When blocked accounts go bad: Students left penniless?
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- Опубліковано 8 вер 2024
- Students from outside the EU applying for a visa to study in Germany often need to set up a "blocked account". Just recently, one "provider" of these accounts stopped trading, leaving students unable to get at their money. How could this have happened?
Some advice for students looking to set up a blocked account: www.studying-i...
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"Style Funk" and "Hot Swing"
by Kevin MacLeod incompetech.com/
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"cheapest is not always best." True, but in the absence off quality information, cheapest is at least cheapest.
Ich bin Muttersprachlerin mit Ausbildung im sprachlichen Bereich. Ich würde Anlagenmanagement absolut für beides verstehen: Gebäude/Technik, aber auch Geldanlagen. Egal, ob es so im Wörterbuch steht.
Somebody in the ministry obviously didn't pay attention.
Maybe they pay in a fraudulently manner? - Heinz
3:47 When I was younger, I was thinking for the same reason that the "BUND" is something official run by the government
This sounds like some kind of British political scandal where the company recommened by the government happens to be run by a politican's neighbour...
Woof... I've been considering moving to Germany for graduate school & had been looking into setting up a blocked account... Thanks so much @rewboss for this PSA
Don't. It's not worth it. There are better places to study. Just my opinion
@@filipstravels5327 but you are a fan of Tommy Robertson and Jordan Peterson... so maybe we should take all you say not just with a pinch but a whole Pack of salt.
@@sisuguillam5109 Enough salt to preserve those two guys with.
@@KaiHenningsen two guys who would spit on him because apparently he is from Romania...
@@sisuguillam5109 and you guys are the people who call others racists. And you tell me I should be spat on because I am Romanian. When you guys call people racists you are reflecting. You should take a look in the mirror
That name alone is trying SO hard to sound like something it's not while not technically lying it should raise ALL the red flaggs.
Thanks for the heads up on this one. I previously tried opening an account through Fintiba, and everything was going well - the only problem was that at the time of making the transfer, Fintiba required that it be made in Euros. They wouldn't take USD. I believe Deutsche Bank does not have this problem, so I'll probably try opening an account with them next time around, although it is indeed slow and inconvenient - in Colombia, you have to attend an appointment at the German embassy here. For Fintiba, you can literally just do it from home without issues, and very quickly.
Why was the currency a problem? They just need your bank to do the conversion, that's all.
@@rewboss yeah, that would make sense... But for some reason Sutor bank kept specifying it had to be transferred "in euros" and the bank sending the money said they could only send it in USD. I already found a workaround using an intermediary, but didn't expect an issue like that to come up. I guess DB is more flexible in that regard, but I'm not interested in waiting a month, traveling, and paying a non-negligible fee just to open a bank account.
ICICI Bank is an Indian bank, although I didn't know that we can open a Blocked Account with them. At least when I arrived in Germany, the German Embassy website (in India) didn't mention ICICI Bank as an option. Kotak Mahindra (another Indian bank) was the option available (apart from the option you mentioned in the video).
If anyone wonders why you have to deposit the money beforehand… if you run out of money while you’re here, the German state is legally obliged to make sure you’re not starving…
So they wanna make sure that never happens
Warte mal, 10300€ pro Jahr für's Studium?
Das ist mehr, als ich als Azubi im Jahr nach Steuern habe
The amount used to be (when I lived in Germany) about 670 Eur per month, which is enough to cover rent, food and other miscellaneous expenses.
Jo, Nicht-EU-Ausländer zahlen hier etwa 1500€ Studiengebühren pro Semester, also 250€ pro Monat fürs Studium. EU-Bürger zahlen nur Semesterbeiträge, die je nach Uni etwa einen Zehntel davon ausmachen. Dazu natürlich noch Miete etc. Noch krasser ist es z.B. in den USA, wo Eltern quasi ihr halbes Leben lang College Funds für ihre Kinder ansparen allein für die Studiengebühren
Private Unis sind nicht gratis.
@@FlashheadX ja, die normalen Studiengebühren hab ich such mitgekriegt. Meine zwei Semester Informatik haben mich damals auch je 300 und ein bisschen was gekostet. Deshalb war ich ja so enorm überrascht
@@FlashheadX Diese Studiengebührn gibt es meines Wissens nur in Baden-Württemberg, und das auch erst seit ein paar Jahren. Ich finde es extrem unfair, dass die ganze Welt in Deutschland praktisch umsonst studieren kann, während wir beispielsweise in den USA mal eben 50.000 Dollar pro Jahr bezahlen sollen.
For those watching this video in the future: the story should end well - students are getting their money back now, from the bank where BAM held the funds on their behalf.
Very valuable ... well done !!
Considering the problems Deutsche Bank has had in the past decade it's a bit worrying if *they* are the safest option. Btw, I wonder if it's possible for these students to apply for German welfare.
With a German bank deposits up to (I think) 25K are fully backed by the Einlagensicherungsfonds so even if Deutsche Bank would totally collapse the money would still be safe.
@@alexandernoname6339 But if you have to be compensated by deposit insurance it may take some time before you get your money. If that happens you can have the same problem as with a blocked account, i.e. you're temporarily penniless.
Horrible. Why can't the state bank KfW do it?
Good question.
Had no idea this is the most common way to do it in Germany. I had to get a blocked sum of money to get a French student visa as well, but the money was actually left on a foreign bank account in my country of origin (only inaccessible), and then a portion of it would be sent to my French account every three months. It’s still very annoying to deal with, but at least the money is more likely to be safe.
Reine Verständnisfrage: Wäre "Locked Account" für Sperrkonto nicht eigentlich die passendere Übersetzung? Weil, wie du schon sagtest, man hat nur dann Zugriff drauf, wenn jemand anderes dir Zutritt verschafft (quasi der Schlüsselmeister) . Ein "blocked account" impliziert doch eher einen Account, der grundsätzlich und von niemanden zugänglich wäre, oder? Das Sperren in Sperrkonto hat ja auch eher was mit "absperren" (in Sinne von Tür absperren) als mit "abblocken" zu tun.
Schon, aber überall wird es als "blocked account" übersetzt, auch offiziell, also muss ich mich anschließen, um eine mögliche Verwirrung zu vermeiden.
@@rewboss Wie ich immer sage: klingt logisch, würde funktionieren, scheidet als Lösung also aus? :D
It's the official name. I have a Master's student who is working with a FinTech offering mobile phone based accounts for blocked accounts.
@@veronicavaenner9710 Es geht ja nicht darum, ob es der offizielle Name ist oder nicht, sondern was - eigentlich - eine passendere Übersetzung wäre, weil "blocked" halt etwas anderes bedeutet als "locked", sowohl im deutschen als auch im englischen.
@@ulliulli I think blocked account is used because a locked account sounds like a frozen account.
Yikes. Did this in Belgium. It's through my school. Hope it works okay.
Can you please tell us what to do now?
I wish I could. But as I said: your best option is to get legal advice.
When I was applying for my student visa in Germany, I opened up a blocked account in Deutsche Bank. But yes it took me almost a month. But I think Commerzbank and Postbank also offer student blocked accounts even without an intermediary.
Edit: I think these were student/young accounts, but not necessarily student blocked accounts. However following my friends' experiences, they would often open a local bank account, close the blocked account, and inform the local foreigner's office by mail or appointment. Often the declaration does not affect the residency. Still I would advise anyone to read up on reliable sources.
Blocked accounts were once offered by other banks, but that's in the past. It's now only Deutsche Bank.
Wow
Bist du dir da sicher? Ich verbinde mit Anlagenmanagement Aktien und Fontmanagement. Und ich bin Muttersprachler. Eine Anlage (Machiene) kann man warten habe aber nie gehört das die gemanaged wird. Es gibt ja auch den sogenannten Anlagemanager der für einen die Aktien managed.
Sehr sicher: hier >>> trainingsmanufaktur.de/lexikon/anlagenmanagement/ zum Beispiel ist eine Definition von "Anlagenmanagement" in der Industrie. Und hier >>> www.mack-gruppe.de/ ist eine Firma, die "Anlagenmanagement, Verwaltung, Entwicklung und Betreuung" in der Immobilienbranche anbietet.
BAM beschrieb seine Aufgabe hier >>> www.firmenwissen.de/az/firmeneintrag/20457/2012942165/BAM_BUNDESWEITES_ANLAGENMANAGEMENT_UG_HAFTUNGSBESCHRAENKT.html als die "Verwaltung von Grundstücken, Gebäuden und Wohnungen für Dritte" und die "bundesweite Verwaltung von Anlagen (Wohnanlagen) und die Erbringung erlaubnisfreier Informations-, Service- und Beratungsleistungen."
Anlagenmanagement klingt schon sehr verdächtig nach Maschinen und Industrie. Als ich dieses Wort gelesen habe, kamen mir zuerst Bilder von Maschinen und Anlagen vor den Augen.
Was du meintest ist "Finanzanlagenmanagement" oder ein andere englischer Begriff.
@Wishalloy eben und habe nie von anlagenverwaltung in bezug auf Maschienen gehört nur in verbindung mit Wertanlagen
Unfortunately, Deutsche Bank has lent a lot of money to Donald Trump and, from a perspective of financial risk, shouldn't that worry one? (Of course, maybe banks flourish even when people borrow lots and go bankrupt not-for-the-first-time.)
Deutsche Bank is worth over a trillion euros. I think it can manage that risk.
Here we go with Trump-hater with Trump Derangement Syndrome! It does get really old now! What does Trump have to do with that? Don't you ever think about how much Resident Biden and his son, Hunter, have raked in billions of dollars through the shady deals with China and other countries while Biden was VP?
@@InTeCredo I'm sorry Trump deranged you, but I am not your therapist. /plonk
@@rewboss Gosh, I hope so.
Well, it seems like, Donald Trump is able to pay his debt anytime back. I wouldn't be worried too much about that.
Imagine giving 10.000€ to some crooks and then they run away with your money. That will teach them well for trying to study in Germany.
Du bist unglaublich verbittert...
@@sisuguillam5109 ich studiere gerade in Deutschland. Größte Fehler meines Lebens
@@filipstravels5327 Zwingt dich niemand hier zu bleiben.. Tschööö
@@mats7492 nööö, ich gehe nicht weg, und muss dich nicht erklären warum ich hier bleiben muss
@@mats7492 die Umstände zwingen mich
why is germany so bureaucratic and corrupt
Because Germans keep voting for CDU/CSU
Bureaucratic... because Germany codifies everything in law and rules and therefore works completly different from lets say the legal system in the US. Germans believe in paper trailes...
Corrupt? Because people like to skip the rules and do not want to leave paper trails... and some people are willing to accomodate that.
Corrupt? Very complex and interesting political question. Definitely worth the research. (As recent political scandals connected to the pandemic have proven).
Bureaucratic? Because it's necessary for the German Law to even function at all. If it isn't written down, you cannot use it in a legal case.
@@dansattah that! The fact that it is written down is part of Rechtssicherheit.
PS: In fact, rewboss addressed German Law before in the video "Do Germans love rules?"
Imagine giving away more than 10.000€ just to study in Germany 🤣🤣🤣🤣. They lost it the moment they transfered the money. They fully deserve it
You do have to pay rent, buy food, and occasionally go out and enjoy yourself. You're going to be spending the money whether you study in Germany or in your home country; the point is that you need to prove that you have it, and that you're not going to run out -- you won't get any money from the state, and if you wind up penniless, the German authorities will have to repatriate you at the German taxpayers' expense.
I guess it makes sense, but couldn't they just trust you that you will be able to afford to live? I mean you could bring a fat bag of 20.000$ with you or maybe less, 3.000$ just to get you through a couple of months until you find a part time job. I don't know, I guess it makes sense. But if you are about to run out of money you would deport yourself before you run out of money for a plane ticket, because you don't want to become homeless
@@filipstravels5327 @Radu 902 Good idea, bring a bag full of money through customs, what could possibly go wrong :D If you look at the link in the description, there is a section about that. You can provide proof that you have enough money and go without a blocked account(with exceptions, works only for certain countries it seems). But just trust people? Really?
@@filipstravels5327 Homelessness isn't something can be fully avoided, even if one is very good with money. There's fraud, sudden loss of employment, etc., & if you are a foreigner and aren't very familiar with how the legal/aid system of the host country works, you may not know how to seek help to avoid living on the street.
@@filipstravels5327 I don't know the exact rules for people staying on a student visa, but depending, you might be allowed to even have a job.
Ich bin geborener Deutscher und hatte keine Ahnung davon. Tatsächlich habe ich bei "Bundes" instinktiv erwartet, alles ist gut. btw welcome strangers
und ich bin gruseligst entsetzt. wtfkswronghere