficient income in Germany are usually forced to get a Blocked Account. Students or language students, au-pairs, academics, interns, and so on. The monthly required blocked amount will be €853 from January 1, 2021, totaling €10,236 per year. It is important to understand that, in addition to the amount you need to “block,” there will be other expenses associated with the Blocked Account setup and maintenance. These fees will vary based on the supplier of your Blocked Account.
Prominent Blocked account providers include
- Coracle
- Expatrio
- Fintiba
Still Have Doubts?
We at MIGR8 Consultancy are delighted to assist you with any inquiries or questions you may have about Block Account at our office from time to time. You can contact us directly with any questions you have about course choices, application procedures, fee waivers, offer acceptance, tuition fees, scholarships and internships, and life on/off campus.
You can always contact us via phone or email. We are always there to assist you.