Sending Money from India to Blocked Account in Germany
Extravelmoney helps Indian students heading to Germany send money to their blocked accounts quickly at minimum costs. Students can save up to 5% compared to banks or other money transfer service providers. The entire amount can be transferred in a single transaction. We also provide door-step KYC verification via our 6000+ partnered outlets across India. The whole process can be completed in 48 working hours.
What is a Blocked Account or Sperrkonto?
A Blocked Account is a special type of Bank Account in Germany, specifically for International students who want to study there. A specific sum of money would be deposited per year into the Blocked Account. This money will be used for covering the monthly expenses of the student during their study period in Germany.
In 2020, for students going to Germany for their studies, the minimum amount to be deposited into the Blocked Account has been set as 10,236 Euros.
The Blocked Account acts as proof of funds for your studies in Germany when applying for a German Student Visa. Students must open a student bank account once they reach Germany.
Depending on how much money the student has deposited into their Blocked Account (minimum 10,236 Euros), every month an amount (853 Euros if the minimum amount was deposited) will be sent to the student account to cover their living expenses.
Opening a Blocked Account in Germany
You must open a Blocked Account in Germany from India, even before you apply for your German Student Visa. There are many providers like Fintiba, Coracle, Expatrio, Deutsche Bank, Kotak Mahindra Bank etc. Apply for a Blocked Account with any one of them.
Once account is approved, you can transfer the funds from India to the blocked account via wire transfer. It can take up to 2 working days for the amount to be credited. Receive confirmation and use this during German Student Visa processing.
How to send money to blocked account in Germany from India?
- Enter the amount (in Euros) you need to transfer to your blocked account and click on ‘Get Rates’.
- Enter your location in India to get bids from RBI authorized exchange houses & banks in your area.
- Choose any one bid, and place your order by entering your contact details. You can now upload the required KYC documents.
- Once the KYC is verified, you can transfer the funds directly to the exchange house/banks’s account as NEFT/RTGS transfer.
- Your money will now be wired. Your blocked account will receive the credit within 48 working hours.
Documents required for sending money to Blocked Account from India
- Valid Photo ID and Address Proof of Sender (Passport / Driving Licence / Voters ID)
- Indian Passport of the student
- Pan Card of the sender
- University Acceptance Letter
- Blocked Account Opening Letter
Note: The sender must be the student or his/her parents.
Will my Blocked account amount be refunded if my Blocked account application or German student visa is rejected?
Yes, your Blocked amount will be refunded in case your Blocked account application or German student visa is rejected or you withdraw from your course for any reason whatsoever.
For the refund process, you must contact the Blocked account bank and request a refund of funds.
The balance amount will be refunded to you after the deduction of any applicable fees by the Blocked account bank and the sending bank in India (ExTravelMoney does not charge any fees for refund).
The Processing Fee (charged by Blocked account bank) and the Wire Transfer Charge (charged by sending bank when transferring GIC amount from India and charged by Blocked account bank when refunding this amount) are non-refundable.
Also, when refunding the amount in EUR, the receiving bank in India will be getting the amount after conversion to INR at the Outward Remittance Sell Rate (lower than Interbank rate) applicable for the day.
ExTravelMoney.com is not responsible for any fees or charges levied by the sending bank, correspondent bank/intermediary bank, and the Blocked account bank. ExTravelMoney.com does not take liability for any foreign currency exchange gain or loss resulting from processing, transferring, rejecting and returning such funds.
The amount you finally get back after refund of your Blocked account funds may be different from the amount you deposited because of the above-mentioned charges and foreign exchange conversion rate.
- All foreign currency transactions are subject to Service Tax.
- Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.
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