Unpacking Fintiba: Comprehensive Guide to Blocked Accounts and Health Insurance for International Students in Germany

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Apr 17, 2023 07:15 AM

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Fintiba

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Nirag

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Pavitthira

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Blocked Account, Health Insurance, International Students in Germany, blocked account activation, Fintiba plus. Fintiba plus protect

Assigned date

Jun 21, 2024

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Completed

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Review and Edit

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Published

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Pavitthira - Remarks

Studying abroad is a dream for many, and Germany has emerged as a preferred destination for international students seeking quality education and vibrant cultural experiences. However, managing the bureaucratic requirements such as blocked accounts and health insurance can seem daunting. Among the solutions offered to simplify these processes, Fintiba has gained prominence. This blog aims to delve into what Fintiba offers, focusing on blocked accounts and health insurance for international students in Germany.

What is a Blocked Account?

A blocked account, often referred to as Sperrkonto in German, is a mandatory financial arrangement for non-EU/EEA students seeking a student visa for Germany. It serves as proof of financial resources to cover living expenses while studying. The funds in this account cannot be freely accessed and are released in monthly installments to ensure students can sustain themselves financially throughout their stay. Currently, it is required to have a sum of 11, 208 Euros in the students’ blocked account.

Upcoming changes

The recent update on the official German Missions in India - Federal Foreign Office website states that:

Expected from 01 September 2024, there will be a change in the necessary amounts to show sufficient financial means:

Applications on and after 01 September 2024 will most likely have to show proof of at least 11,904 euros for the first year, with a maximum withdrawal amount of 992 euros per month

How Does Fintiba Facilitate Blocked Accounts?

Fintiba is a financial service provider that specializes in managing blocked accounts for international students. It offers a straightforward online platform where students can open and manage their blocked accounts remotely from anywhere in the world. This convenience is particularly beneficial for students who may still be in their home countries during the visa application process.

Fintiba Blocked Account

Opening a blocked account through Fintiba is a breeze, thanks to its digital and interactive application process. This platform complies with the highest German security standards, ensuring that your personal and financial information remains safe throughout the process. In less than 10 minutes, you can complete the application, providing essential details required to open your account.

Key Features and Benefits:

Ownership and Accessibility: The blocked account is opened in your name, granting you full ownership and control over your funds. This ownership facilitates international money transfers as needed during your stay in Germany.

Deposit Protection: Fintiba provides a deposit protection fund of up to €100,000.00, offering peace of mind regarding the safety of your deposited funds.

User-Friendly Interface: The Fintiba app complements their service by offering step-by-step guidance and real-time control over your funds. Through the app, you can track your balance, receive instant updates on transactions, and even upload necessary documents directly from your phone.

Customizable Packages: Recognizing that students have diverse financial needs, Fintiba offers blocked account packages tailored to different preferences. Whether you require basic functionality or additional features, such as enhanced customer support or faster processing times, there’s a package that suits your requirements.

Next, let's delve into the various types of blocked accounts offered by Fintiba.

Fintiba Basic: Blocked Account

The Fintiba Basic Blocked Account provides a straightforward solution with a fixed amount that remains blocked until the applicant arrives in Germany. Created in your name at a trusted German bank, this account offers a German IBAN for secure transactions and easy access to funds without the need for city registration. The initial fee is €89.00, with a monthly fee of €4.90.

Fintiba Plus: Blocked Account + Health Insurance

For comprehensive coverage, Fintiba Plus combines the blocked account with tailored health insurance. This package includes free travel health insurance for visa purposes, a welcome guide, exclusive language learning offers, study guide access, fintiba community access, and an annual scholarship opportunity. The blocked account fees remain €89.00 initial and €4.90 monthly, while health insurance starts at €25.00 per month, with no initial fee.

Fintiba Plus Protect: Fintiba Plus + Liability Insurance

Going further, Fintiba Plus Protect adds liability insurance, covering key loss, unjustified claims, and apartment damages. This comprehensive package ensures peace of mind with all essential insurances under one umbrella. The initial and monthly fees remain consistent with Fintiba Plus, with an additional annual fee of €55.00 for liability insurance.

Services/Features	Fintiba Basic	Fintiba Plus	Fintiba Plus Protect
Blocked Account	✅	✅	✅
Health Insurance	❌	✅	✅
Liability Insurance	❌	❌	✅
Free choice of current accounts	❌	✅	✅
Welcome Guide	❌	✅	✅
Exclusive language learning offers	❌	✅	✅
Study Guide access	❌	✅	✅
Fintiba Community access	❌	✅	✅
Annual scholarship opportunity	❌	✅	✅
Cover against key loss	❌	❌	✅
Cover against unjustified claims	❌	❌	✅
Apartment damages cover	❌	❌	✅
Initial fee (Blocked Account)	€89.00	€89.00	€89.00
Monthly fee (Blocked Account)	€4.90	€4.90	€4.90
Initial fee (Health Insurance)	N/A	€0.00	€0.00
Monthly fee (Health Insurance)	N/A	Starting at €25.00	Starting at €25.00
Annual fee (Liability Insurance)	N/A	N/A	€55.00

Please note that while Fintiba Basic only offers a blocked account, the Plus package includes additional benefits such as health insurance, access to a community, study guides, and language learning resources. Fintiba Plus Protect encompasses all the benefits of the Plus package, along with liability insurance covering key loss, unjustified claims, and apartment damages. The fees for each package vary based on the services provided.

Opening and Managing Your Fintiba Blocked Account

Setting up a Fintiba blocked account is a simple, fully digital process that adheres to the highest German security standards:

Opening the Blocked Account

Online Registration: Begin by signing up for your blocked account on the Fintiba website. This registration grants you access to an online platform where you can manage all the details related to opening your account.

Personal Details and Verification: Provide your personal information and complete the identity verification process to open your account.

Transfer Blocked Amount: Deposit the required blocked amount into your account. Fintiba recommends using their Fintiba Transfer service for this step.

Blocking Confirmation: Once the blocked amount is received, a blocking confirmation will be issued. This document, available for download from your Fintiba account, is necessary for your national visa application for Germany.

Unblocking the Blocked Account

Open a Local Bank Account: After arriving in Germany, open a regular account at a local bank such as Deutsche Bank, Sparkasse, or Postbank.

Transfer Monthly Allowance: Fintiba will regularly transfer your monthly allowance from the blocked account to your local bank account.

Final Legitimation (If Required): Depending on your passport and nationality, you might need to complete an additional step called final legitimation in Germany. Check the Fintiba WebApp for more details on whether this step applies to you and how to complete it.

Fintiba Health Insurance

Health insurance is an essential requirement for both obtaining a visa and enrolling at a university in Germany. Recognizing the importance of seamless health coverage, Fintiba collaborates with industry experts to offer international students full protection during their stay. Students can choose between DAK-Gesundheit, a prominent government statutory public health insurance provider, and MAWISTA, a leading private health insurance provider known for its customized plans. Each option provides a unique set of benefits designed to meet diverse individual needs.

DAK-Gesundheit provides appointment services, cost coverage for various medical services and preventive check-ups, multi-language service hotline, doctor-video-chat, and live-chat with DAK consultants.

MAWISTA offers free travel health insurance within the Fintiba Plus package and private health insurance with free choice between the Classic and Comfort tariff.

Health Insurance Type	Coverage	Cost	Key Features
Governmental Health Insurance (DAK-Gesundheit)	Covers visits to your general practitioner (Hausarzt), basic dental care, in- and out-patient procedures, and more.	Monthly fee based on individual's status (student, employee, etc.)	Offers numerous extra services that go beyond the legal requirements such as Appointment Service, Cost Coverage, Multi-Language Service Hotline, Doctor-Video-Chat, Live-Chat with DAK consultants.
Private Health Insurance (MAWISTA Student)	Coverage in Germany and the states of the EU (+ Switzerland, Liechtenstein, Norway and Iceland).	Monthly fee starting at €25.00	Valid for 60 months. Automated cancellation in case you switch to governmental health insurance. Free choice between the Classic and Comfort tariff. Including an insurance card in the Comfort tariff, so that the costs of treatment by the doctor are covered directly by the insurer.
Travel Health Insurance (MAWISTA Visum)	Unlimited insurance coverage (more than € 30,000.00 are covered). Coverage complies with the requirements of the European Parliament and Council.	Included within the Fintiba Plus package	Free of charge within the Fintiba Plus package. Valid for the agreed period within 12 months from the applied start of insurance – multiple entry and exit is possible. Includes travel liability insurance.

Please note that the cost of the governmental health insurance provided by DAK-Gesundheit depends on various factors, such as the individual's employment status and income. Therefore, the cost is not specified in the table above.

Conclusion

Mastering the complexities of financial and healthcare requirements as an international student in Germany is crucial for a successful academic journey. Fintiba's comprehensive packages not only meet these requirements efficiently but also provide additional benefits to enhance your experience abroad. Whether you opt for the Basic, Plus, or Protect package, Fintiba ensures you have the necessary tools and support to focus on your studies and enjoy your time in Germany.

By choosing Fintiba, international students gain access to a secure and innovative platform that simplifies bureaucratic processes and safeguards their financial and healthcare needs. Prepare for your adventure in Germany with confidence, knowing that Fintiba is committed to supporting your journey every step of the way.

Frequently Asked Questions (FAQs):

1. What is Fintiba and what services does it offer?

Fintiba is a digital solution provider specializing in assisting international students, job-seekers, apprentices, and au-pairs with their move to Germany. Their services include offering a German blocked account (Sperrkonto) for visa applications, health insurance (both private and public), and a comprehensive package (Fintiba Plus) that includes blocked account, health insurance, and additional benefits.

2. What is a blocked account and why do I need it?

A blocked account is a special kind of bank account required by the German government for foreign students applying for a student visa. It's designed to prove that the student has sufficient funds to live in Germany. Fintiba offers a quick and easy solution for setting up a blocked account online.

3. How much does it cost to set up a blocked account with Fintiba?

The initial setup fee for a Fintiba blocked account is € 89.00, followed by a monthly fee of € 4.90.

4. What is Fintiba Plus and Fintiba Plus Protect?

Fintiba Plus is a comprehensive package that includes a blocked account, health insurance, and additional benefits such as a free choice of current accounts, exclusive language learning offers, study guide access, and Fintiba community access. Fintiba Plus Protect includes all the benefits of Fintiba Plus, along with liability insurance.

5. What types of health insurance does Fintiba offer?

Fintiba offers both private and governmental health insurance in collaboration with MAWISTA and DAK-Gesundheit respectively. The specific type of insurance you need depends on your individual situation.

6. How does Fintiba's health insurance work?

Depending on the health insurance type, Fintiba offers different coverage. For instance, travel health insurance covers more than € 30,000.00 and complies with the requirements of the European Parliament and Council. The private health insurance offers coverage in Germany and EU states. The governmental health insurance covers basic medical and dental care, in- and out-patient procedures, and more.

7. How does Fintiba compare to other similar service providers?

Fintiba differentiates itself by offering a fully digital process, making the entire journey to Germany faster and smoother. It also provides an app-based solution with step-by-step guidance to ensure you never miss an important to-do. Furthermore, it offers competitive prices and has been officially approved by the German Federal Foreign Office.

8. Is Fintiba a trusted service?

Yes, Fintiba is trusted and has been officially approved by the German Federal Foreign Office. It's also highly rated by users.

Remember that it's always a good idea to conduct your own research and ask questions directly to the service provider to get the most accurate and up-to-date information.

Unpacking Fintiba: Blocked Accounts and Health Insurance for International Students in Germany