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Fintiba Blocked Account

A Fintiba blocked account is one of the fastest methods available to get a Blocking Confirmation document for your German visa application.

If you open a blocked account with Fintiba, the account will be created on your behalf at Sutor Bank in Germany, which is Fintiba’s partner.

So, Fintiba only works as an intermediary between you and the bank, opening the account, showing you how to transfer the money, and then sending you the Blocking Confirmation which you need to submit to the Embassy.

Should I Open a Blocked Account With Fintiba?

Here are the benefits and drawbacks of opening a blocked account with Fintiba:

The process is quick and safe, as it is approved by the German Federal Government. After you arrive in Germany, the process is a little drawn out. You have to open another bank account where your money can be transferred monthly, but only after you register your address and complete a character legitimation through Fintiba.
The process is entirely online, from the opening of the account, document submission, the money transfer, and receiving the Blocking Confirmation. You cannot open a blocked account via Fintiba if you are from the U.S., Iran, or North Korea.
The blocked account is opened within only a few minutes. You cannot open a blocked account via Fintiba if you are under the age of 18.    
You only need to submit a copy of your passport.
During the process, you will have automated guidance every step of the way.
You can combine a blocked account with a health insurance policy (which you will need after you get to Germany) and a travel insurance policy (which you need for the visa application at the Embassy).

How to Open a Fintiba Blocked Account?

You can easily open a Fintiba blocked account online, within a few minutes. You have to:

  1. Register on the Fintiba website or app. You must provide your personal information, the reason why you need a blocked account, tax status, and contact information.
  2. Submit a scanned copy of your passport. Once you have registered and answered all the questions, you must submit a scanned copy of your passport as well, which serves to verify your identity.
  3. Wait for the blocked account to be opened. It takes about ten minutes to open the account on Sutor Bank.
  4. Wait to receive your IBAN then transfer the money. You will receive an email that lets you know when your account is open as well as the IBAN (international bank account number) at Sutor Bank, where you have to submit the money.
  5. Wait for the international transfer to be completed. Depending on the method of money transfer, it could take several days or up to a week for the transfer to complete.
  6. Receive your Confirmation Letter from the bank. When the money is in the blocked account, you will receive the Blocking Confirmation via email.
  7. Submit the Blocked Account Confirmation to the German Embassy and apply for the visa.
  8. Travel to Germany.
  9. Register your address. After you arrive in Germany, you must register your address with the local registration office and receive the Registration Certificate (Meldeschein or Anmeldung).
  10. Open a checking account. As soon as you get the registration certificate, you have to open a checking account where the money from your blocked account will be deposited every month.

How to Open a Fintiba Account If I Am Already in Germany?

The process for opening a blocked account with Fintiba if you are already in Germany is the same as if you were abroad:

  1. Register with Fintiba.
  2. Create the blocked account using their website or app.
  3. Transfer the money after you receive the IBAN.
  4. Receive the Blocking Confirmation.
  5. Submit the Blocking Confirmation when you apply for the residence permit.
  6. Legitimize your blocked account and open a checking account to receive the monthly payouts.

You can only apply for a German residence permit directly (without a prior Embassy visa) if you are from one of the following countries: The United States of America, Australia, Canada, Israel, Japan, New Zealand, or South Korea.

Document Checklist for Fintiba Blocked Account

When opening the blocked account with Fintiba, you only need to submit a scanned copy of your passport. If your passport is at the Embassy along with your visa application, then you will have to upload a picture of yourself holding your ID card as well as your Embassy receipt card.

How to Fill Fintiba Blocked Account Form?

When you are opening a blocked account via Fintiba, you have to fill in the application form entirely online. There are automated guidelines along the way, which tell you what you need to do next. You simply have to answer questions about your identity, nationality, the reason for your trip to Germany (are you a student, job seeker, trainee, au pair), etc.

Fintiba Blocked Account Charges

When you open a Fintiba blocked account, you have to pay an initial fee of €89 as well as a monthly maintenance fee of €4.90. You may also have to submit an additional €100 buffer fee to cover any additional fees for the transfer from the bank.

How Long Does It Take to Open a Fintiba Blocked Account?

It takes only about 10 minutes to open a Fintiba blocked account. However, it will take longer if you are from Russia, Ukraine, Cuba, Iran, Syria, North Korea, or the region of Crimea. That is because for these countries, quick online character verification is not available, and the staff will have to manually verify it.

How Much Money Should I Transfer to My Fintiba Account?

In 2021, the amount required for a blocked account is €10,332 in total (€861/month). With Fintiba, you have to send the entire amount in one single transfer, and you should not send more than what is required.

You can transfer the blocked account money through one of the  following methods:

  • A regular bank transfer. The fees for the international transfer will depend on the specific bank you use. You should deposit an additional €100 along with the €10,332 to cover the fees from the bank.
  • An international money transfer company.
  • Fintiba’s own money transferring service – Fintiba Transfer. With this method, you do not need to pay any additional fees for the transfer.

Fintiba will send you the Sutor Bank IBAN (International Bank Account Number) which is where you have to send the money.

How to Activate (Legitimate) My Fintiba Blocked Account?

After opening a blocked account with Fintiba, you have to go through a process of “legitimation” before you can have access to your money. You could be asked to do this before or after you enter Germany. The method of legitimation for your case specifically will be displayed on your Fintiba account. There are four methods:

  1. Regular legitimation, which includes uploading your passport and visa.
  2. Video legitimation, wherein you may have to do a video chat with a Fintiba Call agent and show your passport.
  3. PostIdent legitimation, which is an electronic method of legitimation that can be completed at any office of the German Postal Service (Deutsche Post).
  4. Manual legitimation, which includes you going to the Fintiba office in Frankfurt, or an office of Sutor bank personally. This is usually only requested if you cannot complete any of the other methods.

Note: If you are from one of the following countries or you are transferring more than €15,000, you may have to undergo additional legitimation: Afghanistan, Bahamas, Barbados, Botswana, Ghana, Irak, Iran, Jamaica, Yemen, Cambodia, Mauritius, Mongolia, Myanmar, Nicaragua, North Korea, Pakistan, Panama, Zimbabwe, Syria, Trinidad and Tobago, Uganda, Vanuatu.

How to Withdraw Money from my Fintiba Blocked Account?

You cannot withdraw money directly from the blocked account. You must open a checking account (with any local bank in Germany) where the monthly allowance of €861 will be deposited. Along with the checking account, you will also get a debit card, which you can use to withdraw cash from ATMs or to make payments.

Can I Open a Checking Account With Fintiba?

Yes, Fintiba has a process available to help you open your checking account once you get to Germany, either with Sutor Bank or another local German bank. Before you can open the checking account and get access to the money, however, you have to undergo the legitimation process with Fintiba and register your address with the registration office in the city you will live.

Can I Extend a Fintiba Blocked Account?

If you need to extend your account for another year, you just have to click on the “Extend Account” option on the Fintiba website/app. You will have to pay an initial fee of €89 and the monthly fees of € 4.90 again. You should not transfer your funds until you receive confirmation that your account has been extended.

If the required monthly amount has changed, then you will have to submit a document from the Embassy/Immigration Office proving this.

Will Fintiba Return My Money if the Visa Is Rejected?

Yes, if your visa is rejected, you will receive the money for the blocked account back along with all the initial and monthly fees. However, if the bank charged you any money for the international transfer, you may not receive the buffer amount of €100 in full. You should get your money back within four weeks.

To close your blocked account and request your money back, you have to submit the official rejection letter from the Embassy.

How to Close a Blocked Account on Fintiba?

To close your blocked account before 12 months are up, you just need to click on the “Close Account” option on the Fintiba app or website. However, you will have to provide a document from the Embassy or Immigration Office, which proves you are allowed to close your account:

  • You will need a document called Sperrfreigabe (Lock release) if you decided not to apply for the German Visa, withdrew your application, or received the visa but decided you will not come to Germany.
  • You need the official letter of visa rejection from the Embassy/Immigration Office if your visa or residence permit application was refused.

Once you close your account, your money will be returned to you within four weeks. If you closed it because your visa was rejected, you will also receive your initial and monthly fees.

Fintiba Blocked Account For American Citizens

If you are an American citizen, you will not be able to open a blocked account with Fintiba. Due to the US’s Foreign Account Tax Compliance Act (FACTA), foreign banks are required to report to the IRS for any American citizens’ funds abroad. This is why many banks (including Sutor Bank) refuse to take US clients.

If you are a US student and you wish to study in Germany, you can open a blocked account with another provider, such as Deutsche Bank, which does take American clients.

Can I Get Health Insurance With a Fintiba Blocked Account?

Yes, Fintiba offers a package that includes national health insurance as well as a free travel insurance plan along with your blocked account. If you choose this package, you have your choice between:

  • Statutory (public) health insurance with the German insurance provider DAK Gesundheit.
  • Private health insurance with MAWISTA GmbH.

Everyone who moves to Germany has to get health insurance. Students under the age of 30 are obligated to enroll under a statutory insurance policy, whereas those over the age of 30 can choose between statutory or private.

Additionally, when you apply for a German Visa at the Embassy, you have to present proof you have gotten travel insurance. Fintiba’s free travel insurance that is included in the package will be accepted by the German Embassy since it is in agreement with the Schengen visa insurance requirements.

Considering you have to get both travel insurance and private either way, many students choose to get the package rather than the one with just the blocked account.

The monthly fee for the Blocked Account + Health Insurance Package starts at €33.10.