The blocked amount that you transfer for a whole year of studies in Germany is quite a big sum of money (honestly speaking, it is not the kind of money you can easily collect overnight and for most of the students it is a big investment into their dream of living in Germany).
We perfectly understand how important it is for you to ensure that the service provider you choose is safe, reliable and secure. Our team takes extra measures to guarantee that your funds are protected. Here is a list of all the reasons why you can have a sound and peaceful sleep knowing that your money is not going to go anywhere wrong
Secure Application
All your important documents are only accessible via the Fintiba app. You have your personal account where you can log in at any time on your phone or computer and download all the contracts, confirmations and transfer documents. Your personal data is not in any way transferred through emails or other communication means. In this way, we minimize the risk of someone getting access to your personal data and sensitive banking information. Besides that, we encrypt your data all the way from your browser to our database.
Trusted German Partner Bank
Sutor Bank, which is the official partner of Fintiba, is a long-established and trusted German bank that was awarded for its outstanding asset management. Located in Hamburg, it is one of the few independent private banks in Germany operating since 1921. As for every German bank, our blocked account is regulated by the German regulator BaFin, known to probably be the toughest regulator in Europe. The fact that you will have a German bank account ensures that you won’t encounter any problems when applying for your residence permit at the local foreigners’ authorities here in Germany. Accounts opened in foreign countries may include the risk of getting rejected. You can easily see that your account is a real German account by the fact that your personal IBAN (account) number starts with “DE”.
The Blocked Account is yours and only yours
The account will be opened in your own name and only you personally will have access to the deposited funds. Pay attention – this is NOT an escrow account where your money is held in trust by another person until you arrive in Germany and complete the transaction. The fact that you are the official holder of the account also makes it easier to initially make the international transfer from your home country since you are sending the funds to yourself and not to a third party or company.
Security Insurance
And that’s not all – in the very unlikely event of an insolvency of the partner bank, your funds will be securely insured with the amount of € 100,000.00 by the German deposit protection fund. Could there be a better guarantee that you are in good financial hands?
Extra-security Measures for the Reversal Transfer
Should your visa be rejected, we will, of course, transfer you the money back. However, we take extra measures to ensure that you are the person who gets the funds. In fact, if you are not yet through with the legitimation process, the refund is only done the original account that the money was sent from in the first place. In specific cases, we have extra-security checks before transferring it to another account.
Account Operations Secured with mTan
Set-up of your payouts, IBAN changes and any other actions applied to your Blocked Account in the Fintiba app are secured with the mTAN verification process. You will receive a confirmation code to your phone when doing those changes to ensure that it’s really you who entered the beneficiary bank details.
Last but not least
Please remember that one of the biggest security risks is often posed by our own human behaviour. So please make sure that you open your account yourself and not let anyone get access to your log-in credentials, user name and password. Also always use your personal mobile number for the mTAN and not your friend’s.
Do you still have questions about the security measures that we undertake? Just get in touch with us and will be happy to explain it all in detail.
