Blocked Account for people under 18
Many countries have different rules for minors, especially when it comes to bureaucratic matters. This also applies to the blocked account, which in Germany cannot be opened by minors alone without further permission. With Finiba you can now easily open your blocked account from everywhere. All you need is your parents to open the account for you. You can then use this account which is approved by all German embassies to obtain your visa for Germany.
Please note: The only precondition is that the passport of one of your parents is eligible for video legitimation. Find out via our checking tool below.
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Good to know before opening a blocked account
FAQ for students:
As your parents will open the blocked account for you, they will also be the holders of the account and will be able to manage it for you. This process is agreed upon with the German Federal Foreign Office.
The money remains in your blocked account until your arrival in Germany. Once you are in Germany, you can have your monthly blocked amount paid out to a current account, for which there are the following options.
- If both your parents arrive with you in Germany – they can open a current account in your name in a bank of your choice.
- If only one of your parents arrives with you in Germany – he or she can open a basic account in their name. Important – this should be the parent who is also the Fintiba account holder!
- Your parents can open a bunq account for you in your name from abroad (if one of them already has a bunq account). Here is more information on how to open a bunq account for minors and a list of eligible countries.
- One of your parents can open a WISE multi-currency account from abroad in their name. Important – this should be the parent who is also the Fintiba account holder. Find out if your country is eligible here.
In general, we advise you to take enough cash with you to Germany.
The account holders of your blocked account are your legal guardians and all account orders must be initiated by them via the app. However, you can receive account information by phone if your parents give their consent during the process. Otherwise, your parents will receive all account information via email.
FAQ for parents:
The only documents you need for the opening process is your passport and the passport of your child.
You as parents are the account holder and are responsible for all orders. If your child would like to have information about the account, you can leave your consent in the process so that he/she can receive information about his/her account by phone.
No, the blocked account cannot be used to pay the monthly rent and other expenses. The blocked account serves to secure the living expenses of a foreign student while studying in Germany. Therefore, the money from the blocked account is not directly accessible.
You can open the account as soon as you know when your child’s visa appointment is. We usually open the account within 10 minutes if all documents are uploaded correctly. If the money is transferred as quickly as possible, the blocking confirmation can be issued within a few days. Depending on the video legitimation process, it may take a few more days to activate the account and issue the blocking confirmation.
Which health insurance would I need for my stay in Germany?
The health insurance system in Germany is one of the most effective worldwide. The system is based on two types of health insurances – the statutory health insurance (also referred to as governmental health insurance or public health insurance) and private health insurance.
Since citizens from outside of the EU member states are not able to remain insured with their home country’s health insurance, they need to cover themselves with German health insurance.
Depending on your individual situation, you may be eligible for either private or statutory health insurance. Please note that for the minor’s account, health insurance options can currently only be acquired in addition to the blocked account and not within the Fintiba Plus package.