In order to start receiving the funds from your Blocked Account, you will need to set up a personal current bank account (Girokonto) from any conventional banking provider in Germany. Most of the banks would require some paperwork from your side to open a bank account. The list of the required documents can include:
- Passport with German residence permit
- Registration (Anmeldung)
- Completed application with personal information
- Initial deposit (minimum amount depends on the bank)
- Proof of income and employment (can be also required by many German banks as proof of your financial stability)
- Proof that you are currently enrolled in a university (if you are opening a student account)
- SCHUFA credit rating (is not compulsory, but can be required by some banks)
In order to avoid this tiresome process, Expatrio - together with the digital bank Monese - prepared a special offer for you. If you are applying for a Blocked Account, Value Package or Health Insurance Plus with Expatrio, you get a free Current Account from Monese which you can use to receive monthly disbursements from your Blocked Account or for paying your health insurance premiums.
The perks of having a Monese account instead of any other bank account is that you can order it in advance and have it activated as soon as you come to Germany. Moreover, you will not need all of the documents that "traditional" banks would ask for. Your passport, telephone number, and email address would be enough in a first step. The whole process can take you around 5 minutes and can be done completely online. Apart from that, to set up a Current Account from most of the conventional banking providers in Germany, you would need to speak at least some German. With Monese, you can use the language you feel comfortable with as they offer customer support and their mobile application in more than 10 languages.
Important: You can not use someone else's Current Account for the transactions from your Blocked Account, you will need to set up an account in your own name. Otherwise, the activation of the Blocked Account would not be possible.