Are you planning to pursue your education in Germany? It is a mandatory requirement that an international student have a German Blocked Account (GBA). GBA acts as financial proof that portrays the potential of international students to cover their living expenses while studying in Germany. It is widely accepted and also fulfills the conditions of the German government. Let us delve into this topic and understand the importance of GBA, the procedure for opening a GBA account, and the latest updates that are relevant to international students.
Definition of German Blocked Account
A German blocked account is a unique type of bank account, especially for international students who wish to pursue their education in Germany. This discloses to the German Government that an international student has sufficient funds to survive during their academic training. The student has to deposit the prescribed amount into the blocked account. Once credited, the principal amount is blocked and disbursed on a monthly basis to meet their living expenses.
Also read: The Ins & Outs Of Currency Exchange For Students
Importance of German Blocked Account
International students need to exhibit their financial ability to the government in terms of how they manage their first year living expenses while studying in Germany. This is necessary proof for student visa application and university enrolment. This also ensures the responsible budgeting of the international student while equally complying with the regulations of the visa.
The minimum prescribed amount that needs to be credited to the German blocked account is €11,208 and this amount tends to change each year. So, it is recommended to keep an eye on the German Federal Foreign Office website or reach out to the German Embassy/Consulate for additional information.
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Steps involved in opening a German Blocked Account:
Step 1: Conduct a detailed study on the banks supporting blocked account services and choose the one that seems to be the most compatible with your needs.
Step 2: Carefully fill out the missing sections in the bank’s application form provided to you. This service is commonly found online for an international student so that they can easily cope with the course content and find suitable reading materials for free online.
Step 3: Please make sure to attach all the necessary documents along with your application form. Documents like a passport, admission letter from a German university, and proof of admission to a language course are also required.
Step 4: After being approved by the bank, the student has to deposit the essential money amount into their blocked account.
Step 5: Then after depositing the necessary amount into the blocked account, the bank sends the confirmation letter. This letter will help in the process of obtaining the student visa.
Also read: Understanding The Basics Of Remittance: A Guide For Beginners
Process of withdrawal from German Blocked Account:
- The initial stage is to open a regular German bank account.
- Contact the blocked account service provider to set up a monthly withdrawal allowance for the chosen regular German bank account.
- Indicate the maximum allowance allowed in a month (€934), unless you have credited more than the minimum required amount criteria (€11,208).
- You will start receiving the amount to your regular German bank account from the blocked account every month, once after setting up the allowance.
- You can withdraw and use the money once you start receiving it in your regular German bank account with the help of debit/credit cards or net banking.
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Final Thoughts
German Blocked Account plays a pivotal role in securing student visas and complies with the regulations for studying in Germany. Some careful planning and understanding of the GBA process will help international students avoid potential obstacles with ease and smoothly make the transition. This system helps international students focus on their academics without worrying about day-to-day financial needs.
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