This article covers an overview of the most frequently asked questions on opening and setting up the Expatrio Blocked Account as well as on how to transfer the funds. Please find a selection of the questions contained in this article in the following.
- How do I transfer money? What currency do I have to send it in?
- How long does it take for my money to arrive?
- Can you send me the 06 Blocked Amount Confirmation Document earlier?
- Who is MANGOPAY?
- A friend or relative is sending the money on my behalf.
- What documents do I have to provide?
- Can I send more than the Total Blocked amount?
- What is the buffer?
- How much does Expatrio charge for the service?
- How do I access the blocked account money?
How do I transfer money? Can I send it in my home currency?
- With Expatrio, in many countries you have the possibility to transfer the required funds via domestic bank transfer in your home currency. Besides, you can send the funds in USD or EUR.
- You can initiate your money transfer via your Expatrio User Portal.
- To enable you to transfer funds as fast and convenient as possible while maintaining a low price (cheaper than international bank wire), we have partnered with education payment provider Cohort Go.
- Should you wish to use a remittance service like Instarem/NIUM, Transferwise or xCurrency, please choose the EUR transfer option. Afterwards, you will receive your Blocked Account details (German IBAN, etc.) and you are free to choose how to transfer the funds to your Blocked Account.
- Click here for more information and a detailed description on how to initiate your money transfer.
- Please note: for certain countries, it is not possible to transfer the funds via domestic bank transfer in your own currency. For other countries, it is not possible to send the funds directly to your German Blocked Account. In such cases, you will see the available possibilities when initiating your transfer. Should you have questions at this point, feel free to contact our support team.
How long does it take for the money to arrive at Expatrio?
- When performing an international bank transfer, it usually takes 3-5 business days for the money to arrive in your Blocked Account.
- Domestic bank transfer (inside Germany) usually takes 2-3 business days. Using the domestic transfer option for your payment will also take 2-3 days.
- In some countries, we even offers real time transfers (e.g. via Alipay in China).
- It is also dependent on the time you made the transfer, morning or evening. Please note that weekends are not included when counting the processing time.
- We are automatically booking our incoming transfers daily, therefore once we receive and confirm your transfer, you will receive the '06 Blocked Amount Confirmation' document.
Can you send me the '06 Blocked Amount Confirmation' document earlier?
No, we may not send you the 06 Blocked Amount Confirmation document until your funds arrive successfully to the Blocked Account. This is the case because we need to follow the official Blocked Account regulations and want to ensure a safe visa application for you.
Who is Mangopay?
Mangopay is an online payment technology provider designed for marketplaces, crowdfunding platforms and sharing economy businesses. It provides the payment technology underlying Expatrio's Blocked Account which is tailored to each customer, enabling individual accounts and individual German IBANs. With the Mangopay technology, funds can be held securely for as long as needed. Mangopay enables Expatrio to accept payments and pay out with ease, speed and efficiency.
My relative or friend is sending the money on my behalf.
That is not a problem at all. Thanks to your individual IBAN, additional verification of the transferring person by handing in additional documents is usually not necessary. However, in some cases, we might request additional documents. Should you use the domestic transfer option, please indicate who will be sending the funds throughout the payment initiation process. More Information
Which documents do I have to provide at sign-up?
We kept the sign-up process is as convenient as possible for you. That means, during the application process for your Blocked Account, the only document you have to provide is your passport for identification purposes.
Can I send more than the blocked amount?
You should not transfer more money than required. The Total Blocked Amount already includes €100 buffer, all fees, and the Additional Basic Sum, if needed. If you are requested to deposit more than €939 each month by a visa authority, we need an official document from them stating the request.
What is the buffer?
The buffer is part of your Total Blocked Amount and has been implemented for your own safety and to make sure that a sufficient amount will be credited to your Blocked Account even in case of some unexpected fees during the international money transfer. It has two major use cases.
- If we need to send money back, we will use this to cover the costs of transferring fees. This also covers extenuating incidences where it requires additional service by Expatrio.
- If the money arrives short under €100, we will use the buffer to cover the difference.
Do not worry: If both cases do not happen, we will return the buffer with the last monthly transfer from your blocked account into your personal German bank account.
How much does Expatrio charge for the service?
The Expatrio Blocked Account has two different kinds of fees.
- Set-up fee: €49
- Monthly account fee: €5
Value Package: in case you have opted for the Expatrio Value Package, the set-up fee will be waived, meaning you will save €49.
Fair use policy: in case your visa should get rejected, we will refund the full amount of fees (set-up fee + monthly account fee).
How can I activate the Blocked Account?
The money from the blocked account is not directly accessible. You are not able to pay for rent, or pay for food with a card like you would with a normal bank account like a debit card or 'Girokonto'. This is why you must set up a personal bank account in Germany that the monthly Blocked Amount can be paid out to.
- In order to activate the payouts of your Blocked Account, please visit the Expatrio User Portal.
- The money from the Blocked Account must be transferred into your personal current bank account. You will find some current account recommendations in your Expatrio User Portal.
- Expatrio verifies activation requests every day and processes them the following day. You will then receive your first monthly blocked amount within 3-5 business days. (For example: If you request to activate your Blocked Account on Monday, our banking partner will process your request on Tuesday. The money will then show on your current bank account on Thursday or Friday.)
The following disbursements are scheduled automatically for the first working day of each month. Should you have transferred more than the required Total Blocked Amount, you will receive the excess amount with the first disbursement. More Information