This article covers:
- How do I transfer money? What currency do I have to send it in?
- How long does it take for my money to arrive?
- Can you send me the 06 Blocked Amount Confirmation Document earlier?
- What are the bank details?
- Who is MANGOPAY?
- A friend or relative is sending the money on my behalf.
- What documents do I have to provide?
- Where do I send additional documents?
- Can I send more than the blocked amount?
- What is the buffer?
- How much does X-patrio charge for the service?
- How do I access the blocked account money?
- How do I transfer money? Can I send it in my home currency?
- You can transfer money directly from your bank, or use any other exchange service active in your home country to deposit money into the Blocked Account.
We suggest using Transferwise, which usually charges a very reasonable transfer fee of 0.5-1.1% compared to high rates from conventional banks. But it is not operating in every country. If Transferwise does not support your currency, you can transfer the amount via conventional overseas transfer from your bank. - The money you transferred must arrive in the Blocked Account in EURO since the account is held in Germany. Please consult with your bank to make sure the transaction is made in EURO. The amount you transferred with your home country currency must equal the amount in EURO when exchanged.
Important: Please consider the exchange rate and transfer/exchange fees when finalizing the amount of the fund you want to transfer!
More Information - How long does it take for the money to arrive at X-patrio?
-
International bank transfer takes up to 3-5 business days to arrive. Domestic bank transfer (inside Germany) usually takes 2-3 business days.
It is also dependant on the time you made the transfer, morning or evening. Please note that weekends are not included when counting the processing time.
We check our incoming transfers daily, therefore once we receive and confirm your transfer, you will receive the 06 Opening Confirmation Document.
-
-
Can you send me the 06 Blocked Amount Confirmation Document earlier?
- What are the bank details?
- You will be able to find the bank details on the 05 Blocked Account Opening Confirmation document, which you will receive after we finish your ID verification.
More Information
- You will be able to find the bank details on the 05 Blocked Account Opening Confirmation document, which you will receive after we finish your ID verification.
- Who is MANGOPAY?
-
MANGOPAY is an online payment technology provider designed for marketplaces, crowdfunding platforms and sharing economy businesses. It provides the payment technology underlying X-patrio's Blocked Account which is tailored to each customer, enabling individual accounts and individual IBANs. With the MANGOPAY technology, funds can be held securely for as long as needed. MANGOPAY holds an E-Money Issuer license, which enables X-patrio to accept payments, hold the funds in escrow and pay out with ease, speed and efficiency.
-
- My relative or friend is sending the money on my behalf.
- That is not a problem at all.
Thanks to the individual IBAN, additional verification of the transferring person by handing in additional documents is not necessary. However, in some cases, we might request additional documents.
More Information
- That is not a problem at all.
- Which documents do I have to provide at sign-up?
-
- Proof of Identification: Passport
More Information
- Proof of Identification: Passport
-
- Where can I send additional documents to?
- Can I send more than the blocked amount?
- You should not transfer more money than required. The Total Blocked Amount already includes €100 buffer, all fees, and the Additional Basic Sum if needed. If you are requested to deposit more than €720 each month by a visa authority, we need an official document from them stating the request.
More Information - What is the buffer?
- If we need to send money back, we will use this to cover the costs of transferring fees. This also covers extenuating incidences where it requires additional service by X-patrio.
- If the money arrives short under €100, we will use the buffer to cover the difference.
If this does not happen, we will return the buffer with the last monthly transfer from your blocked account into your personal German bank account.
- How much does X-patrio charge for the service?
- €49 initial set-up fee + €5 per month management fee+ €100 buffer(which will be reimbursed if not used)
- The X-patrio Blocked Account is the cheapest version you will find digitally. You will only be charged an account set-up fee of 49 EUR and an additional 5 EUR service fee per month. This will cover the costs of the underlying banking infrastructure as well as the MANGOPAY and X-patrio services.
More Information
- How can I activate the Blocked Account?
The money from the blocked account is not directly accessible. You are not able to pay for rent, or pay for food with a card like you would with a normal bank account like a debit card or 'Girokonto'. This is why you must set up a personal bank account in Germany that the monthly Blocked Account funds can be deposited into.
- The money from the blocked account must be transferred into the personal German bank account such as N26. It's paperless, fast and efficient. You can get your account up and running with an online Identification process within the hour. If you can not access N26, feel free to choose any conventional banking provider in Germany.
-
X-patrio confirms Activation Orders every day and then process them the following day.
For example: If you send your Activation Order documents on Monday, our banking partner will process your request on Tuesday. The money will then show on your current bank account on Thursday or Friday (generally takes 3-5 working days).
- Once you arrive in Germany, to receive your monthly disbursements, please send the following documents via email to service@x-patrio.com with your user ID + Activation Order in the subject line:
- The signed X-patrio “07 Activation Order”
- German visa document
- City registration (“Anmeldung”) from the city hall (“Bürgeramt”)
- The German bank account opening document/monthly statement with your IBAN/BIC and address.
Please attach all documents in one email to avoid any potential delays.
As soon as we have received and reviewed your Activation Order documents, we will activate your account the next working day. You will then receive your first monthly blocked amount within 3-5 business days.
The following disbursements are scheduled automatically for the first working day of each month. Should you have transferred more than the required Total Blocked Amount, you will receive the excess amount with the first disbursement.
More Information - The money from the blocked account must be transferred into the personal German bank account such as N26. It's paperless, fast and efficient. You can get your account up and running with an online Identification process within the hour. If you can not access N26, feel free to choose any conventional banking provider in Germany.