German Blocked Account Requirements For Students in 2024

Table Of Contents

Summary

Blocked Account Requirement (2024) – €11,904 annually (€992 per month) from September 1, 2024

Previous Requirement – €11,208 annually (€934 per month)

Reason for Increase – Rising cost of living and adjustments based on the BAföG rate

Monthly Withdrawal Limit – €992 per month

Effective Date – September 1, 2024

ExTravelMoney Services;

– Assist with opening blocked accounts via Coracle, Expatrio, and Fintiba
– Help transfer funds at competitive exchange rates

Additional Offer – ₹3,000 OFF on opening & transferring funds to a blocked account via ExTravelMoney

Germany remains a top destination for international students, with over 450,000 students choosing it for higher education in 2022/2023 alone.

The blocked account requirement for international students in Germany is a crucial step in securing your student visa.

From September 1, 2024, the amount of money to be deposited in a blocked account (Sperrkonto) has increased from €11,208 to €11,904 annually. The blocked account is a key requirement for obtaining a German student visa.

In this article, we’ll break down the new blocked account requirements and what it means for Indian students heading to Germany in 2024.

What Is a Blocked Account?

A blocked account is a special bank account designed for international students and visa applicants in Germany. It is a way to prove to the German authorities that you have enough funds to cover your living expenses during your stay. The money you deposit into this account is “blocked,” meaning you can only withdraw a specific amount each month to cover your daily expenses.

For students, this monthly withdrawal limit ensures that they have enough funds to support themselves while studying in Germany. 

The new blocked amount, effective from September 2024, is €11,904 annually. Students will be able to withdraw a maximum of €992 per month.

Also Read: Blocked Account in Germany for Indian Students – All you need to know

Why Has the Blocked Amount Increased?

The increase in the blocked account amount is largely due to the rising cost of living in Germany. The German government adjusts the blocked account requirement in line with the BAföG rate, which sets the minimum amount of money a student needs to cover their living expenses in Germany.

Costs such as rent, food, and utilities have gone up. So, the blocked amount has been raised to €992 per month from the previous €934, an increase of 6.2%.

How ExTravelMoney Can Help

At ExTravelMoney, we simplify the process of opening and funding your blocked account while saving you money. 

We assist Indian students in opening a blocked account from India through trusted providers such as; 

  1. Coracle
  2. Coracle Prime
  3. Expatrio
  4. Expatrio Value Package
  5. Fintiba

Once your account is set up, we also offer competitive exchange rates for transferring the required funds to your blocked account.

OFFER: Get ₹3,000 Flat OFF on money transfer to your blocked account via ExTravelMoney.

FAQ

1. Can I withdraw more than €992 per month from my blocked account? 

No, the blocked account is designed to limit monthly withdrawals to €992. This restriction is in place to ensure that you have a steady monthly allowance to cover your living expenses throughout the year. If you deposit more than the required amount, only the additional funds can be withdrawn beyond the set limit.

2. Can I use a blocked account for more than one year of studies? 

The blocked account is only required for the first year of your studies. After the first year, you can show proof of financial means for your second year through other sources, such as a part-time job, scholarships, or parental support. However, some students may choose to keep using the blocked account for ease of managing finances.

3. Can a third party in India transfer or deposit funds into my blocked account on my behalf?

Yes, third-party transfers to a blocked account are possible from India. For example, you can transfer money to your blocked account via ExTravelMoney. In the A2 Form, your name will be given as the remitter and the same will be reflected in the SWIFT Copy which is generated after the transaction completion. You’d be submitting this SWIFT Copy as proof of payment to the blocked account provider.

Also Read: Blocked Account FAQ

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