If you are among students who need a student visa to study in Germany, then you will also need to provide proof of financial resources to the German authorities at the Embassy where you will apply for your visa. The best way to do so is through a Blocked Bank Account, which is designed for international students in Germany.
As of 2020, the annual amount for a blocked account is €10,236. Students can withdraw a maximum of €853 per month. Learn more about opening a German Blocked Bank Account.
One of the steps you need to go through when opening you German Blocked Account, is to deposit the required amount of money. As soon as the money is transferred into your blocked account in Germany, you will receive a confirmation that your blocked account has been opened with the amount you have deposited.
How Do I Transfer Money to My Blocked Account in Germany?
If you want to transfer money to a blocked account in Germany, it is important you get the correct set of information before you make any transfer decision. Initially, you want to find an option that is simple, efficient, as well as budget-friendly. Nowadays, sending and receiving money has become a lot simpler than it used to be back in the day, and banks are no longer the only option you can use to transfer your money from one country to the other.
You can transfer money to your blocked account in Germany through one of the following methods:
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International Bank Transfer
Money Transfer Companies
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International Bank Transfer
International bank transfers can be done online as well as in person. To commence with an international bank transfer, you will need to provide the following information:
The recipient’s name, address, and account type.
The name and address of the recipient’s bank.
The recipient’s account number or IBAN (International Bank Account Number).
The recipient’s bank’s BIC/SWIFT code.
Keep in mind that using your bank as a method of international money transfer can be a little pricey. The fees for international money transfers vary depending on the bank in your home country, that is why it is recommended to check with the bank account and make sure that the amount you are sending will cover the minimum German blocked account amount, otherwise, your blocked account confirmation will not be issued.
Typically, an international money transfer takes 3 to 5 working days, but in particular cases, it might also take up to a few weeks. As soon as the money is credited in your bank account, you will receive your blocked account confirmation, which you can use for your visa application.
Money Transfer Companies
Money transfer companies, like TransferWise, Western Union, MoneyGram, and PayPal are cheaper than traditional banks, in that they will offer lower fees and more competitive exchange rates in comparison to banks. This is why it is essential that you choose your money transfer provider based on their fees as well as processing time.
Here are a few money transfer companies through which you can transfer money to your blocked account in Germany:
We always recommend Transferwise as a method of money transfer due to its low and transparent fee for conversions.
It was specifically created to provide fast, affordable, and efficient transfers and this is what makes it different from traditional banks. This company is trusted in all corners of the world, transferring over £5 billion every month while saving people and businesses around £3 million in hidden fees every day.
Through TransferWise you can send money approximately eight times cheaper than if you use traditional bank methods. Some other providers add a markup to the real exchange rate in addition to their fees, however, through TransferWise the transaction is made using the real, mid-market exchange rate, the same one you see in Google.
International payments through TransferWise are delivered in a matter of 24 hours or less, which is quite convenient in comparison to the 3-5 working days through regular banks.
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If you want a quick way to transfer money internationally, Transferwise is your best option and up to 8x cheaper than normal banks.
Click here to send money with Transferwise
Western Union has been known for sending and receiving telegrams up until the recent years. Now, this company has entered the wire transfer market, and it is available in 200 countries dealing with 130 currencies. There are numerous ways you can send money through Western Union, including online transfers. Regardless of what you pay with, be it your credit or debit card, or your bank deposit, Western Union will get it done. However, you will notice that the Western Union offers higher fees and weaker exchange rates in comparison to other online options.
You may also transfer money internationally through MoneyGram, which is one of the largest providers of money transfers in the world. Through MoneyGram, money can be sent to more than 200 countries and territories and there is also the option to send funds directly to a bank account or mobile wallet. Fees, however, may vary depending on the location, amount, payment method, or other factors. Keep in mind that those who want to make an online transfer of more than $10,000 at a single time at once or within a month, won’t be able to do so due to its online transfer maximum restriction.
PayPal is also among international money transfer options. Through PayPal, you will get a trustworthy and reliable service. However, it has a number of fees which will add up when you make the international transfer. This electronic commerce company facilitates payments between parties through online transfers.
Tips When Transfering Money to Blocked Account in Germany
Before you make any money transfer to your German blocked account, make sure you compare the exchange rates that apply to your transaction since they can impact affordability.
Make sure you are aware of additional fees that will apply to your transfers, since companies with higher exchange rates may also have higher fees.
The money you are transferring must arrive in the Blocked Account in Euro (€) since the account is in Germany.
Talk to your bank and ensure that the transaction is made in Euro and that the transferred amount (using your home currency) is equal to the required amount in Euro.
Other articles you might be interested in:
How To Open a German Bank Account
How to Open a Blocked Bank Account in Germany
How to Transfer Money to Blocked Account in Germany
How to Open an N26 Bank Account in Germany
The post How to Transfer Money to Blocked Account in Germany appeared first on Study in Germany for Free.