Thursday, June 8, 2023

What is the difference between a blocked account and a regular bank account in Germany?

 A blocked account and a regular bank account in Germany serve different purposes and have different features. Here are some of the differences between the two types of accounts:

Blocked Account:
  • A blocked account is a special bank account for international students and job-seekers in Germany.
  • It serves as proof that the account holder has enough financial resources to live on while in Germany.
  • The account holder can only withdraw a limited amount of money per month, and the rest of the money is blocked.
  • The account holder needs to transfer funds to the blocked account before their visa appointment, as it is a requirement to receive a visa.
  • The account holder needs to pay in the required amount for one year, and then every month, one twelfth of the amount can be paid out and used for living expenses.
  • The account holder usually needs to transfer the monthly withdrawal to another "normal" bank account with a German bank.
  • The account holder needs to provide proof of having travel insurance for their arrival in Germany and German health insurance once their studies or work starts.
  • The account holder needs to choose a package from one of the providers listed in this guide along with their blocked account to save time and money.
Regular Bank Account:
  • A regular bank account in Germany is a checking account that is connected to a debit card.
  • Most German banks offer online bank accounts either through an app or online banking.
  • Some banks are brick-and-mortar banks with branches, and some are online banks only.
  • Checking account fees vary between 0.- and up to 20.- Euros per month.
  • Payments are debited the same day or a couple of days afterward.
  • The account holder can withdraw money from the account as usual.
  • The account holder can use the bank overdraft if they have a regular income.

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