You can use a Studely blocked account as proof of your financial requirements when applying for a German student visa.
In this article
- Should I Open a Blocked Account With Studely?
- How to Open a Studely Blocked Account?
- Document Checklist to Open Studely Blocked Account
- How Long Does It Take to Open a Studely Blocked Account?
- Studely Blocked Account Cost
- How Much Money Should I Transfer to My Studely Account?
- Can I Transfer More Money Than Required?
- Can I Transfer the Money in More Than One Installment?
- Can Someone Else Transfer the Money on My Behalf?
- How to Activate My Studely Blocked Account?
- How to Open a Current Account With Studely?
- Can I Extend a Studely Blocked Account?
- Will Studely Return My Money if the Visa Is Rejected?
- How to Close a Blocked Account on Studely?
- Studely Blocked Account For American Citizens
- Can I Get Health Insurance With a Studely Blocked Account?
Should I Open a Blocked Account With Studely?
Here are some of the benefits and drawbacks of opening a blocked account with Studely:
|The process is quick and entirely online.||Does not offer a joint package with health insurance.|
|Your blocked account is open within a day and you can expect to receive your Blocked Account Certificate within a week.||It is relatively new when it comes to the German blocked account – although they do have experience with students in France.|
|You can submit your documents online – you only need your passport and acceptance letter.|
|Studely is partnered with a bank to facilitate the current account opening process.|
|Accepts applicants from the U.S.|
|Relatively inexpensive maintenance and opening fees.|
How to Open a Studely Blocked Account?
The process of opening a blocked account with Studely is as follows:
- Register on the Studely website. After registering, you will be redirected to an online platform that you can use to manage your account.
- Provide your personal information to open the blocked account. You have to provide your name, birthday, place of birth, nationality, and address.
- Attach an electronic copy of your passport and university admission letter.
- Studely verifies your identity and opens your blocked account. Your account is held on MangoPay, which is Studely’s bank partner.
- You transfer the money required for the blocked account. Studely will provide you with the bank account number and instructions on how to make the transfer. It takes about three to five days for the international money transfer.
- Studely sends you the Blocked Account Certificate. You have to send this to the German Embassy to apply for your student visa. You only receive the certificate once the required sum is fully transferred to the account.
- You travel to Germany and open a current account. You need a current account with a local German bank so Studely can transfer the monthly €861 to you from your blocked account. To open a current account, you have to register your address in Germany.
- Activate the blocked account. Once you have your current account, you have to log in to your Studely User Portal and select the “Activate” button.
- Studely starts transferring your monthly installments of €861.
Document Checklist to Open Studely Blocked Account
The documents you need to open a German blocked account with Studely are:
- An electronic copy of your passport. Make sure your picture and personal information are fully and clearly visible.
- The university admission letter. This serves as proof of your student status.
If requested, you may also need to submit a notice of funds to be transferred. If someone else will send the money on your behalf (such as your parents/guardians) they need to submit proof of identity as well, such as a passport.
How Long Does It Take to Open a Studely Blocked Account?
Studely opens your blocked account within 24 hours. They will verify your passport’s authenticity and send you a Blocked Account Opening Confirmation document. As soon as you have this document, you can transfer the money through your preferred transfer method.
However, since international transfers can take up to three to five business days, you may not have your Blocked Account Confirmation document for a week or more.
Studely Blocked Account Cost
The cost of opening a blocked account with Studely is €100 per year. However, you should also keep in mind the international money transfer fees, which differ depending on the bank and the transfer method.
How Much Money Should I Transfer to My Studely Account?
You have to transfer the full amount of €10,332 as well as €100 for the opening and maintenance fees. So, you should transfer at least €10,432.
However, it is also advised to send a so-called buffer amount, to cover any additional charges related to the international transfer so banks do not withdraw from your blocked account sum. Remember – if the money on your blocked account is less than €10,332, then Studely cannot issue a Blocking Confirmation and you cannot apply for the student visa.
Many blocked account providers require a buffer amount of €100, but if they do not have a specific requirement, you may submit less than that.
Can I Transfer More Money Than Required?
Yes, you can transfer more than €10,332 to your blocked account. The extra money will be redistributed into 12 parts and you added to your monthly payouts of €861.
Can I Transfer the Money in More Than One Installment?
Yes, you can transfer money more than one time. However, you should remember that if you do transfer the money in two or more installments, it will take three to five days for each separate transaction. You will not receive the Blocked Account Certificate until the full required amount is there, so it will take a much longer time until you can apply for the student visa.
Can Someone Else Transfer the Money on My Behalf?
Yes, someone else can transfer the required amount on your behalf (for example, your parent/guardian or a relative). You will just have to indicate who will send the money when registering for the blocked account. You may also need to submit additional documentation, as requested by Studely.
How to Activate My Studely Blocked Account?
To activate your blocked account, you first have to open a current account in Germany (Girokonto). Then, you must log-in to your user portal, click on “Activate Account”, send the Girokonto number to Studely, and provide the documents and information that is required. After activation, Studely will start to transfer your money to your current account monthly. The first installment will happen within two to three business days.
How to Open a Current Account With Studely?
After you arrive in Germany, you can open a current account with any German bank of your choice or with Studely’s banking partner, MangoPay. To open a current account, you need the Registration Certificate, which you receive after you register your address at the local citizens’ office (Bürgeramt). Some banks may ask for your German residence permit as well, so you should start the process of registration as soon as possible.
Remember, you cannot access and use your money unless Studely transfers them to your current bank account.
Can I Extend a Studely Blocked Account?
Yes, if you need the blocked account for another year, you can extend it. You will have to transfer the required amount again and pay the maintenance fee. To extend the blocked account, you will have to contact Studely via email and inquire about the process.
Will Studely Return My Money if the Visa Is Rejected?
Yes, if your student visa is rejected, Studely will release your funds to you. You will have to send them the visa rejection letter from the Embassy. Depending on the bank, it could take a few days for the money to be transferred back to your personal account.
How to Close a Blocked Account on Studely?
To close a blocked account with Studely, you have to write to them and request for your funds to be released. You also have to send proof of the reason why you want to close the account.
You have to submit a “Closing Order” document, which you can download on the Studely User Portal as well as one of the following documents, depending on your situation:
- Official document from the local German Immigration Office that issued your residence permit, allowing you to unblock the account. You must submit this document if you received your student visa, but you wish to end your studies and leave Germany earlier than intended.
- Original visa rejection letter with the stamp of the German Embassy and a written document allowing you to close the blocked account. You need this document if your visa application was rejected.
- Email confirmation from the German embassy in case you decided not to apply for the visa at all.
Studely Blocked Account For American Citizens
Studely does not appear to have restrictions regarding American citizen clients. However, if you are unsure, you may contact their client services directly.
Can I Get Health Insurance With a Studely Blocked Account?
No, Studely does not offer a joint package with German health and travel insurance. You will have to register with a public health insurance company after you arrive in Germany.