Navigating the waters of studying abroad can be overwhelming for students. Among the many preparations, opening a blocked account is crucial for obtaining a student visa in Germany. However, choosing the provider for the best-blocked account in Germany can be daunting. This article delves into the two most prominent options for Indian students: Fintiba and Expatrio.
We will compare their features, services, and ease of use to help you make an informed decision. So, let’s look at the finer aspects of Fintiba and Expatrio to ensure a smooth and hassle-free transition into your German academic journey.
What is a blocked account?
A Blocked Account in Germany is like a financial checkpoint every international student must pass through to study there. This particular account ensures you have sufficient funds to cover your living expenses while you pursue your academics in Germany.
You must deposit a specific amount of money, which is “blocked,” for your stay. The amount acts as a safety net, assuring the German authorities that you can financially support yourself during your time in the country.
Why do Indian students need blocked accounts?
The blocked account is proof of financial resources when applying for a student visa. The German authorities want to ensure you won’t face a financial crisis while studying there. It’s their way of looking out for your well-being and ensuring you have a comfortable experience in their nation.
Throughout your stay in Germany, you can access a predetermined portion of the money each month, which covers your living costs and expenses. The blocked account ensures a steady and manageable flow of funds to sustain you during your academic journey.
Difference between Fintiba vs. Expatrio
When it comes to the crucial decision of choosing between Fintiba vs. Expatrio for your blocked account needs, here are some differences that can impact your experience.
- Application process
Both Fintiba and Expatrio offer the convenience of an online application. However, the processing speed sets them apart. Fintiba takes the lead here, with instant processing after completing your online application. On the other hand, Expatrio processes applications within one day. If you appreciate the efficiency and swift response, Fintiba’s quick processing can be a game-changer for your plans.
- Students under the age of 18
Fintiba takes a more inclusive approach. While Expatrio restricts students under 18 years from opening a blocked account with their company, Fintiba welcomes these young aspirants. Flexibility can be a lifesaver for ambitious students who wish to pursue their dreams of studying in Germany at an earlier age.
- Refund charges
Sometimes circumstances change, and you might need to alter your plans. In such cases, both Fintiba and Expatrio offer the option of a refund, but the costs differ. Expatrio charges €109 for refund processing, while Fintiba keeps it more affordable with €89. These seemingly small financial details can make a difference, especially when managing your expenses wisely as a student.
How do you open a Fintiba blocked account in India?
Opening a Fintiba blocked account in India is a straightforward process to kickstart your study abroad journey in Germany. Here’s a step-by-step guide.
- Register on the Fintiba website or app
To begin, head to the Fintiba website to create an account. Provide the required information and follow the on-screen instructions to set up your profile.
- Submit a scanned copy of your passport
Once your Fintiba blocked account is up, you must submit your passport’s scanned copy. Ensure the document is legible for a smooth review.
- Wait for the account to open.
Fintiba will process your application, and you’ll receive confirmation when your blocked account opens.
- Wait to receive your IBAN, then transfer the money
After your account is active, Fintiba will provide your International Bank Account Number (IBAN). It’s time to move the required money into your blocked account.
- Wait for the international transfer completion
International transactions take a few days to process. Be patient with the money transfer to your blocked Fintiba account.
- Receive your confirmation letter
Once the money goes into your blocked account, you’ll receive a confirmation letter from Fintiba confirming the availability of funds.
- Submit the account confirmation details and apply for the visa
The confirmation letter will help you proceed to the German Embassy in India to apply for your student visa. The Fintiba blocked account proves your financial capability during your stay in Germany.
- Travel to Germany
Once you have your visa, you’re all set to embark on your exciting journey to Germany for your studies.
- Register your address
Upon arrival in Germany, you must register your address with the local authorities. It is a mandatory process for all residents of Germany that helps facilitate official procedures.
- Open a checking account
When you receive your registration certificate, you should open a checking account in Germany. This account will link with your blocked account, and each month, the agreed-upon amount will be transferred to cover your living expenses.
Orient-Fintiba: Simplified solutions for opening blocked accounts in Germany
If you’re an Indian student preparing to study in Germany, you know the mandatory requirement of opening a blocked account in Germany. While this process may seem daunting, there’s good news: Orient-Fintiba is here to simplify the experience and make it smooth for you.
Orient-Fintiba is a collaborative effort between Orient Exchange and Fintiba. It provides simplified solutions for Indian students seeking to open a blocked account in Germany. With the combined expertise of Orient Exchange, a trusted and reputable International Money Transfer service provider in India, and Fintiba, a leading digital platform for blocked accounts, Orient-Fintiba brings you the best of both worlds.
Key benefits on offered by Orient Exchange in opening and transferring funds to a Blocked Account
- Seamless application process
The application process is hassle-free. You can register on the platform online and submit the required documents without unnecessary complications.
- Quick processing time
Orient-Fintiba understands time’s importance, especially when preparing for your study abroad journey. We expedite the processing of your blocked account application so you can focus on other essential aspects of your planning.
- Expert assistance
Navigating through financial processes can be confusing, but with Orient-Fintiba, you don’t have to worry. Our team of experts is readily available to assist in the process.
- Competitive exchange rates
We offer competitive exchange rates for your money transfer. It ensures you get the best value for your money when depositing the required funds into your blocked account.
- Reliable
When dealing with financial matters, security is of utmost importance. We prioritize the safety of your information and transactions, providing a reliable platform you can trust.
- Customer support
If you encounter any issues or have questions at any stage, our customer support team is just a call or message away. We remain dedicated to addressing your concerns and ensuring a smooth experience.
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