Here is a complete explanation and response to all your inquiries and everything you need to know about opening your closed account in Fintiba Opening a closed bank account in Fintiba is not difficult at all, the process will not take more than ten minutes, but why does the student need to open a bank account in Germany, and what does it mean for the bank account to be closed?

- What is a closed account and what is its purpose?

A closed account is an account of a different nature in some way from the usual bank accounts, especially in terms of deposits and withdrawals, and it is a necessary and prerequisite for requesting a student visa to travel or when applying for a residence permit in Germany.
In the event that you are a university student, language student, trainee or job seeker who is not from an EU member state, you must prove that you have the financial resources to pay for your studies/residence in Germany to cover daily living expenses during your stay. The amount is estimated at 11,208 euros, and this is called “proof of financial resources” to cover the costs and expenses of daily life for one year, so opening a closed account to deposit the required amount is the most used option.

- How to open a closed account with Fintiba?

Account Opening: When you register for your closed account on our website, you will have access to our online platform where you can easily review your account opening details. After entering your personal data and verifying your identity, your closed account is opened and the required amount can be transferred to your account. As soon as the amount reaches your account, a document will be issued confirming the existence of your amount in the account, and you can download it from your Fintiba account. Using this document it is now possible to apply for a visa to travel to Germany.
What are the documents required to open a closed account with Fintiba?
To open your closed account, you will only need your valid passport. We will not need to mail any certified documents or any originals.

- How long does it take to open a closed Fintiba account?

When you register for your closed account, you will directly receive your contact details confirming that you have registered to open a closed account. Since account opening is processed entirely online, it will take, in most cases, only a few hours to unlock your closed account. This mainly depends on how quickly you can upload the required documents and information. Please note that we can only check completed data, which means that each section must be completely filled out.

- What should be taken into account when opening a closed Fintiba account?

Since you are going to deposit a large amount of money into an account that will be closed for a certain period, it is very important that you open the bank account in your own name and that no third party is involved in the process. You will be able to access your personal account which you can access via the Fintiba app. Thus, you can manage everything through the application and very easily by yourself. And in case you have any questions, we are always here to help!

- How much does it cost to open an account?

The costs of opening a closed account are 89 euros and are paid only once when opening the account, and a monthly amount of 4.90 euros is deducted as monthly expenses for managing the account.
Payment of the monthly account administration fee of €4.90 begins as soon as the funds enter your account. They charge a fee for how long your account remains open. Therefore, we strongly suggest that you open your closed account only if you are sure that it is necessary for your visa application.

- Is it possible to extend the duration of the closed account?

Yes, you can easily extend your Fintiba account directly in your account. So, you can transfer the additional block amount you need for the visa or residence permit extension process.
  Please note that expired or expired accounts cannot be extended. In this case, you will need to start the account reopening process.

Can an account be opened for students under the age of 18?

Many countries have different rules for minors, especially when it comes to legal matters. This also applies to a closed account, which cannot be opened in Germany by minors alone without the additional permission of a parent. With Fintiba you can now easily open your closed account from anywhere. All you need is one of your parents to open the account for you. You can then use this account at all German embassies to obtain your visa for Germany.

Please note the following: When opening a closed account for a minor, two conditions must be met:
1- The passport of one of your parents must be valid and valid, as the validity will be verified by making a video call to verify the data and the validity of the passport for the traveler
2- Your parents or one of them must speak English or German to successfully complete the verification process that will take place via video call.
To visit the website and know the details, you can enter through the link shown: https://www.fintiba.com