15 minutes read about German Blocked Account for International Students

Remitout Offering German Blocked Account for International Students, also known as a "Sperrkonto," is a special type of bank account required by international students who plan to study in Germany. This account is a financial assurance that you have enough funds to cover your living expenses while studying in Germany.

Before getting a German visa, and well before starting a course at a German higher education institution, foreign students need to open what is called a Blocked Account or “Sperrkonto” in German. Most probably, not many of you have encountered this kind of account before, but if you decide to move to Germany, it’s important to understand how it works to ensure a seamless visa application experience as well as a comfortable stay in the country. We will be giving you an overview of our Recommended German Blocked Account for International Students, Blocked Account provider ie Coracle and the reason behind our recommendation, Which you should read before deciding to choose another Blocked Account provider.

Some of the points to details understand about a German Blocked Account for international students:

1. 1. Purpose: The main purpose of a German Blocked Account is to demonstrate to the German authorities that you have sufficient financial resources to cover your living expenses during your stay in Germany.


2. 2. Minimum Deposit: To open a German Blocked Account, you typically need to deposit a specific minimum amount of money, which can vary depending on the bank.


3. 3. Access Restrictions: The funds in a Blocked Account are not easily accessible and visible. You can only withdraw a limited amount each month, usually around $761.


4. 4. Access Restrictions: The funds in a Blocked Account are not easily accessible and visible. You can only withdraw a limited amount each month, usually around $761.


5. 5. Approval for Visa: Having a Blocked Account is often a requirement for obtaining a student visa for Germany. When applying for a visa, you need to provide proof of your Blocked Account and the balance in it.


6. 6. Banks: Several German banks offer Blocked Account services, such as Deutsche Bank, Fintiba, Commerzbank, and others. You can choose the bank that suits your needs and provides the best terms and conditions.


7. 7. Application: To open a Blocked Account, you will typically need to complete an application process with the chosen bank. This process may vary from one bank to another, but it usually involves providing personal information, visa-related documents.



What is a German Blocked Account for International Students?




1. Easy activation No need to have any video calls or going to the post office in Germany to activate the account.




2. Zero fees if visa gets rejected (goodwill).




3. Available for minors (18).




4. Immediate fund confirmation through partner money transfer service. Fastest in the market now.




Travel Insurance: 




1. FREE as a welcome bonus with German Public Health Insurance




2. Unlimited coverage (30.000 Euros is the regulatory requirement)




3. No self-payment for a doctor's visit.




4. ERGO. One of the big German Insurance provider




5. Accepted by all German Embassies / Consulates




Health Insurance:




1. Only providers with Different choices of Public Insurances (AOK, Barmer, TK, etc)>




2. No additional charges




3. Get confirmation certificate in few hours




Money Transfer:-




Here we have heard many stories about difficulties in sending money, the processing time, high banking fees and costs for money exchange, and plenty of extra documents required due to banking regulation.




Our Opinion on the money transfer:




Speed: if you are in a hurry you want the money to arrive fast. Coracle has partnered with an international payment provider called Remitout.com, Funds are received instantly to your Blocked Account. (Our reason of recommendation )




Flexibility (Third-party transfer, excess funds, etc.): So many things can go wrong in international transfers, so you certainly do not want to be stuck and searching for your money, or being forced to provide additional documents, which applies for Bank transfer.




Costs: Be aware that your banks might charge a lot for an international bank transfer. They earn by adding banking fees and especially with the conversion (foreign exchange, FX rate) from your local currency to Euro, Coracle has a Remittance partner ie Remitout.com where you can easily send & save a big amount of money.




The best part is, you get INSTANT FUND CONFIRMATION FROM CORACLE.




The faster you get it, the more peace of mind you have.


Activation:-



When you come to Germany, the Blocked Account has to be activated. This requires additional verification, e.g. providing a copy of your visa document, a German address, and a current bank account. The most important factor in the activation process to be taken into consideration; once activated, you will receive your pay-outs and everything usually goes its way smoothly. You do not want to get stuck here as it would mean that you would be out of money, not being able to pay rent, insurance, etc.




Customer Service: Coracle is available throughout business hours (CET) the entire week 




Customer reviews: 




http://bit.ly/3l4QWcX