Do you want to have detailed information before opening your GBA Blocked Account? In this section, we collected a number of frequently asked questions about the GBA Blocked Account. If you have any other questions, feel free to contact us.
Here you will find the most frequent general questions about the GBA Blocked Account.
The GBA Blocked Account is offered by DR-WALTER and X-patrio in cooperation with ECO-Escrow. Students and other visitors from abroad often need a German blocked account for their visa application.
Proof of a blocked account is usually one of the prerequisites for obtaining a visa. If you do not know whether you need a visa for your stay in Germany, please look at this official list of the Federal Foreign Office. Here you can find all countries for which a visa is required as well as additional information.
In general, €720 for every month of your stay in Germany are required as a monthly blocked amount. Of course, you can also deposit a higher monthly amount. Please have a look at our example calculation for a 12-months' stay. If you plan to stay in Germany for more than one year, you can renew your blocked account after expiry of 12 months.
You only need to pay a one-off set-up fee of €49 for your GBA Blocked Account. In addition to that, there are monthly costs of €5 for the management of the account.
Moreover, a safety buffer of €100 has to be paid. However, this amount is no additional expense for you because it is usually refunded when you close your blocked account.
Yes, the money on your GBA Blocked Account is safe. €100,000 per bank per client are protected by the compensation scheme of German private banks. All German private banks are obliged to participate in the compensation scheme.
In addition to that, X-patrio allows the competent authorities to make a plausibility check of all documents concerning blocked accounts in order to guarantee the highest possible amount of security and transparency.
The safety buffer will be used to pay transfer charges in case we need to refund money. If there are no extra costs, the money will be refunded to you when you close your blocked account.
ECO-Escrow is a German law firm which has specialized in escrow services and secure international payment transactions for 15 years. The German Federal Foreign Office confirms that ECO-Escrow's escrow services fulfill all requirements for visa application. So your money is in good hands and you can be sure that the confirmation of your blocked account is officially approved. Here you will find further information about ECO-Escrow.
Here you will find answers to the most frequent questions regarding the online opening of the GBA Blocked Account.
We ask for your understanding that the online opening of the GBA Blocked Account is only offered in English at the moment. The reason for this is that many students who need a German blocked account are more familiar with English than with German.
You need to upload a copy of your passport when you open your blocked account. After arriving in Germany, please send us your enrollment certificate, your confirmation of your registration with the residents' registration office, and the activation order (07 Activation Order).
Yes, please transfer the amount in one lump sum in order to make sure that we can send you the confirmation of the account opening on the next day at the latest.
We recommend you use TransferWise (online money transfer service) in order to transfer your money to your blocked account. TransferWise only charges a fee of about 0.5 - 1.1% of the transferred amount so it is cheaper than many bank institutes. Alternatively, you can transfer the money directly from your bank account.
The money will be converted into euros because the blocked account will be opened in Germany. The amount you transfer in the currency of your home country needs to be identical with the amount in euros. Please note: conversion fees and transfer charges must be added to the required blocked amount on your blocked account. Example: €8,640 (minimum total sum for a year in Germany) + €95 (conversion fees and transfer charges) = €8,735 (amount of the transfer). The fees differ from bank to bank. Please contact your bank concerning this matter.
If a relative or friend transfers the money for you, he also needs to submit the following identification documents:
In many countries it was a problem that the recipient of the transfer for the blocked account is no private person, but a company, namely the law firm ECO-Escrow. Therefore please indicate the name "Eric Neundorff" as recipient. If you indicate your own name or any other name, the transfer will not work.
You will not get direct access to the money on your blocked account. In addition to your blocked account, you will need a conventional bank account at a bank of your choice. The agreed monthly amount will be transferred from your blocked account to this account on the 1st of each month. Many German banks offer free accounts for students.