Here is how you can buy a forex card online in India.
Once payment is made, you can pick up the forex card from the store or it’ll be delivered to your address if you have chosen door delivery option.
Forex cards have some advantages over cash
Usually, at ExTravelMoney, if you order a forex card anywhere between 10:30 am and 2:30 pm on any given day, you’ll be able to get the forex card before 5:30 pm on the same day.
Depending on whether you have chosen door delivery of forex card option or not, the card will be delivered to your address or you’ll be able to pick up directly from the chosen forex store in your town or city.
Forex cards offer a wide variety of benefits for travellers and students going abroad ;
You can easily transfer money from your forex card to your Indian bank account. Simply head to your bank branch, request transfer of funds from your forex card to bank account.
If you have a different forex card which is not of your bank’s then what you can do is encash the funds in your forex card by approaching the bank/forex vendor from whom you bought the card. Once you encash the foreign currency in the card and get back equivalent Indian rupee, you can deposit that amount in your bank account.
However, if you are abroad, say in the US and have a forex card loaded with US dollars, then you can directly transfer the money in the card to your local bank account in the US for a small fee. All you would need is to approach your local bank in the US with ;
These are the ways you can transfer money from your forex card to your bank account.
Forex cards cannot be used in India at ATMs or for swiping at PoS counters. They have a specific purpose, which is for use abroad. However, you may be able to use forex cards in India for online payments that have to be paid in foreign currencies.
Also, they cannot be used in Nepal and Bhutan.
Withdrawing money from a forex card is very easy. It’s just like the way you withdraw money from your debit card.
When you are abroad, go to an ATM, swipe your card there, enter the amount of currency you want to withdraw, and collect the money from the ATM machine.
When you are in India and want to withdraw money from your forex card, go to the vendor who issued the card and encash the funds in your card. You’ll receive the equivalent Indian rupee back.
When you are buying a forex card from us, reloading it is very easy. Simply visit ExTravelMoney’s online portal and select the reload forex card option to complete the entire procedure online, even when you are in the midst of your travels abroad.
If you are in India and want to reload your forex card, you also have the additional option of reloading the forex card by directly going to the vendor store from where you purchased the card.
Yes, forex cards can be used for online transactions where the payment has to be made in foreign currency. The card does not function in India at ATMs, PoS counters, or in Indian e-commerce websites where the payment has to be made in Indian rupees.
The Blocked Account (Sperrkonto) ensures compliance with German visa requirements for international students in several important ways:
Proof of Financial Means
Standardized deposit: International students must deposit €11,904 (as of 2024) into the Blocked Account, demonstrating their ability to support themselves for one year in Germany.
Monthly allowance: The account releases €992 per month, ensuring students have a steady income for living expenses throughout their stay.
Visa Application Process
Official documentation: Upon depositing the required amount, students receive a blocking confirmation, which serves as official proof of sufficient finances for visa applications.
Simplified verification: German authorities can easily verify the student's financial capability through this standardized system, streamlining the visa process.
Legal Compliance
Adherence to regulations: The Blocked Account complies with German immigration law, specifically § 2 (3) of the Residence Act (AufenthG).
Meets official requirements: The monthly amount aligns with the Federal Training Assistance Act (BAföG), ensuring it meets the official requirement for living expenses.
Financial Management
Controlled access: Students cannot withdraw the entire amount at once, preventing misuse of funds and ensuring long-term financial stability during their stay.
Transparency: The system provides clear evidence of the student's ability to finance their studies and living expenses in Germany, which is crucial for visa approval.By providing a secure, regulated method of demonstrating financial stability, the Blocked Account simplifies the visa application process and ensures that international students meet the legal requirements for studying in Germany.
The Blocked Account (Sperrkonto) helps international students manage their finances in Germany in several key ways:
Controlled Monthly Allowance
Fixed monthly disbursement: Students receive €992 per month from their blocked account, ensuring a steady income for living expenses throughout the year.
Budgeting assistance: The monthly allowance system helps students plan and manage their expenses effectively.
Financial Stability
Guaranteed funds: The initial deposit of €11,904 ensures students have sufficient resources for their first year in Germany.
Prevention of fund depletion: Students cannot withdraw the entire amount at once, protecting against impulsive spending or mismanagement of funds.
Compliance with Regulations
Visa requirement fulfillment: The blocked account satisfies German visa and residence permit financial requirements.
Standardized proof: It provides a universally accepted method of demonstrating financial capability to German authorities.
Simplified Financial Management
Automatic transfers: After arrival, students open a regular German bank account to receive monthly transfers from the blocked account.
Reduced currency exchange concerns: Having funds already in euros eliminates the need for frequent currency exchanges.
By providing a structured approach to financial management, the blocked account system helps international students maintain financial stability and focus on their studies while adapting to life in Germany.
Opening a Blocked Account (Sperrkonto) in Germany offers several benefits for international students:
Visa requirement fulfillment: A Blocked Account serves as proof of sufficient financial resources, which is essential for obtaining a German student visa or residence permit.
Financial stability guarantee: By depositing €11,904 (as of September 2024), students demonstrate their ability to support themselves during their stay in Germany.
Controlled monthly allowance: The account releases €992 per month, ensuring students have a steady income for living expenses throughout the year.
Simplified visa application process: Having a Blocked Account streamlines the visa application by providing a standardized method of proving financial capability.
Acceptance by German authorities: Blocked Accounts are widely recognized and accepted by German embassies and immigration offices worldwide.
Financial management: The monthly allowance system helps students budget their expenses effectively.
Flexibility: Some providers offer additional services, such as connected regular bank accounts, making it easier for students to manage their finances upon arrival in Germany.
Security: The blocked nature of the account ensures that the funds are protected and available throughout the student's stay.
Compliance with German law: Opening a Blocked Account ensures that international students meet the legal requirements for studying in Germany.
Peace of mind: Students and their families can be assured that there are sufficient funds available for the duration of the study period.
By providing a secure and regulated method of demonstrating financial stability, Blocked Accounts simplify the process of moving to Germany for educational purposes while offering practical benefits for managing finances during the stay.
Opening a Blocked Account (Sperrkonto) in Germany offers several benefits for international students:
Visa requirement fulfillment: A Blocked Account serves as proof of sufficient financial resources, which is essential for obtaining a German student visa or residence permit.
Financial stability guarantee: By depositing €11,904 (as of September 2024), students demonstrate their ability to support themselves during their stay in Germany.
Controlled monthly allowance: The account releases €992 per month, ensuring students have a steady income for living expenses throughout the year.
Simplified visa application process: Having a Blocked Account streamlines the visa application by providing a standardized method of proving financial capability.
Acceptance by German authorities: Blocked Accounts are widely recognized and accepted by German embassies and immigration offices worldwide.
Financial management: The monthly allowance system helps students budget their expenses effectively.
Flexibility: Some providers offer additional services, such as connected regular bank accounts, making it easier for students to manage their finances upon arrival in Germany.
Security: The blocked nature of the account ensures that the funds are protected and available throughout the student's stay.
Compliance with German law: Opening a Blocked Account ensures that international students meet the legal requirements for studying in Germany.
Peace of mind: Students and their families can be assured that there are sufficient funds available for the duration of the study period.
By providing a secure and regulated method of demonstrating financial stability, Blocked Accounts simplify the process of moving to Germany for educational purposes while offering practical benefits for managing finances during the stay.
The Blocked Account (Sperrkonto) helps international students manage their finances in Germany in several key ways:
Controlled Monthly Allowance
Fixed monthly disbursement: Students receive €992 per month from their blocked account, ensuring a steady income for living expenses throughout the year.
Budgeting assistance: The monthly allowance system helps students plan and manage their expenses effectively.
Financial Stability
Guaranteed funds: The initial deposit of €11,904 ensures students have sufficient resources for their first year in Germany.
Prevention of fund depletion: Students cannot withdraw the entire amount at once, protecting against impulsive spending or mismanagement of funds.
Compliance with Regulations
Visa requirement fulfillment: The blocked account satisfies German visa and residence permit financial requirements.
Standardized proof: It provides a universally accepted method of demonstrating financial capability to German authorities.
Simplified Financial Management
Automatic transfers: After arrival, students open a regular German bank account to receive monthly transfers from the blocked account.
Reduced currency exchange concerns: Having funds already in euros eliminates the need for frequent currency exchanges.
By providing a structured approach to financial management, the blocked account system helps international students maintain financial stability and focus on their studies while adapting to life in Germany.
The Blocked Account (Sperrkonto) ensures compliance with German visa requirements for international students in several important ways:
Proof of Financial Means
Standardized deposit: International students must deposit €11,904 (as of 2024) into the Blocked Account, demonstrating their ability to support themselves for one year in Germany.
Monthly allowance: The account releases €992 per month, ensuring students have a steady income for living expenses throughout their stay.
Visa Application Process
Official documentation: Upon depositing the required amount, students receive a blocking confirmation, which serves as official proof of sufficient finances for visa applications.
Simplified verification: German authorities can easily verify the student's financial capability through this standardized system, streamlining the visa process.
Legal Compliance
Adherence to regulations: The Blocked Account complies with German immigration law, specifically § 2 (3) of the Residence Act (AufenthG).
Meets official requirements: The monthly amount aligns with the Federal Training Assistance Act (BAföG), ensuring it meets the official requirement for living expenses.
Financial Management
Controlled access: Students cannot withdraw the entire amount at once, preventing misuse of funds and ensuring long-term financial stability during their stay.
Transparency: The system provides clear evidence of the student's ability to finance their studies and living expenses in Germany, which is crucial for visa approval.By providing a secure, regulated method of demonstrating financial stability, the Blocked Account simplifies the visa application process and ensures that international students meet the legal requirements for studying in Germany.
As of February 2025, the leading service providers for opening a blocked account in Germany for international students are:
1. Expatrio
• Set-up fee of €69 with a €5 monthly service fee
• Offers a Value Package including health insurance, incoming insurance, and ISIC card
• Account opening confirmation within minutes
• Customer service available via email, phone, and WeChat
• Highly rated on Trustpilot with 82% of over 6,000 reviews giving it 5/5 stars
2. Fintiba
• Set-up fee of €89 with a €4.90 monthly fee
• Provides an innovative app for account management
• Offers additional services like health insurance and free travel insurance
• Account opening in less than 10 minutes
• Works directly with German Sutor Bank
3. Coracle
• Set-up fee of €99 with no monthly fees
• PRIME package for students includes blocked account, free travel insurance, and public health insurance sign-up for €59
• Most economical option
4. Deutsche Bank
• Traditional banking option with in-person support
• High acceptance rate by German authorities
• Physical branches across Germany for in-person assistance
• Slightly longer processing times compared to digital providers
These providers are all accepted by German authorities worldwide and offer various features to cater to international students relocating to Germany. The choice depends on individual preferences for digital services, additional benefits, and processing times.
As of February 2025, the leading service providers for opening a blocked account in Germany for international students are:
1. Expatrio
• Set-up fee of €69 with a €5 monthly service fee
• Offers a Value Package including health insurance, incoming insurance, and ISIC card
• Account opening confirmation within minutes
• Customer service available via email, phone, and WeChat
• Highly rated on Trustpilot with 82% of over 6,000 reviews giving it 5/5 stars
2. Fintiba
• Set-up fee of €89 with a €4.90 monthly fee
• Provides an innovative app for account management
• Offers additional services like health insurance and free travel insurance
• Account opening in less than 10 minutes
• Works directly with German Sutor Bank
3. Coracle
• Set-up fee of €99 with no monthly fees
• PRIME package for students includes blocked account, free travel insurance, and public health insurance sign-up for €59
• Most economical option
4. Deutsche Bank
• Traditional banking option with in-person support
• High acceptance rate by German authorities
• Physical branches across Germany for in-person assistance
• Slightly longer processing times compared to digital providers
These providers are all accepted by German authorities worldwide and offer various features to cater to international students relocating to Germany. The choice depends on individual preferences for digital services, additional benefits, and processing times.
The processing times for opening a blocked account with different providers are as follows:
Expatrio
• Account opening confirmation within 24 hours
• Total process takes 2-5 days, depending on money transfer method
Fintiba
The processing times for opening a blocked account with different providers are as follows:
Expatrio
• Account opening confirmation within 24 hours
• Total process takes 2-5 days, depending on money transfer method
Fintiba
The Buffer Amount is an additional sum required when opening a blocked account for international students in Germany. It serves several important purposes:
Cover unexpected expenses: The buffer helps account for unforeseen banking charges and currency exchange rate fluctuations.
Ensure sufficient funds: It guarantees that the required blocked amount arrives in full, even if there are minor discrepancies due to transfer fees or exchange rates.
Pay initial fees: The buffer can cover the initial set-up fee and monthly service fees for the period before the blocked account is activated.
Avoid additional transfers: By including a buffer, students can avoid the need to make a second transfer to cover any shortfalls caused by unexpected fees or exchange rate changes.
The buffer amount varies by provider:
Expatrio: €100
Coracle: €80
Other providers may have different amounts
It's important to note that:
The buffer is typically mandatory, regardless of the country or region you're transferring from.
Any unused portion of the buffer is usually returned to the student with the final blocked account disbursement.
By including this buffer, international students can ensure a smoother process when opening and maintaining their blocked accounts in Germany.
The Buffer Amount is an additional sum required when opening a blocked account for international students in Germany. It serves several important purposes:
Cover unexpected expenses: The buffer helps account for unforeseen banking charges and currency exchange rate fluctuations.
Ensure sufficient funds: It guarantees that the required blocked amount arrives in full, even if there are minor discrepancies due to transfer fees or exchange rates.
Pay initial fees: The buffer can cover the initial set-up fee and monthly service fees for the period before the blocked account is activated.
Avoid additional transfers: By including a buffer, students can avoid the need to make a second transfer to cover any shortfalls caused by unexpected fees or exchange rate changes.
The buffer amount varies by provider:
Expatrio: €100
Coracle: €80
Other providers may have different amounts
It's important to note that:
The buffer is typically mandatory, regardless of the country or region you're transferring from.
Any unused portion of the buffer is usually returned to the student with the final blocked account disbursement.
By including this buffer, international students can ensure a smoother process when opening and maintaining their blocked accounts in Germany.
The buffer amount helps with currency exchange fluctuations in several ways:
Cushion against rate changes: Exchange rates can fluctuate between the time you initiate the transfer and when it's received by the German bank. The buffer provides a cushion to ensure that even if the exchange rate moves unfavorably, you still meet the minimum required blocked amount.
Ensuring minimum balance: The German authorities require a specific minimum amount in the blocked account (typically €11,208 for 2023). The buffer helps ensure this minimum is met even if currency fluctuations reduce the transferred amount.
Avoiding shortfalls: Without a buffer, currency fluctuations could lead to a shortfall in the required amount, potentially causing visa application issues or requiring additional transfers.
Simplifying transfers: By including a buffer, you can typically make a single transfer instead of risking the need for multiple transfers to correct any shortfalls caused by exchange rate changes.
Accounting for transfer fees: The buffer also helps cover any intermediary bank fees that might be deducted during the international transfer process, which can affect the final amount received.
It's important to note that any unused portion of the buffer amount is typically returned to the student, usually with the final blocked account disbursement. This means you're not losing this extra money; it's simply a precautionary measure to ensure smooth processing of your blocked account and visa application.
The buffer amount helps with currency exchange fluctuations in several ways:
Cushion against rate changes: Exchange rates can fluctuate between the time you initiate the transfer and when it's received by the German bank. The buffer provides a cushion to ensure that even if the exchange rate moves unfavorably, you still meet the minimum required blocked amount.
Ensuring minimum balance: The German authorities require a specific minimum amount in the blocked account (typically €11,208 for 2023). The buffer helps ensure this minimum is met even if currency fluctuations reduce the transferred amount.
Avoiding shortfalls: Without a buffer, currency fluctuations could lead to a shortfall in the required amount, potentially causing visa application issues or requiring additional transfers.
Simplifying transfers: By including a buffer, you can typically make a single transfer instead of risking the need for multiple transfers to correct any shortfalls caused by exchange rate changes.
Accounting for transfer fees: The buffer also helps cover any intermediary bank fees that might be deducted during the international transfer process, which can affect the final amount received.
It's important to note that any unused portion of the buffer amount is typically returned to the student, usually with the final blocked account disbursement. This means you're not losing this extra money; it's simply a precautionary measure to ensure smooth processing of your blocked account and visa application.
you generally cannot activate your blocked account while still in your home country. The activation process is designed to be completed after you arrive in Germany. Here's why:
Address registration requirement: You need to register your address in Germany (obtain a Meldeschein or Anmeldung) before activating the account.
Current account needed: Activation requires you to have a German current account (e.g., from N26, Targo Bank, or Vivid Bank) to receive monthly payouts.
Proof of entry: Most providers require proof that you've entered Germany, such as:
A copy of your immigration entry stamp in your passport
Your flight ticket to Germany
Payout start date: The activation process typically allows you to set a payout start date, which can only be from the month you arrived in Germany.
Additional verification: Some providers may require additional legitimation steps after you arrive in Germany, especially if you're from certain countries or transferring large amounts.
While you can open and fund a blocked account from your home country, the actual activation for receiving monthly payouts is designed to occur after you've entered Germany and completed necessary steps like address registration and opening a local bank account.
you generally cannot activate your blocked account while still in your home country. The activation process is designed to be completed after you arrive in Germany. Here's why:
Address registration requirement: You need to register your address in Germany (obtain a Meldeschein or Anmeldung) before activating the account.
Current account needed: Activation requires you to have a German current account (e.g., from N26, Targo Bank, or Vivid Bank) to receive monthly payouts.
Proof of entry: Most providers require proof that you've entered Germany, such as:
A copy of your immigration entry stamp in your passport
Your flight ticket to Germany
Payout start date: The activation process typically allows you to set a payout start date, which can only be from the month you arrived in Germany.
Additional verification: Some providers may require additional legitimation steps after you arrive in Germany, especially if you're from certain countries or transferring large amounts.
While you can open and fund a blocked account from your home country, the actual activation for receiving monthly payouts is designed to occur after you've entered Germany and completed necessary steps like address registration and opening a local bank account.
No, you cannot freely access your Blocked Account funds to cover unexpected expenses. The Blocked Account (Sperrkonto) in Germany is designed with strict withdrawal limits to ensure financial stability throughout your stay. Here's how it works:
Monthly allowance: You can only withdraw €992 per month from your Blocked Account.
Controlled access: The funds are released in fixed monthly installments to your regular German bank account.
No direct access: You cannot directly use the Blocked Account to pay for expenses or withdraw additional funds.
Purpose of restrictions: These limitations ensure that you have sufficient funds available throughout your entire stay in Germany.
Emergency funds: It's advisable to have additional savings outside the Blocked Account for unexpected expenses, as you cannot access more than the monthly allowance from the Blocked Account.
If you face financial difficulties, you may need to explore other options such as part-time work (within legal limits for students), scholarships, or financial support from family members to cover unexpected expenses. The Blocked Account is specifically designed to provide a stable, controlled source of funds for your basic living expenses in Germany.
No, you cannot freely access your Blocked Account funds to cover unexpected expenses. The Blocked Account (Sperrkonto) in Germany is designed with strict withdrawal limits to ensure financial stability throughout your stay. Here's how it works:
Monthly allowance: You can only withdraw €992 per month from your Blocked Account.
Controlled access: The funds are released in fixed monthly installments to your regular German bank account.
No direct access: You cannot directly use the Blocked Account to pay for expenses or withdraw additional funds.
Purpose of restrictions: These limitations ensure that you have sufficient funds available throughout your entire stay in Germany.
Emergency funds: It's advisable to have additional savings outside the Blocked Account for unexpected expenses, as you cannot access more than the monthly allowance from the Blocked Account.
If you face financial difficulties, you may need to explore other options such as part-time work (within legal limits for students), scholarships, or financial support from family members to cover unexpected expenses. The Blocked Account is specifically designed to provide a stable, controlled source of funds for your basic living expenses in Germany.
No, you cannot directly access your Blocked Account funds to pay for urgent medical expenses. The Blocked Account (Sperrkonto) in Germany is designed with strict withdrawal limits to ensure financial stability throughout your stay. Here's how it works:
Monthly allowance: You can only withdraw €992 per month from your Blocked Account.
Controlled access: The funds are released in fixed monthly installments to your regular German bank account.
No direct access: You cannot directly use the Blocked Account to pay for expenses or withdraw additional funds, even for medical emergencies.
Purpose of restrictions: These limitations ensure that you have sufficient funds available throughout your entire stay in Germany.
For urgent medical expenses, you should rely on your health insurance coverage, which is typically required for international students in Germany. Many providers offer packages that include both a Blocked Account and health insurance. If you face financial difficulties beyond what your insurance covers, you may need to explore other options such as emergency funds from family members or seeking assistance from your university's international student office.
It's important to note that the Blocked Account is specifically designed to provide a stable, controlled source of funds for your basic living expenses in Germany, and is not intended to be used for emergencies or unexpected costs.
No, you cannot directly access your Blocked Account funds to pay for urgent medical expenses. The Blocked Account (Sperrkonto) in Germany is designed with strict withdrawal limits to ensure financial stability throughout your stay. Here's how it works:
Monthly allowance: You can only withdraw €992 per month from your Blocked Account.
Controlled access: The funds are released in fixed monthly installments to your regular German bank account.
No direct access: You cannot directly use the Blocked Account to pay for expenses or withdraw additional funds, even for medical emergencies.
Purpose of restrictions: These limitations ensure that you have sufficient funds available throughout your entire stay in Germany.
For urgent medical expenses, you should rely on your health insurance coverage, which is typically required for international students in Germany. Many providers offer packages that include both a Blocked Account and health insurance. If you face financial difficulties beyond what your insurance covers, you may need to explore other options such as emergency funds from family members or seeking assistance from your university's international student office.
It's important to note that the Blocked Account is specifically designed to provide a stable, controlled source of funds for your basic living expenses in Germany, and is not intended to be used for emergencies or unexpected costs.
Below is the procedure If a student needs to close their Blocked Account early or access funds before the scheduled payout dates:
Obtaining a Sperrfreigabe (Blocked Account Release Document)
Contact the appropriate authority:
If outside Germany: The German embassy or consulate where the visa was applied for.
If in Germany: The local foreigners authority (Ausländerbehörde).
Request a Sperrfreigabe, which is an official document authorizing the closure of the Blocked Account.
Acceptable Documents as Sperrfreigabe
Official letter or email from German authorities stating no objections to releasing blocked funds.
Visa rejection letter from German authorities (must include full name and passport number).
Visa application withdrawal confirmation (signed/stamped by German embassy or consulate).
Border Crossing Certificate (Grenzübertrittsbescheinigung) with proof of exiting Germany.
Initiating the Closure Process
Inform the Blocked Account provider (e.g., Expatrio) about the intention to close the account.
Log into the provider's user portal and navigate to the Blocked Account section.
Select the 'Close' option and follow on-screen instructions.
Upload the required documents, including the Sperrfreigabe.
Provide bank details for fund return.
Processing Time and Fees
The closure process can take up to 4 weeks after all required documents are approved.
Fees may apply depending on the reason for closure:
Visa rejection: Full refund of fees (except possible bank and transfer fees).
Other reasons: Setup fee and monthly service fees may be charged.
It's important to note that early withdrawal or unscheduled access to funds is not permitted without following this official closure procedure
Below is the procedure If a student needs to close their Blocked Account early or access funds before the scheduled payout dates:
Obtaining a Sperrfreigabe (Blocked Account Release Document)
Contact the appropriate authority:
If outside Germany: The German embassy or consulate where the visa was applied for.
If in Germany: The local foreigners authority (Ausländerbehörde).
Request a Sperrfreigabe, which is an official document authorizing the closure of the Blocked Account.
Acceptable Documents as Sperrfreigabe
Official letter or email from German authorities stating no objections to releasing blocked funds.
Visa rejection letter from German authorities (must include full name and passport number).
Visa application withdrawal confirmation (signed/stamped by German embassy or consulate).
Border Crossing Certificate (Grenzübertrittsbescheinigung) with proof of exiting Germany.
Initiating the Closure Process
Inform the Blocked Account provider (e.g., Expatrio) about the intention to close the account.
Log into the provider's user portal and navigate to the Blocked Account section.
Select the 'Close' option and follow on-screen instructions.
Upload the required documents, including the Sperrfreigabe.
Provide bank details for fund return.
Processing Time and Fees
The closure process can take up to 4 weeks after all required documents are approved.
Fees may apply depending on the reason for closure:
Visa rejection: Full refund of fees (except possible bank and transfer fees).
Other reasons: Setup fee and monthly service fees may be charged.
It's important to note that early withdrawal or unscheduled access to funds is not permitted without following this official closure procedure
The process of closing a Blocked Account after obtaining the necessary documents typically takes up to 4 weeks. Here are the key points regarding the timeline:
Processing time: Requests are processed within four weeks after submitting all required documents correctly.
Document approval: The 4-week period begins after your documents have been approved by the account provider.
Variation in processing: The exact duration may vary depending on the specific circumstances and the account provider.
Email updates: You will receive updates via email throughout the closure process.
Fund return: If there are funds remaining in your Blocked Account, they will be returned to you after the closure process is complete, minus any applicable fees.
It's important to note that this timeline applies to the period after you have successfully submitted all the required documents, including the Sperrfreigabe (Blocked Account Release Document) and proof of bank details for fund return. The actual closure process cannot begin until these documents are received and approved by the account provider.
The process of closing a Blocked Account after obtaining the necessary documents typically takes up to 4 weeks. Here are the key points regarding the timeline:
Processing time: Requests are processed within four weeks after submitting all required documents correctly.
Document approval: The 4-week period begins after your documents have been approved by the account provider.
Variation in processing: The exact duration may vary depending on the specific circumstances and the account provider.
Email updates: You will receive updates via email throughout the closure process.
Fund return: If there are funds remaining in your Blocked Account, they will be returned to you after the closure process is complete, minus any applicable fees.
It's important to note that this timeline applies to the period after you have successfully submitted all the required documents, including the Sperrfreigabe (Blocked Account Release Document) and proof of bank details for fund return. The actual closure process cannot begin until these documents are received and approved by the account provider.
Opening a Guaranteed Investment Certificate (GIC) account offers several benefits for international students planning to study in Canada:
Financial Security and Stability
Guaranteed Funds: GICs provide a secure source of funds for living expenses during the first year of study.
Regular Income: Students receive monthly installments, typically ranging from CAD 1,204 to CAD 1,376, helping them manage their finances effectively.
Financial Safety Net: The GIC acts as a financial cushion, ensuring students have a steady flow of funds throughout their study period.
Visa Application Advantages
Expedited Processing: Having a GIC can speed up the study permit application process, especially under the Student Direct Stream (SDS) program.
Proof of Funds: The GIC serves as evidence of sufficient financial resources, a key requirement for obtaining a Canadian study permit.
Banking Benefits
Canadian Bank Account: Students gain access to a Canadian bank account, facilitating financial transactions in the country.
Customized Debit Card: Some banks offer debit cards tailored to student needs.
Investment Features
Guaranteed Returns: GICs offer a fixed rate of return over a specified period, providing a low-risk investment option.
CDIC Insurance: GICs are insured by the Canada Deposit Insurance Corporation for up to CAD 100,000, adding an extra layer of security.
Adaptation to Canadian Life
Monthly Withdrawals: The installment-based disbursement helps students adapt to managing expenses in Canada.
Time to Focus: With financial security ensured, students can concentrate on their studies without immediate financial worries.
By providing financial stability, easing the visa application process, and offering a secure investment option, GIC accounts play a crucial role in supporting international students as they begin their educational journey in Canada.
Opening a Guaranteed Investment Certificate (GIC) account offers several benefits for international students planning to study in Canada:
Financial Security and Stability
Guaranteed Funds: GICs provide a secure source of funds for living expenses during the first year of study.
Regular Income: Students receive monthly installments, typically ranging from CAD 1,204 to CAD 1,376, helping them manage their finances effectively.
Financial Safety Net: The GIC acts as a financial cushion, ensuring students have a steady flow of funds throughout their study period.
Visa Application Advantages
Expedited Processing: Having a GIC can speed up the study permit application process, especially under the Student Direct Stream (SDS) program.
Proof of Funds: The GIC serves as evidence of sufficient financial resources, a key requirement for obtaining a Canadian study permit.
Banking Benefits
Canadian Bank Account: Students gain access to a Canadian bank account, facilitating financial transactions in the country.
Customized Debit Card: Some banks offer debit cards tailored to student needs.
Investment Features
Guaranteed Returns: GICs offer a fixed rate of return over a specified period, providing a low-risk investment option.
CDIC Insurance: GICs are insured by the Canada Deposit Insurance Corporation for up to CAD 100,000, adding an extra layer of security.
Adaptation to Canadian Life
Monthly Withdrawals: The installment-based disbursement helps students adapt to managing expenses in Canada.
Time to Focus: With financial security ensured, students can concentrate on their studies without immediate financial worries.
By providing financial stability, easing the visa application process, and offering a secure investment option, GIC accounts play a crucial role in supporting international students as they begin their educational journey in Canada.
Yes, there are fees associated with opening and maintaining a GIC account in Canada for international students. These fees vary depending on the bank and the specific GIC program. Here's an overview of the common fees:
Opening Fees
Program Fee: Most banks charge a one-time program fee for setting up the GIC account. This fee ranges from CAD 150 to CAD 200, depending on the bank.
Wire Transfer Fee: Some banks may charge an additional fee for international wire transfers. This can be around CAD 25, though some banks waive this fee.
Maintenance Fees
GIC accounts typically don't have ongoing maintenance fees. However, there are other potential charges to be aware of:
Cancellation Fee: If you need to cancel your GIC, banks usually charge a fee. This can range from CAD 150 to CAD 200, plus an additional wire transfer fee for returning the funds.
Refund Fee: Some banks may charge a fee for processing refunds, which can be included in the cancellation fee.
Additional Considerations
Minimum Deposit: The minimum required GIC amount is currently CAD 20,635 for most of Canada (CAD 15,078 for Quebec). Students should plan to send slightly more to cover the program fee and any potential wire transfer charges.
Interest Rates: While not a fee, it's worth noting that GICs offer relatively low interest rates, typically around 0.5% to 1.05% annually.
Exchange Rate Impact: When receiving refunds, students may face unfavorable exchange rates, which, while not a direct fee, can impact the amount received.
It's important for students to carefully review the fee structure of different banks offering GIC accounts and factor these costs into their financial planning for studying in Canada.
Yes, there are fees associated with opening and maintaining a GIC account in Canada for international students. These fees vary depending on the bank and the specific GIC program. Here's an overview of the common fees:
Opening Fees
Program Fee: Most banks charge a one-time program fee for setting up the GIC account. This fee ranges from CAD 150 to CAD 200, depending on the bank.
Wire Transfer Fee: Some banks may charge an additional fee for international wire transfers. This can be around CAD 25, though some banks waive this fee.
Maintenance Fees
GIC accounts typically don't have ongoing maintenance fees. However, there are other potential charges to be aware of:
Cancellation Fee: If you need to cancel your GIC, banks usually charge a fee. This can range from CAD 150 to CAD 200, plus an additional wire transfer fee for returning the funds.
Refund Fee: Some banks may charge a fee for processing refunds, which can be included in the cancellation fee.
Additional Considerations
Minimum Deposit: The minimum required GIC amount is currently CAD 20,635 for most of Canada (CAD 15,078 for Quebec). Students should plan to send slightly more to cover the program fee and any potential wire transfer charges.
Interest Rates: While not a fee, it's worth noting that GICs offer relatively low interest rates, typically around 0.5% to 1.05% annually.
Exchange Rate Impact: When receiving refunds, students may face unfavorable exchange rates, which, while not a direct fee, can impact the amount received.
It's important for students to carefully review the fee structure of different banks offering GIC accounts and factor these costs into their financial planning for studying in Canada.
While it's challenging to completely avoid fees when opening a GIC account in Canada, there are some options to minimize costs:
TD Canada Trust
TD Canada recently launched a Student GIC program with zero program fees, making it the most cost-effective option currently available. This is a significant advantage compared to other banks that typically charge between CAD 150 to CAD 200 for program fees.
Other Fee Considerations
Even with TD's zero program fee, there are still some potential costs to be aware of:
Wire Transfer Fees: Most banks charge around CAD 25 for international wire transfers, though some may waive this fee.
Exchange Rate Impact: While not a direct fee, unfavorable exchange rates can affect the total cost when transferring funds internationally.
Minimizing Fees
To reduce overall costs when opening a GIC account:
Compare Banks: Research and compare fee structures across different banks. TD Canada's zero program fee offer is currently the most competitive.
Consider Exchange Services: Using money exchange services like Abroad Cube can potentially save money on exchange rates compared to bank transfers.
Single Transaction: Make the GIC payment in a single transaction to avoid multiple transfer fees.
Avoid Local Currency Options: Some banks, like CIBC, offer GIC payments in local currency (e.g., INR) with no service fee, but their exchange rates are often unfavorable, potentially costing more overall.
While it's nearly impossible to avoid all fees associated with opening a GIC account in Canada, choosing TD Canada Trust with its zero program fee and carefully considering transfer methods can significantly reduce costs for international students.
While it's challenging to completely avoid fees when opening a GIC account in Canada, there are some options to minimize costs:
TD Canada Trust
TD Canada recently launched a Student GIC program with zero program fees, making it the most cost-effective option currently available. This is a significant advantage compared to other banks that typically charge between CAD 150 to CAD 200 for program fees.
Other Fee Considerations
Even with TD's zero program fee, there are still some potential costs to be aware of:
Wire Transfer Fees: Most banks charge around CAD 25 for international wire transfers, though some may waive this fee.
Exchange Rate Impact: While not a direct fee, unfavorable exchange rates can affect the total cost when transferring funds internationally.
Minimizing Fees
To reduce overall costs when opening a GIC account:
Compare Banks: Research and compare fee structures across different banks. TD Canada's zero program fee offer is currently the most competitive.
Consider Exchange Services: Using money exchange services like Abroad Cube can potentially save money on exchange rates compared to bank transfers.
Single Transaction: Make the GIC payment in a single transaction to avoid multiple transfer fees.
Avoid Local Currency Options: Some banks, like CIBC, offer GIC payments in local currency (e.g., INR) with no service fee, but their exchange rates are often unfavorable, potentially costing more overall.
While it's nearly impossible to avoid all fees associated with opening a GIC account in Canada, choosing TD Canada Trust with its zero program fee and carefully considering transfer methods can significantly reduce costs for international students.
The fees for GIC accounts vary between different Canadian banks, with some institutions offering more competitive fee structures than others. Here's an overview of the fee variations:
Program Fees
TD Canada Trust: Recently launched a Student GIC program with zero program fees, making it the most cost-effective option.
SBI Canada: Charges a service fee of CAD 150 if funds are sent from any other bank.
Scotiabank and ICICI Bank Canada: Both charge a program fee of CAD 200.
Other banks: Typically charge between CAD 200 to CAD 300 as processing fees.
Wire Transfer Fees
Most banks charge around CAD 25 for international wire transfers, though some may waive this fee.
Additional Fees
Cancellation Fee: Can range from CAD 150 to CAD 200, plus an additional wire transfer fee for returning funds.
Refund Fee: Some banks may charge a fee for processing refunds, which can be included in the cancellation fee.
Minimum Deposits
Minimum deposit requirements also vary:
EQ Bank: CAD 100
Scotiabank: CAD 500
Bridgewater Bank: CAD 5,000
Interest Rates
While not a fee, interest rates affect the overall value:
Bridgewater Bank: Offers 3.75% for a 5-year term
MCAN Wealth: Provides 3.70% for a 5-year term
Scotiabank: Offers up to 3.50% for certain terms
To minimize fees, students should compare options from different banks, consider using money exchange services for better rates, and make GIC payments in a single transaction to avoid multiple transfer fees.
The fees for GIC accounts vary between different Canadian banks, with some institutions offering more competitive fee structures than others. Here's an overview of the fee variations:
Program Fees
TD Canada Trust: Recently launched a Student GIC program with zero program fees, making it the most cost-effective option.
SBI Canada: Charges a service fee of CAD 150 if funds are sent from any other bank.
Scotiabank and ICICI Bank Canada: Both charge a program fee of CAD 200.
Other banks: Typically charge between CAD 200 to CAD 300 as processing fees.
Wire Transfer Fees
Most banks charge around CAD 25 for international wire transfers, though some may waive this fee.
Additional Fees
Cancellation Fee: Can range from CAD 150 to CAD 200, plus an additional wire transfer fee for returning funds.
Refund Fee: Some banks may charge a fee for processing refunds, which can be included in the cancellation fee.
Minimum Deposits
Minimum deposit requirements also vary:
EQ Bank: CAD 100
Scotiabank: CAD 500
Bridgewater Bank: CAD 5,000
Interest Rates
While not a fee, interest rates affect the overall value:
Bridgewater Bank: Offers 3.75% for a 5-year term
MCAN Wealth: Provides 3.70% for a 5-year term
Scotiabank: Offers up to 3.50% for certain terms
To minimize fees, students should compare options from different banks, consider using money exchange services for better rates, and make GIC payments in a single transaction to avoid multiple transfer fees.
The most common term length for GICs for international students in Canada is 12 months. This aligns with the typical requirements for study permit applications and the Student Direct Stream (SDS) program. Here are the key points about GIC terms for international students:
Standard 12-Month Term
Most banks offer a 12-month GIC term for international students.
This term length matches the proof of funds requirement for one year of study in Canada.
Students receive monthly disbursements over the 12-month period to cover living expenses.
Disbursement Structure
Initial deposit: Students typically receive about 20-30% of the total GIC amount upon arrival in Canada.
Monthly payments: The remaining amount is disbursed in equal monthly installments over the 12-month period.
Other Term Options
While 12 months is the standard, some banks may offer limited flexibility:
Short-term GICs (30 days to 180 days) are generally not suitable for study permit applications.
Longer terms (2-5 years) are rarely used by international students for initial study permit purposes.
It's important to note that the GIC term for international students is designed to meet immigration requirements and provide financial support throughout the first year of study in Canada. The current GIC amount requirement is CAD 20,635 for most of Canada (CAD 15,078 for Quebec), which is typically structured as a 12-month investment.
The most common term length for GICs for international students in Canada is 12 months. This aligns with the typical requirements for study permit applications and the Student Direct Stream (SDS) program. Here are the key points about GIC terms for international students:
Standard 12-Month Term
Most banks offer a 12-month GIC term for international students.
This term length matches the proof of funds requirement for one year of study in Canada.
Students receive monthly disbursements over the 12-month period to cover living expenses.
Disbursement Structure
Initial deposit: Students typically receive about 20-30% of the total GIC amount upon arrival in Canada.
Monthly payments: The remaining amount is disbursed in equal monthly installments over the 12-month period.
Other Term Options
While 12 months is the standard, some banks may offer limited flexibility:
Short-term GICs (30 days to 180 days) are generally not suitable for study permit applications.
Longer terms (2-5 years) are rarely used by international students for initial study permit purposes.
It's important to note that the GIC term for international students is designed to meet immigration requirements and provide financial support throughout the first year of study in Canada. The current GIC amount requirement is CAD 20,635 for most of Canada (CAD 15,078 for Quebec), which is typically structured as a 12-month investment.
If an international student needs to withdraw money from a GIC account before the term ends, there are several implications:
Limited Access and Penalties
GICs for international students are typically non-redeemable, meaning early withdrawal may result in penalties.
Students may be charged a penalty for breaking a non-redeemable GIC.
Some banks may refuse early withdrawal except in cases of financial hardship.
Potential Consequences
Loss of accrued interest
Early withdrawal fees (flat rate or percentage of withdrawn amount)
Interest rate adjustments resulting in lower returns
Refund Policy
In specific circumstances, students may be eligible for a refund:
Declined study permit by the Canadian High Commission
Declined admission by the Canadian educational institution
Withdrawal from studies before arriving in Canada
Withdrawal from enrollment after arriving in Canada to pursue education elsewhere
Refund Process
Students must complete a refund application form through their bank's Student GIC Portal.
Processing can take up to four weeks.
The original administrative fee (typically CAD 150) is non-refundable.
A money transfer fee (around CAD 25) may be deducted from the refund amount.
It's important to note that early withdrawal can disrupt the student's financial planning and potentially affect their immigration status, as the GIC is designed to cover living expenses during the first year of study in Canada.
If an international student needs to withdraw money from a GIC account before the term ends, there are several implications:
Limited Access and Penalties
GICs for international students are typically non-redeemable, meaning early withdrawal may result in penalties.
Students may be charged a penalty for breaking a non-redeemable GIC.
Some banks may refuse early withdrawal except in cases of financial hardship.
Potential Consequences
Loss of accrued interest
Early withdrawal fees (flat rate or percentage of withdrawn amount)
Interest rate adjustments resulting in lower returns
Refund Policy
In specific circumstances, students may be eligible for a refund:
Declined study permit by the Canadian High Commission
Declined admission by the Canadian educational institution
Withdrawal from studies before arriving in Canada
Withdrawal from enrollment after arriving in Canada to pursue education elsewhere
Refund Process
Students must complete a refund application form through their bank's Student GIC Portal.
Processing can take up to four weeks.
The original administrative fee (typically CAD 150) is non-refundable.
A money transfer fee (around CAD 25) may be deducted from the refund amount.
It's important to note that early withdrawal can disrupt the student's financial planning and potentially affect their immigration status, as the GIC is designed to cover living expenses during the first year of study in Canada.
Yes, your GIC (Guaranteed Investment Certificate) amount can be refunded if your Canadian Study Permit (student visa) is rejected or if your GIC application is declined. Here's what you need to know about the GIC refund policy:
Eligibility for Refund
You are eligible for a GIC refund under the following circumstances:
Your study permit application is declined by the Canadian visa office.
Your admission to a Canadian educational institution is declined.
You obtain a study visa but decide not to pursue your studies and withdraw before arriving in Canada.
You decide not to apply for a Canadian study permit after making your GIC investment.
Refund Process
To initiate a GIC refund:
Contact your bank and request a refund.
Fill out the online refund application form provided by your bank.
Submit required documents, such as:
A self-attested copy of the visa refusal letter from the Canadian visa office.
Proof of admission refusal from the educational institution (if applicable).
Confirmation of withdrawal from the educational institution (if applicable).
Refund Timeline and Fees
The refund process typically takes 4 to 7 weeks after the request is approved.
Most banks charge a processing fee for refunds, usually ranging from CAD 150 to CAD 200.
The initial application processing fee (around CAD 150) is generally non-refundable.
Important Considerations
The bank will verify your study permit status with Canadian authorities before processing the refund.
Only the remaining balance in your account, after deducting applicable fees, is eligible for a refund.
Some banks may deduct additional fees, such as wire transfer charges (e.g., CAD 25 for SBI Canada).
Remember that while you can get most of your GIC amount refunded, some fees are non-refundable. It's crucial to review your specific bank's refund policy and terms before initiating the process.
Yes, your GIC (Guaranteed Investment Certificate) amount can be refunded if your Canadian Study Permit (student visa) is rejected or if your GIC application is declined. Here's what you need to know about the GIC refund policy:
Eligibility for Refund
You are eligible for a GIC refund under the following circumstances:
Your study permit application is declined by the Canadian visa office.
Your admission to a Canadian educational institution is declined.
You obtain a study visa but decide not to pursue your studies and withdraw before arriving in Canada.
You decide not to apply for a Canadian study permit after making your GIC investment.
Refund Process
To initiate a GIC refund:
Contact your bank and request a refund.
Fill out the online refund application form provided by your bank.
Submit required documents, such as:
A self-attested copy of the visa refusal letter from the Canadian visa office.
Proof of admission refusal from the educational institution (if applicable).
Confirmation of withdrawal from the educational institution (if applicable).
Refund Timeline and Fees
The refund process typically takes 4 to 7 weeks after the request is approved.
Most banks charge a processing fee for refunds, usually ranging from CAD 150 to CAD 200.
The initial application processing fee (around CAD 150) is generally non-refundable.
Important Considerations
The bank will verify your study permit status with Canadian authorities before processing the refund.
Only the remaining balance in your account, after deducting applicable fees, is eligible for a refund.
Some banks may deduct additional fees, such as wire transfer charges (e.g., CAD 25 for SBI Canada).
Remember that while you can get most of your GIC amount refunded, some fees are non-refundable. It's crucial to review your specific bank's refund policy and terms before initiating the process.
It takes one day for KYC verification & customer id creation at the bank. You can transfer the funds on the next day before 2 pm. The university will receive the funds within the next 48 working hours.
Factors Affecting Transfer Time
Banking Hours and Time Zones
Transfers are only processed on business days during banking hours1.
Time zone differences between India and the recipient's country can add delays, as banking systems in different regions may not be active simultaneously.
Intermediary Banks
International transfers often pass through up to three correspondent banks before reaching the final destination, which can extend the processing time.
Currency Conversion
If the transfer involves currency conversion, it may add extra time to the process.
Security Checks
Banks implement fraud prevention measures and security checks, which can cause delays.
Holidays and Weekends
Bank holidays and weekends in either the sending or receiving country can extend the transfer time
Primary Proof of Payment
The main document that serves as proof of payment for an international wire transfer is the Foreign Inward Remittance Certificate (FIRC). This certificate is issued by the bank that receives the wire transfer and acts as official proof that the payment has been received from abroad.
Additional Supporting Documents
In addition to the FIRC, other documents that can serve as proof of payment include:
Wire Transfer Confirmation: This is a document provided by your bank showing the details of the transfer, including the amount, date, and recipient information.
Bank Statement: Your bank statement showing the deduction of the transferred amount can serve as supplementary proof.
University Receipt: Once the university receives the payment, they typically issue an official receipt or confirmation of payment.
Swift Copy: For transactions processed through Flywire or similar services, a consolidated swift copy may be sent at the end of each day, which can serve as proof of payment.
Additional Considerations
It's important to include the student's admission number or reference number as a SWIFT message along with the transfer to help the university identify and apply the payment correctly.
Some universities may have specific requirements for proof of payment. Always check with your university's financial services department to ensure you have all the necessary documentation.
Keep all transaction records, including any correspondence with the bank or the university regarding the payment, as additional supporting evidence if needed.
No, third party payments are not allowed by RBI for outward remittance transactions. Payment can only be done by the following:
a) Self
b) Spouse
c) Father or Stepfather
d) Mother or Stepmother
e) Son and Stepson
f) Son's Wife
g) Daughter or Stepdaughter
h) Daughter's husband
i) Brother or Stepbrother
j) Sister or Stepsister
When it comes to transferring money abroad from India for education fees, there are certain restrictions and regulations in place under the Liberalised Remittance Scheme (LRS). Here are the key points to understand:
Remittance Limit
The LRS allows Indian residents to remit up to USD 250,000 per financial year for various purposes, including education610. This limit covers:
Tuition fees
Accommodation expenses
Other education-related costs
Tax Collected at Source (TCS)
The TCS rates for education-related remittances are as follows:
Amount of Remittances Purpose TCS Rate
Below INR 7 Lakhs Education Nil
INR 7 Lakhs or more Education Through Loan 0.5%
INR 7 Lakhs or more Education Not Through Loan 5%
No TCS is applicable on remittances below INR 7 lakh for educational purposes5. For amounts exceeding INR 7 lakh, the TCS rate depends on whether the funds are sourced through an education loan or not.
Documentation Requirements
To ensure the remittance is considered for educational purposes, you must provide:
Form A2 cum LRS declaration to the bank
Student name, ID, and university name
Purpose of remittance (tuition fees, accommodation, etc.)
For education loans, additional documents are required to claim the lower TCS rate.
Permitted Expenses
The LRS covers various education-related expenses, including:
Tuition fees
Hostel fees
Exam fees
Books and stationery
Travel and incidental expenses related to education
Frequency of Remittances
There are no restrictions on the frequency of remittances under LRS, but the total amount must not exceed the annual limit of USD 250,000.
Exchange Rates
It's advisable to compare exchange rates across financial institutions to maximize savings on large transfers for education expenses.
By understanding these restrictions and requirements, students and parents can effectively manage their international education payments while complying with Indian regulations.
