Fintiba Blocked Account Review

Fintiba Blocked Account in Germany: A Comprehensive Review for International Students and Expats

When planning to study or move to Germany, one of the most crucial requirements for non-EU residents is to provide proof of financial stability. A popular way to meet this requirement is by opening a blocked account (Sperrkonto), which ensures that students and expats have enough funds to cover their living expenses while in the country. Fintiba, a German-based fintech company, is one of the leading providers of blocked accounts for international students and expats.

In this Fintiba Blocked Account review, we’ll explore its features, the application process, fees, user experience, and how it compares to other providers. Whether you’re planning to study in Germany or move there for work, this review will help you determine if Fintiba is the right option for your blocked account needs.

What Is a Blocked Account and Why Do You Need One?

A blocked account is a special type of bank account required by German authorities for international students and expats applying for a visa. The account is “blocked” because it restricts access to the funds, ensuring that a set amount is released monthly for living expenses. The purpose of this is to demonstrate that you can financially support yourself during your stay in Germany, without needing additional assistance.

For 2024, the required minimum balance for a blocked account is set at €11,208, which ensures that you have €934 per month to cover living expenses such as accommodation, food, and transportation. You’ll need to open the account before you apply for your German student visa or residency permit, as it serves as official proof of your financial standing.

What is Fintiba?

Fintiba is a Germany-based fintech company that specializes in providing financial solutions for international students and expats. Founded in 2016, Fintiba is a well-known name in the international education community, as it streamlines the process of opening a blocked account for non-EU nationals.

In addition to blocked accounts, Fintiba offers other services, such as health insurance, travel insurance, and personalized student services, making it a popular one-stop platform for international students moving to Germany.

Fintiba Blocked Account: Key Features

Fintiba’s Blocked Account offers several features that simplify the process of meeting visa requirements for international students. Below are some of the key aspects:

1. Quick Online Application

One of the main benefits of choosing Fintiba is the easy online application process. The account can be opened online without needing to visit a German bank, which is particularly convenient for students applying from abroad. The application process is straightforward, with the ability to complete most steps in your native language, which makes the experience user-friendly.

Once the application is submitted, your account is usually approved quickly, and you can transfer the necessary funds to your blocked account.

2. Partnership with Sutor Bank

Fintiba partners with Sutor Bank, a reputable German bank that manages the blocked accounts. This partnership ensures that the account complies with all visa and residency requirements set by the German Federal Foreign Office, giving students peace of mind that their financial proof will be accepted by the authorities.

3. Monthly Payouts

The key feature of any blocked account is the monthly payout. After you arrive in Germany and activate your account, you’ll receive a fixed monthly payout—currently set at €934 per month. This amount is released from your blocked account to your regular bank account (which you will open once in Germany) and can be used for everyday expenses.

4. Digital Banking App

Fintiba offers a user-friendly mobile app that allows you to manage your blocked account directly from your smartphone. Through the app, you can:

• Check your balance and monthly payouts.
• Get real-time updates on the account’s status.
• Access other services such as health insurance and document support.

5. Health Insurance Integration

One of Fintiba’s standout features is its integration of health insurance options for international students. This is particularly important because health insurance is a mandatory requirement for all students in Germany. Fintiba offers both public and private health insurance plans tailored to students and expats, simplifying the process of applying for coverage in Germany.

How To Use Fintiba?

Fintiba makes the process of opening a blocked account easy and straightforward. Here’s a step-by-step guide to how it works:

1. Create an Account

First, you’ll need to create an account on Fintiba’s platform. The registration process is simple, and you can do it from anywhere in the world.

2. Submit Documents

Once registered, you’ll be required to submit a few documents:

• A valid passport.
• Your university admission letter or visa confirmation.
• Personal details such as address and contact information.

3. Fund the Account

After your blocked account is approved, you’ll need to transfer the required minimum amount (€11,208) to the account. Fintiba provides detailed instructions on how to make the transfer.

4. Account Activation

Once you arrive in Germany, you’ll need to open a local bank account (any bank of your choice) and provide Fintiba with your bank details. After this, your monthly payouts will start, and the account will be fully operational.

5. Submit to Authorities

You can now use your Fintiba account confirmation as proof of financial stability when applying for your student visa or residency permit in Germany.

Fees and Costs of Fintiba Blocked Account

When reviewing Fintiba’s blocked account, it’s important to consider the costs involved. The fees for opening and maintaining a Fintiba Blocked Account are transparent and competitive compared to other providers.

• Setup fee: €89 (one-time fee for setting up the account).
• Monthly fee: €4.90 per month (for maintaining the account).

In comparison to other blocked account providers, Fintiba’s fees are relatively affordable, especially considering the range of services provided. Additionally, Fintiba offers bundled services (blocked account + health insurance), which can be cost-effective for international students.

User Experience: Pros and Cons

Pros of Fintiba Blocked Account

1. Fast and Easy Setup: The entire account opening process is online and can be completed quickly, often within a few days.
2. Comprehensive Services: Fintiba offers additional services such as health insurance and student support, making it a one-stop platform for new arrivals in Germany.
3. User-Friendly Mobile App: The app allows users to manage their account efficiently, track payouts, and get support on the go.
4. Recognized by German Authorities: The blocked account complies with all German visa requirements, ensuring that it will be accepted by embassies and immigration offices.
5. Multilingual Support: Fintiba’s platform is available in multiple languages, which helps non-German-speaking students navigate the process more easily.

Cons of Fintiba Blocked Account

1. Monthly Fees: While the fees are reasonable, some users may prefer providers that don’t charge monthly maintenance fees.
2. No Interest Earned: The blocked account does not accrue interest, meaning your money won’t grow while it’s held in the account.
3. Limited Banking Services: While Fintiba is excellent for blocked accounts, it’s not a full-service bank. You’ll still need to open a local German bank account for day-to-day transactions once you arrive

How Does Fintiba Compare to Other Blocked Account Providers in Germany?

Fintiba is one of the top choices for international students, but there are other competitors in the blocked account space, such as Expatrio and Deutsche Bank. Here’s a brief comparison of how Fintiba stacks up:

• Fintiba vs. Expatrio: Both Fintiba and Expatrio offer similar services, including blocked accounts and health insurance. However, Expatrio’s fees are slightly higher, and many users find Fintiba’s app to be more user-friendly.
• Fintiba vs. Deutsche Bank: Deutsche Bank was traditionally the go-to provider for blocked accounts, but the process of opening an account with Deutsche Bank can be slower and requires an in-person visit, which is not as convenient as Fintiba’s entirely online setup.

Overall, Fintiba stands out for its ease of use, competitive pricing, and bundled services, making it a strong option for students and expats who want a hassle-free experience.

Is Fintiba’s Blocked Account Right for You?

In summary, Fintiba’s blocked account is an excellent choice for international students and expats looking to study or live in Germany. The platform offers a fast, simple, and fully digital solution for meeting visa requirements, along with additional services such as health insurance and student support.

With transparent fees, a user-friendly app, and compliance with German visa regulations, Fintiba makes the process of moving to Germany much smoother. While there are other options available, Fintiba’s combination of features and convenience positions it as a top contender in the blocked account market.

Whether you’re a student starting your education in Germany or an expat looking to relocate, Fintiba’s blocked account offers a reliable and convenient way to meet financial requirements while providing additional services to make your transition easier.

Other Blocked Account Providers in Germany

If you’re looking for alternatives to Fintiba for opening a blocked account in Germany, there are several other reputable providers that cater to international students and expats. Here’s a list of the most popular options:

1. Expatrio
   Expatrio offers blocked accounts along with health insurance and other essential services for students and expats. Their account setup is fully digital, and they provide support in multiple languages. Expatrio’s fees are competitive, and they offer fast account activation, making them a popular choice.
2. Deutsche Bank
   One of the more traditional options, Deutsche Bank is a well-established German bank that offers blocked accounts. However, the process can be slower and more cumbersome, requiring in-person appointments and additional documentation.
3. Coracle
   Coracle provides a fully online blocked account service. It’s known for its user-friendly platform and straightforward pricing structure. Coracle also offers health insurance packages for international students in Germany.

All of these providers offer solutions for meeting the financial requirements of studying or living in Germany, making it easier for non-EU nationals to secure a visa.