- The best in comparison (Fintiba)
- What is Fintiba?
- Fintiba packages
- Fintiba Blocked Amount
- Fees and Charges
- How to open a Blocked Account?
- What documents do I need?
- Fintiba: Processing time
- How to transfer money?
- How to get the money?
- Blocked Account Extension
- How to close the Account?
- Is Fintiba safe?
- Why Fintiba is a very good choice?
- Fintiba contact
Video Course
How To Get Your German Student Visa Application Done — Quickly and Stress-Free
27 videos
incl. Checklist + PDF + Template
Do you need a German student visa to study in Germany? Are you planning to prove the existence of sufficient funds through the blocked account option? Then you should start searching for a reliable blocked account provider for that purpose.
We do not want to leave you alone at this important stage of your way towards studying in Germany! That is why we created a list of blocked account providers that will help you navigate this complex market.
After familiarizing yourself with numerous providers, you might be interested in collecting more detailed information about (some of) them. If that is the case, then you are at the right place! Why? Because in this article, we present a comprehensive introduction to Fintiba, your potential future provider for the blocked account. As you may already know, this company is famous for its high-quality blocked account offer for international students.
It is our goal to inform you honestly and accurately, therefore, we need to add disclaimers:
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You should use this text as a general guide, but it cannot be a legal consultation. The visa regulations are made and executed by the Federal Foreign Office (Auswärtiges Amt), Federal Ministry of the Interior (BMI), and the local Foreigners’ Offices (Ausländerbehörde). Please be aware: Some rules and procedures can vary from embassy/consulate to embassy/consulate (even within one country), and from Ausländerbehörde to Ausländerbehörde in Germany. That is why we highly recommend you also consult the German representation abroad near you, and the local Foreigners’ Office in Germany (which Ausländerbehörde is responsible for you depends on your residence in Germany) for information that applies to your case.
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We partner with Fintiba. The links to Fintiba 💰 in this article are so-called affiliate links (you can easily recognize them by the following symbol: 💰). We receive a small commission when someone clicks on the link and makes a purchase, which brings no additional costs to you.
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We try our best to provide you with the latest information possible. However, for the most up-to-date information regarding all Fintiba products and services, please always refer to the Fintiba website 💰.
Our recommendation: The best in comparison (Fintiba)
The market leader Fintiba performs best in our comparison. This is because Fintiba is the only provider to offer the blocked account at a German bank with German deposit protection. Fintiba is also the best provider overall in terms of expertise (years since launch, number of customers) and speed (instant blocking confirmation option via credit card; account activation) and one of the best in customer satisfaction.
Why do we recommend Fintiba?
🥇 Market leader with the most extensive experience: more than 200,000 customers since 2017
🏦 Direct connection to German partner bank (Sutor Bank)
🛡️ Fully protected by the German Deposit Protection
🌎 Worldwide availability (with a few exceptions, including the USA)
More info about the blocked account
Go to Fintiba💰💰 = We receive a small commission for Fintiba products sold through this link. However, this does not result in any additional costs for the customer.
What is Fintiba?
To put it simply, Fintiba is the market leader and the best in class (see our comparison article) when it comes to the German blocked account providers for international students. Through its services, Fintiba helps international students to prove their finances for a German student visa and/or a German student residence permit. In addition, Fintiba offers international students other services such as Health Insurance, Travel Insurance and more.
It is also important to note that Fintiba itself is not a bank. However, Fintiba partners with Sutor Bank to offer its blocked account product. Sutor Bank is a reputable German bank established in Hamburg in 1921, where your blocked money is safely stored and protected by deposit insurance.
Besides, Fintiba's blocked account (or Sperrkonto) service is not only relevant for international students. A blocked account might be required for people coming to Germany for various purposes. For instance, you might need the Fintiba blocked account if you are entering Germany for:
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Working
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Apprenticeship
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Au Pair
In this article, we are focusing on the first category, namely the students who want to study in Germany.
Fintiba packages for students
Basically, international students who want to open a German blocked account can choose between three packages offered by Fintiba. Those are:
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Fintiba Basic. This package contains only the German blocked account.
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Fintiba Plus. In addition to the German blocked account, the Fintiba Plus package includes FREE travel health insurance and personalised health insurance for your stay in Germany.
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Fintiba Plus Protect. The Fintiba Plus Protect incorporates everything included in the Fintiba Plus package plus Liability Insurance
Geeky Stuff Box
Fintiba also has an offer for under-18 students. In particular, minors can also have the Fintiba blocked account, with the only difference being that one of the parents must open a blocked account with Fintiba on behalf of the minor. Other than that, there are no extra restrictions or difficulties. You can find more details about this option here 💰.
Fintiba Blocked Account Amount
The amount of money you need to allocate to your German blocked account is not set by the blocked account providers but by the German government. This means that there is no such thing as "Fintiba blocked account amount" but a general blocked account amount requirement valid for every provider. Currently, the general blocked account amount stands at €11208 for a 12-month stay in Germany, aka €934 for each month. In other words, international students need to block €11208 on their blocked account. Keep in mind that this sum is subject to change due to various socio-politico-economic developments (see Table 1). Hence, we suggest you to regularly check the website of the German Embassy or Consulate where you plan to apply for a visa, for the currently required amount that needs to be blocked.
Table 1: German Blocked Account Amount for International Students in 2019-2024
|
Year |
Monthly Amount |
Annual Amount |
| 2024 | €934 | €11 208 |
| 2023 | €934 | €11 208 |
| 2022 | €861 | €10 332 |
| 2021 | €861 | €10 332 |
| 2020 | €853 | €10 236 |
| 2019 | €850 | €10 200 |
Fintiba Blocked Account: Fees and Charges
Unlike the "Fintiba blocked account amount", the "Fintiba blocked account fees" is a more on-to-the-point combination of words. To be more specific, unlike the general requirement for the blocked amount, the fees or charges for opening and maintaining the blocked account are not regulated by the German government but by the individual providers themselves. That is exactly why these numbers vary across companies.
When it comes to Fintiba blocked account, there are 3 types of fees that you should be aware of. These are:
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Set-up fee. Opening a blocked account with Fintiba costs €89.00.
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Monthly fee. After opening the blocked account, students also need to pay for its maintenance. Currently, the monthly fee for the Fintiba blocked account is €4.90.
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Extension (or reopening) fee. Fintiba allows students to extend their blocked account beyond the initial 1-year period. Fintiba charges €89.00 for the extension or reopening of an account that has expired
Advice Box
We recommend students to regularly check the offers from Fintiba because sometimes you might even end up setting up the account for free. For instance, Fintiba offered interested students to open an account for free in October 2023.
Based on the information about the required blocked account amount, Fintiba's fees, and your planned duration of stay, let us help you to calculate how much money (approximately) you would need for the whole blocked account procedure.
Table 2: Total (approximate) amount of money required for the German Blocked Account with Fintiba based on the duration of the study course
|
|
1-year study program |
1.5-year study program |
2-year study program |
2.5-year study program |
3-year study program |
3.5-year study program |
4-year study program |
|
Fintiba |
€11 355.8 |
€17 078.2 |
€22 711.6 |
€28 434 |
€34 067.4 |
€39 789.8 |
€45 423.2 |
So, as the Table 2 vividly demonstrates, the longer your study course lasts, the more you need to budget. Here is the formula for the calculation of the total amount of money for the whole blocked account procedure:
Table 3: Formula for the whole Blocked Account amount calculation
|
Blocked account amount |
x |
Length of the study program |
|
+ |
||
|
Set up fee |
||
|
+ |
||
|
Monthly fee |
x |
Amount of months |
|
+ |
||
|
Extension fee |
x |
Amount of extensions |
|
+ |
||
|
Extra fees (e.g., potential money transfer fees) |
||
|
= |
||
|
Total amount |
||
For example, if you are going to pursue a 1-year Master's degree in Germany and you are opening a blocked account with Fintiba, you will need to plan with around €11 355.8 for the whole blocked account procedure. This is how this number is derived: €11 355.8 = (€11 208 x 1) + €89 + (€4.9 x 12) + 0 + 0.
In case you opt for a 2-year German Master's degree and need a Fintiba blocked account, the amount of money that you will need to budget for the blocked account phenomenon is around €22 711.6 EUR. This is how this number is derived: €22 711.6 = (€11 208 x 2) + €89 + (€4.9 x 24) + (€89 x 1) + 0
Disclaimer: Please be aware that the charges mentioned in Table 2 can vary over time, and there might be extra fees that are not included in this list (e.g., buffer fees). We try our best to provide you with the latest information possible. For more details and the most up-to-date information regarding the pricing, refer to the homepage of Fintiba.
Note: According to the official guidelines, a Blocked Account is mandatory only for the first year of university studies. If your studies extend beyond the first year, you are required (as a general rule) to demonstrate sufficient funds to extend your residence permit. It's important to note that proving financial sufficiency for subsequent years doesn't necessarily require a Blocked Account. You can prove your finances through alternative ways, e.g., a full scholarship.
Fintiba Plus and Fintiba Plus Protect package fees
Fintiba Plus. If you choose the Fintiba Plus package, in addition to the blocked account, you will also get FREE travel insurance and health insurance, which will cost you around €25-€125 per month, depending on the type of insurance you will opt for. As you might know, health insurance is compulsory in Germany.
Fintiba Plus Protect. If you choose Fintiba Plus Protect package, in addition to the blocked account, the travel insurance and the health insurance, you will also receive liability insurance, the annual cost of which €55.
How to open a Blocked Account with Fintiba?
The whole blocked account opening procedure is done online with Fintiba! That is why the level of bureaucracy is almost non-existent when it comes to Fintiba's blocked account solution.
In other words, it is very easy to open a blocked account with Fintiba. To be more specific, Fintiba prepares you for your visa appointment at the German Embassy/Consulate in just 4 steps:
4 steps to open Fintiba Blocked Account:
1
Register on Fintiba's platform
By clicking on "Open Account Now" button, you will be redirected to the registration page. The whole registration procedure is quite easy and self-explanatory. Basically, you just need to provide your personal information, like your name, birth date, visa details, etc. After doing that, you just need to click on "Open Account", and you will receive the confirmation email. After clicking on "Confirm your email", your account is activated, and the registration process is completed.
2
Set up the account
The next step is to set up your account. For that, you will need to login into your existing Fintiba account. And again, just like the registration, the whole set-up procedure is also very intuitive. It can be divided into three substeps:
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Fill in your personal data (e.g., passport information, addresses, etc.);
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Upload the requested documents;
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Wait for the passport verification.
After the passport is verified, your blocked account will be opened.
3
Transfer the money
Afterwards, you need to transfer the required blocked amount. Head to the "Documents" section and download the "Transfer Information Document" document. This document contains all the details you need for the money transfer, including the exact amount to be transferred. After familiarizing yourself with all the crucial details, you are ready to transfer the money.
4
Receive your blocking confirmation
After your transfer (or, in some instances, your payment) is completed, you will receive the blocking confirmation. With that document, you can apply for your (student) visa.
What documents do I need to open a Fintiba Blocked Account?
In order to open a blocked account, Fintiba needs only one document: your Passport! In other words, you do not have to wait for your admission letter to open a blocked account with Fintiba.
Moreover, as the whole procedure is done online, you do need to send any physical post with certificated copies or translations.
In a word, in terms of operational steps, you need to upload the following documents:
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Passport. Make sure that your passport is valid for at least 2 years with enough free pages.
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Fintiba selfie. Basically, this is your selfie with your passport's data page.
How long does Fintiba take to process the Blocked Account?
Quick answer: It takes 1 to 24 hours to open a blocked account with Fintiba.
Now, let us delve into how much time you will need for each procedure on your way towards receiving the blocking confirmation.
1
Let us start with the registration phase. All in all, this whole procedure takes around 5-6 minutes.
2
Afterwards, you will upload the documents which need to be verified by Fintiba. Usually, it takes Fintiba around 1 hour to verify the documents (in fact, we are talking about passport verification). However, based on individual cases, it may also last up to 24 hours. At this stage, your blocked account is open.
3
The next step is the money transfer, which is followed by the issuing of the blocking confirmation. Depending on the money transfer method you opt for, you will experience different waiting times. For instance, you might get an instant confirmation with a transfer via credit card via the Fintiba Transfer provider, or you might end up waiting for 2 weeks with a regular international bank transfer.
Thus, you can open a blocked account with Fintiba in about 1-24 hours. If we are talking about the blocked account confirmation, the whole procedure from registration to receiving the blocking confirmation might take from about 1 hour to around 2 weeks (assuming that you are completing steps without notable delays and there are no extra obstacles that hinder the process).
How to transfer money to your Fintiba Blocked Account?
Fintiba mentions two main ways of money transfer to the blocked account. Those are:
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Fintiba transfer
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International bank transfer
Fintiba explicitly recommends its clients to use Fintiba transfer. If you use the Fintiba transfer as a transfer method and a credit card as a payment method, you will receive an INSTANT BLOCKING CONFIRMATION as soon as you complete the payment, which significantly boosts the speed of the whole procedure.
Fintiba transfer + credit card = no waiting times and no transfer fees
Even if you are not going to use the credit card, the waiting times with Fintiba transfer are pretty short. In this case, your money will arrive in your account in 2-3 working days, and then your blocking confirmation will be generated automatically. Besides, with Fintiba transfer, there are no transfer fees.
At the same time, Fintiba says that those who opt for the international bank transfer may have to wait around 2 weeks for their money to reach the Fintiba blocked account. Moreover, there might be some transfer or currency exchange fees that they will bear.
Important: If you are opening the blocked account for 12 months, the total amount of money that you should transfer to Fintiba equals €11 297. Let us break down this number:
Table 3: Amount to transfer to Fintiba
|
Blocked amount for 1 year |
+ |
€ 11 208 |
|
Set up fee |
+ |
€ 89 |
|
Total* |
= |
€ 11 297 |
* Fintiba might require the buffer fee of €100 if you are not using the Fintiba transfer option, because of the possibility of international bank transfer fees. If that's the case, you must transfer €11 397 instead of €11 297. But if the buffer fee provided by you is not used to cover any transfer fees, you will receive the whole sum of €100 back with your first payout.
In a word, Fintiba transfer means no transfer fees and very short (or even non-existent) waiting times, while international transfer means potential transfer fees and relatively longer waiting times.
How do I get my money from Fintiba?
You are probably wondering: after transferring the blocked amount, how can I withdraw that money from my Fintiba blocked account?
That is a fair question, and here is our short answer: You can access the money from your blocked account only after you arrive in Germany. The monthly blocked amount is sent from your Fintiba Account to a Current Account (regular bank account) you connect (no extra fees are charged for these transfers). You can then withdraw the money from your current account at any point you need.
Fintiba Account €→ Current Account €→ Your Pocket
Let us now provide you with more details regarding this procedure.
To get your monthly €934 from Fintiba, you will need to follow these 5 steps:
1
Upload your visa. After you receive your German visa, you should upload a picture of it to your Fintiba account.
2
Register your address. When you arrive in Germany, you have two weeks, during which you have to register your new German address at the local citizens' office (Bürgeramt).
Note: Registering the address is not a requirement from Fintiba to access the blocked amount. It is, however, in most cases necessary for students to open a current account.
3
Open a current (regular) bank account. Some of the popular banks for that purpose are, for instance, Sparkasse and Deutsche Bank. It should be emphasized that having a current bank account (Girokonto) is indispensable for students to get their monthly payouts of 934 Euros from the blocked account. Besides, it is the current bank account that you should use for your "daily business".
4
Do the identity check (if applicable). Depending on your country of origin, the identity check might be applicable to you. For instance, if you are from countries like Barbados, Jordan, Cambodia, Morocco, Panama, Uganda, United Arab Emirates or any other so-called high-risk countries for money laundering as identified by the EU and German Financial Supervisory Authority (BaFin) regulations, you will need to go through this additional identity check. Based on your nationality, you will be provided with some alternatives to complete this step:
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Video legitimation. This is the type of legitimation that you can do through the online video call with the Fintiba representative.
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Manual legitimation. In this case, legitimation should take place in person. For example, you can personally visit Fintiba's office in Frankfurt or Sutor Bank in Hamburg.
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Postindent legitimation. If you need to go through this alternative, you will be able to do that by visiting the German Postal Service, aka Deutsche Post, at any location.
5
Connect your current account to your Fintiba blocked account. This is the final step of unblocking your Fintiba account and setting up the monthly payouts from your blocked account. It consists of two substeps:
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Connect your mobile number to your Fintiba account. You will need that to confirm transactions.
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Enter the IBAN of your current account.
After completing these 5 steps, you will start receiving €934 every month from your blocked account to your current account. Then, of course, you can easily withdraw that money from your regular bank account. In a word, the process of the money withdrawal from the Fintiba blocked account is indirect.
Remember: Your payouts are retroactive to the visa launch date. For example, if your visa commences in September and you activate the payouts in October, you will receive the accumulated amounts for both September and October during the October payout.
Fintiba Blocked Account Extension: Is it possible?
Yes, it is possible to extend the blocked account with Fintiba.
According to current regulations, it is possible to open a blocked account for a maximum of 12 months. This means that if a student is doing a study course which lasts more than a year, and s/he can prove the existence of sufficient funds only through the blocked account (see alternatives here), s/he will need to extend the blocked account for the required extra duration (again, for no more than 12 months).
If you have a Fintiba blocked account, you can easily extend your blocked account by clicking on "Extend My Account", which you can find your Fintiba ecosystem. Just like in the case of your initial account, here you will also need to block €934 for each additional month. For instance, if you need a blocked account for another 6 months, you will need to block €5 604, while in the case of an extra year - €11 208.
Besides, the extension of the Fintiba blocked account is not free. In particular, Fintiba charges an extension fee of € 89 and the monthly fee of € 4.90.
Warning: do not transfer any money before you order the extension of your account.
Moreover, it is crucial to remember that there should be no time gap between the last day of the original blocked account and the start date of the extended version. Let us make this part clearer through a simple example: for instance, if your existing account expires on the 31st of August, the extension should start on the 1st of September. Even if the extension starts earlier, it is totally fine; the key is that it does not kick off on the 2nd of September or later because that will create gaps, which is a problem.
How to close the Fintiba Blocked Account?
When it comes to closing the blocked account, there might be different reasons behind one's intention to do that. Hence, there can be different solutions based on the given reason.
That is why we should break down this question into three subquestions:
1. How should I close the blocked account after finalizing my studies in Germany?
The solution is actually quite simple. After the blocked amount is all paid out and the duration of your blocked duration comes to an end, you do not need to do anything to close the empty account. In other words, after the last payout, Fintiba will automatically close your blocked account.
2. How should I cancel Fintiba blocked account if my visa application is rejected?
If your visa is rejected, you can close the blocked account through your Fintiba account by clicking on the button called "Close Account". Providing Fintiba with the official rejection letter from the German Embassy/Consulate is of utmost importance. Otherwise, you will not be able to close the account and get your money back.
3. How should I close Fintiba blocked account for any other reason?
If you want to close your Fintiba blocked account because of other reasons, like, for example,
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you did not even apply for the visa;
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you withdrew your German visa application;
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your visa application was successful, but you changed your mind and are not going to come to Germany,
then, instead of the rejection letter, you will need another document - a letter from the embassy/consulate, known as Sperrfreigabe in German. To get this document, you must contact the relevant German authority. The authority you should address with this request will differ depending on your current location.
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In case you are still in your home country, the relevant authority is your local German Embassy/Consulate.
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In case you are already in Germany but want to cancel your stay, you will be able to get the Sperrfreigabe from your local Foreigners Office (Ausländerbehörde).
In the case of the second and third questions, after providing Fintiba with the necessary documentation, you will receive your money back in 3-4 weeks. You can regard this as the maximum amount of time you might need to wait, as it includes potential delays connected to international bank transfer (which is not under Fintiba's control) or any other issues. In other words, if the process is smooth, you might get your money back even faster.
Geeky Stuff Box
There is no cancellation fee per se associated with the closure of the Fintiba blocked account. However, if the money needs to be sent abroad outside the SEPA Payment Area, Sutor Bank (Fintiba's partner bank) will charge an international transaction fee of 25 EUR. If the money should be sent back within the SEPA Payment area, then there are no fees.
Besides, keep in mind that when cancelling your blocked account, you will receive your blocked amount of €11 208 back, minus the opening fee of €89, which is not refunded.
Is Fintiba safe?
Yes, Fintiba is one of the safest German blocked account providers on the market.
It is one of very few blocked account providers that protects its customers' money through the German deposit protection. That is thanks to its banking model, which is based on a direct connection with a German bank.
In particular, if you choose Fintiba, then your blocked account will be opened directly at a Sutor bank, which is a German bank. This, in turn, means that your account will be fully protected by the German deposit protection. Consequently, you will get your money back even in the case of bankruptcy, theft, fraud, etc. In a word, Fintiba's blocked account solution is completely safe.
Germany's deposit protection is keeping your money safe (up to €100 000)
Even though bank bankruptcies are still very rare in Germany, it is reassuring to know that your money is safe. This is because your deposit is protected for up to 100,000 euros by the statutory deposit protection, which is mandatory for all banks.
There is a separate law for this (Deposit Guarantee Act), which also stipulates that everything is automatic in this case:
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You will receive your money back no later than seven working days after the Federal Institute has determined that you are entitled to compensation.
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You do NOT have to apply to the deposit protection system for this.
For more information on statutory deposit insurance, check out BaFIN.
Why Fintiba's Blocked Account is a very good choice?
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Fintiba Blocked Account: Pros and Cons |
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Pros |
Cons |
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1. Safety. Fintiba offers the highest level of safety. Your money will be in a German bank (Sutor Bank). Hence, it will be protected by the German deposit protection. |
1. Availability. Although Fintiba offers its blocked account service for the citizens of numerous countries, it still cannot serve everyone. In particular, Fintiba is not available for:
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2. Experience. Fintiba is a market leader with the most extensive experience: more than 200,000 customers since 2017. |
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3. Reliability. Fintiba is a very reliable and trusted blocked account provider. Reviews from Google and Trustpilot explicitly demonstrate that. |
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4. Low level of bureaucracy. It is very easy to open a blocked account with Fintiba. You can open it completely online, and all you need is your passport. |
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5. Speed. Fintiba offers an extremely fast service. Thanks to its instant blocking confirmation, you may end up with the blocking confirmation document at your disposal in just about 1 hour from the moment you have started your registration. |
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6. Recognition. Fintiba is accepted by all (local exceptions may apply) German embassies/consulates (based on the General Administrative Regulation on the Residence Act of October 26, 2009, §16.0.8.1). |
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7. Availability. Fintiba has a worldwide availability (over 190 countries). It is noteworthy that even citizens of many so-called high-risk countries for money laundering can open an account with Fintiba). |
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8. Accessibility. Fintiba also offers the blocked account for minors, aka for people under 18. |
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*Residents of Iran do not need a blocked account to get a German student visa. However, after they arrive in Germany, they need to apply for a residence permit, where they need a blocked account. In this case, Fintiba is available for these people. Besides, Iranian nationals living outside Iran need to apply for a blocked account, and Fintiba is able to help them with that.
How to contact Fintiba?
There are several ways through which you can directly get in touch with Fintiba's customer service. Here they are:
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Contact number: +49 69 2043 426 20.
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Email: [email protected]. Note: Email requests are processed in 3 to 5 working days.
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FintiBot: You can also ask questions to Fintiba's AI chatbot. Note: Fintiba also offers a live chat with an agent during the opening hours in case you do not find a satisfactory answer from the bot.
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Location: Wilhelm-Leuschner-Straße 29, 60329 Frankfurt am Main, Germany.
More info about the blocked account
Go to Fintiba💰💰 = We receive a small commission for Fintiba products sold through this link. However, this does not result in any additional costs for the customer.
