Expatrio Blocked Account Review

Expatrio Blocked Account: A Detailed Review for International Students and Expats

Moving to Germany as an international student or expat requires fulfilling certain financial obligations, one of which is opening a blocked account (Sperrkonto) to prove you can support yourself while in the country.

This account acts as a guarantee that you have the necessary funds to cover living costs during your stay. Expatrio, a well-regarded service provider, has simplified the process of opening a blocked account through its user-friendly, fully digital platform.

In this Expatrio Blocked Account review, we will explore its features, the step-by-step account setup process, fee structure, customer experience, and how it stacks up against competing services. This review aims to help you decide if Expatrio is the right blocked account provider for your needs when relocating to Germany.

Why Do You Need a Blocked Account?

A blocked account is a key requirement for non-EU nationals moving to Germany, particularly for students, job seekers, or other individuals requiring a visa.

This account ensures that you have sufficient financial resources to support yourself during your stay. The funds deposited into the account are “blocked,” allowing a set monthly withdrawal to ensure consistent financial stability.

For 2024, the minimum required balance in a blocked account is €11,208, which provides you with a monthly allowance of €934. This amount is calculated to cover basic living expenses, such as rent, groceries, transportation, and health insurance.

What is Expatrio?

Expatrio is a Germany-based company that offers a range of services aimed at international students and expats, simplifying their move to Germany.

Established in 2018, Expatrio provides a fully digital and streamlined platform to open a blocked account, making it easier for those who need this financial proof to obtain a German visa.

In addition to blocked accounts, Expatrio provides other services such as health insurance, travel insurance, and support for visa applications. The platform is designed to provide all the necessary tools to ensure a smooth relocation to Germany, whether you’re a student or a professional.

Expatrio Blocked Account: Main Features

Here are some of the standout features of the Expatrio Blocked Account:

1. Fast Online Setup

Expatrio offers a fully digital application process for opening a blocked account, making it extremely convenient for students and expats applying from abroad. You can complete the entire process online, without the need for in-person visits, and the account is usually opened within a few business days.

2. Partnered with a German Bank

Expatrio partners with a reputable German bank to manage the funds in your blocked account. This ensures that your account complies with all the visa and immigration requirements set by the German Federal Foreign Office, so your financial proof will be accepted when applying for a visa.

3. Monthly Payouts

Once your blocked account is set up and funded, you will receive monthly payouts into your local German bank account. These payouts are set at €934 per month to cover your living expenses while studying or working in Germany. This allows you to budget effectively while ensuring you have enough money each month to meet your needs.

4. Bundled Services

Expatrio not only offers blocked accounts but also includes health insurance and other essential services as part of a comprehensive relocation package.

This is particularly useful for international students, as health insurance is mandatory in Germany. By bundling these services together, Expatrio makes the relocation process easier and more efficient.

5. User-Friendly Platform

Expatrio’s platform is designed with international users in mind. The website and application process are available in multiple languages, and the interface is intuitive, allowing users to easily manage their blocked account, check their balance, and track monthly payouts.

How to Open a Blocked Account on Expatrio

Opening a blocked account with Expatrio is a quick and straightforward process. Here’s how it works:

1. Create an Account

You start by registering on the Expatrio platform. The registration process is simple and can be done from anywhere in the world. You’ll need to provide basic personal information, such as your name, nationality, and intended period of stay in Germany.

2. Submit Your Documents

Once registered, you’ll need to submit documents that include:

• A copy of your passport.
• Proof of your admission to a German university or other relevant documents based on your visa type.
• Contact and address details.

Expatrio makes it easy to upload these documents digitally, speeding up the process.

3. Transfer the Funds

After the blocked account is set up and approved, you will need to transfer the required funds (currently €11,208) to the account. Expatrio provides instructions for transferring the money from your home country into the blocked account.

4. Activate the Account

Once you arrive in Germany, you’ll need to open a regular bank account with any local bank of your choice. Expatrio will then transfer your monthly allowance (€934) from the blocked account to your local account, which you can use for everyday expenses.

5. Submit Proof for Visa Application

Once your account is funded, Expatrio will provide the necessary documentation confirming your blocked account balance, which you can submit as proof of financial resources when applying for your visa or residence permit.

Fees and Costs of Expatrio Blocked Account

When reviewing Expatrio, it’s important to consider the fees involved:

• Setup Fee: €49 (one-time fee for setting up the blocked account).
• Monthly Fee: €5 per month for account maintenance.

Expatrio’s fees are relatively affordable compared to other blocked account providers in Germany. Additionally, Expatrio offers bundled packages that include health insurance, which can be a cost-effective solution for students who need both a blocked account and insurance coverage.

Pros and Cons of Expatrio Blocked Account

Here are some of the key advantages and disadvantages of using Expatrio for your blocked account:

Pros:

1. Fully Digital Process: The ability to open and manage the account entirely online from anywhere in the world is a significant advantage for international students.
2. Fast Account Setup: Expatrio is known for its quick setup process, often completing the account registration in just a few business days.
3. Bundled Services: Expatrio’s ability to bundle health insurance and other services with the blocked account offers a one-stop solution for students moving to Germany.
4. Visa Compliance: The blocked account is fully compliant with German visa and immigration requirements, ensuring acceptance by embassies and authorities.
5. User-Friendly Platform: The interface is intuitive and easy to navigate, making it simple to manage your account and track payouts.

Cons:

1. Monthly Fees: While the fees are reasonable, some users may prefer providers that offer lower or no maintenance fees.
2. No Interest: Like most blocked account providers, Expatrio does not offer interest on the funds deposited in the blocked account.
3. Limited Banking Services: Expatrio primarily focuses on blocked accounts and student services, so you’ll still need to open a separate bank account in Germany for day-to-day banking needs.

How Expatrio Compares to Other Providers

Expatrio is a leading provider of blocked accounts in Germany, but there are other providers to consider, such as Fintiba, Coracle, and Deutsche Bank. Here’s a brief comparison:

• Expatrio vs. Fintiba: Both offer similar services, with easy online setup and additional student insurance options. Fintiba’s fees are slightly higher than Expatrio’s, but both companies provide a user-friendly experience.
• Expatrio vs. Coracle: Coracle offers competitive pricing and a fully digital experience, but Expatrio stands out for its bundled health insurance and other student services, making it a more comprehensive option.
• Expatrio vs. Deutsche Bank: While Deutsche Bank is a traditional choice for blocked accounts, their application process is more time-consuming and often requires an in-person appointment. Expatrio’s online application is much faster and more convenient.

Is Expatrio Right for You?

In conclusion, Expatrio Blocked Account offers a highly convenient and streamlined service for international students and expats looking to fulfill the financial proof requirements for a German visa. The platform’s digital-first approach, bundled services, and competitive fees make it an attractive choice for students who want a hassle-free experience.

With a quick setup process, visa-compliant documentation, and options to include health insurance, Expatrio is a solid option for anyone planning to study or live in Germany. While there are other providers available, Expatrio’s combination of convenience and comprehensive services makes it a strong contender in the blocked account market.

Other Blocked Account Providers in Germany