is Sutor bank trustworthy?

[spark stirrup]

I signed up with Fintiba to get a blocked bank account for my visa, they opened the account via their partner Sutor bank. So my question if it is a good bank.
While we're at it, is Fintiba also good?

[marsh iron]

Fintiba is fine. I know a lot of people who used it. Some of the surcharges are a little high, but they do what they promise.

[spark stirrup]

they said they'll charge €89 one time opening fee+4.5 a month... is that a lot for a blocked account?

[marsh iron]

Seems like they changed a lot since my last knowledge. Don't know if that's a lot for a blocked account, but it's definitely more than the cost for an average bank here.

[spiral basalt]

I found a comparison table in this article, not sure how up to date it might be tho: https://www.germany-visa.org/de/sperrkonto/

[winged pumice]

hi, I'll be opening an account soon on fintiba, what do you mean by sutor bank? Sorry, cause when I was looking at the process I didn't find anything like that

[spark stirrup]

Sutor is the bank they're partnering with to provide the actual financial services

[spiral basalt]

Fintiba is not a bank, it's just the middle man between you and an actual bank

[spark stirrup]

In case of Fintiba the prices are accurate

[winged pumice]

financial services like, a card or transfers?

I thought you just open a current account

[spark stirrup]

a system to have that bank account and transfer to the current account you'll be actually spending from

[spiral basalt]

No, it's just a blocked account. To actually have a current account and get access to your money, you need to open amnother bank account when you're in Germany

So that the money from the blocked account is transferred monthly

[spark stirrup]

or in my case a EUR account provided by Wise

[winged pumice]

is the sutor bank you're referring to the current account you're opening?

[spiral basalt]

Wise is from the UK, right?

[spiral basalt]

No,

[spark stirrup]

the HQ? yeah
but it's operating in most countries

[spiral basalt]

Sutor Bank is the bank that actually has your blocked account

[spark stirrup]

including the EU

[spiral basalt]

Ach, so you have an Eurozone/German IBAN?

[winged pumice]

???
what I understand is:
You open an account with fintiba
You then open a current account in germany(in his case he used a fintiba sutor bank)

[spark stirrup]

mine is actually Belgian

[spiral basalt]

No.
You open a blocked account with Fintiba who is a middleman between you and Sutor Bank. Sutor Bank has your blocked account. To access these funds you need to open yet another bank account in a different bank so that you can get your money from your blocked account deposited monthly. It's all described on the Fintiba website.

[spark stirrup]

Fintiba is not a bank, so it's outsourcing the bank work to an actual bank, which in this case is Sutor

[winged pumice]

Ohhhh

but you don't make any contact with sutor bank

Or do you

[spark stirrup]

not directly, if you wanna open an account after you go there nobody is stopping you 😂

[spiral basalt]

You might want to read up on if they require a German IBAN~~ but it shouuuld be fine.~~

[spark stirrup]

they're implying so, I'll ask support to double check