We have put together the most frequently asked questions on X-Patrio blocked account process. If you have further questions, feel free to join our after admit whats app group for Germany.
1. What is an Escrow Account?
An Escrow Account is a special bank account in which money is held in someone’s own name (Expat) but for a third-party beneficiary (Federal Republic of Germany) during the process of a transaction between the two parties. The funds or assets are held by the Escrow Agent (ECO-Escrow, Neuendorff law office) and managed by the Servicer (X-patrio), both with fiduciary obligations and responsibility, until official instructions are made (e.g. evidence of entering or leaving Germany). An Escrow Account with X-patrio, ECO-Escrow, Deutsche Bank or Hypo Vereinsbank – UniCredit Group is utmost secure as it is protected by the § 47 Insolvenzordnung (Insolvency Act) and the Einlagensicherungsgesetz (Deposit Guarantee Scheme).
2. How long does it take to open a blocked account?
You will receive an application confirmation as well as Pre-Contractual Information (document) immediately after your application. Within 24 hours, as soon as we have verified your passport, you will also receive an Opening Confirmation (document). Afterwards, you can transfer the money to the Blocked Account at Deutsche Bank, which is managed by ECO-Escrow (law office Neuendorff) and X-patrio. As soon as we have received your money, you will receive the Blocked Amount Confirmation (document), which you can use to apply for your visa. By the time your visa is approved, your Blocked Account will be in place and after your arrival in Germany, which goes hand in hand with the final verification, your monthly disbursements will be set up
3. What documents do I need to open a blocked account?
To apply for a Blocked Account, you will firstly need your passport. After your visa has been approved and you arrived in Germany, you will need to fill out the Activation Order (provided by X-patrio) and hand in your Certificate of Enrollment as well as your Proof of Address for the final verification. By the time you wish to close down your Blocked Account, you will need to fill out the Closing Order (provided by X-patrio) and hand in an official document from your local German immigration office (“Sperrfreigabe”).
4. Who is ECO-Escrow?
ECO-Escrow is part of the German law firm Eric Neuendorff. The German name of ECO-Escrow is ECO-Treuhand. Treuhand is German and translates to Escrow in English. Besides its daily business of being performing law services as a lawyer, the Eric Neuendorff law firm offers escrow services (like providing and maintaining Escrow Accounts and Blocked Accounts). Attorney Eric Neuendorff is member of the Frankfurt General Council of the Bar and can be found in the search of the Federal Law Society with the beA SAFE-ID: DE.BRAK.d95d308e-4cea-43a2-946d-bc7b18d68d09.1805. With over 15 years of international experience and expertise, ECO-Treuhand has grown to be one of the leading European providers of Escrow Services and Secure Payment Management. An Escrow transaction is the simplest and most efficient way to secure payments between two parties involved. At the same time, ECO-Escrow’s services run on state-of-the art technology and will guarantee best pricing. Based on this competence, ECO-Escrow has teamed up with your X-patrio Service to ensure maximum security and reliability for Blocked Accounts. X-patrio and ECO-Escrow’s service was therefore approved by the German Federal Foreign Office (Auswärtiges Amt der Bundesrepublik Deutschland) fulfilling all requirements needed for Blocked Accounts for the Visa application in Germany.
5. How long does the money transfer take from my domestic account to the German Blocked Account?
Usually, international money transfers take 3-5 working days. Please note that, in some very rare cases, it could take up to two weeks. This depends on currency issues, the involved financial institutions and regulations and is, unfortunately, beyond our power. We will notify you as soon as we have received your funds.
6. Is an Escrow Account safe?
An Escrow Account is safe, because it is maintained by an officially approved escrow agent, being the German law office Eric Neuendorff. Moreover, the financial institution that provides the infrastructure for the Escrow Account, Deutsche Bank or Hypo Vereinsbank – UniCredit Group, are the best-known institutions in the world and the X-patrio Blocked Account (which is an Escrow Account in its core) is a government licensed service. In addition, your deposit is covered by a statutory Deposit Guarantee Scheme and a contractual Deposit Guarantee Scheme. If insolvency of your credit institution should occur, your deposits would in any case be repaid up to EUR100.000.
7. How does the legitimation process work?
The identification and verification process is split into two parts. Firstly, after having applied for the X-patrio Blocked Account, we will perform a preliminary verification based on your uploaded passport. The second and final verification step will be done after your arrival in Germany. For that reason, we need you to send us the Activation Order (provided by X-patrio) as well as your Certificate of Enrollment and your Proof of Address. After that, you’re all set.
8. What do I have to do if my Visa application got rejected?
Should your visa application get rejected after having set up an X-patrio Blocked Account, you need to send us the Closing Order (document provided by X-patrio) along with a document (“Sperrfreigabe”) from the local German Immigration Office responsible for issuing the residence permit, which contents the original notice of rejection for the visa application with the stamp of the German Embassy/ Consulate and written instructions to close the account and transfer the balance.
You can apply for the blocked account here.