German Blocked Account: How To Pick The Right Provider

The German blocked account can be a huge financial investment. Photo: Andrea Piacquadio from Pexels

One of the most important steps for an aspiring student while travelling to Germany is opening a German blocked account. Besides being a huge financial investment, it is also a mandatory requirement for a student visa to the country unless you have a scholarship or sponsorship from a German resident.

Needless to say, €10,332 is no small sum and therefore, there is always a sense of apprehension when trying to find the right provider to handle this money. And the deluge of available resources to choose from doesn’t make the work any easier for a student who is trying to navigate this landscape for the first time.

So, how do you choose the provider who gives the maximum benefits and security for a price that doesn’t burn a hole in your pocket? Team Coracle is here to make this process easier.

Banks Vs. Online Providers — What’s A Better Pick?

Established banks bring a sense of security with them. Photo: Markus Spiske from Pexels

One of the primary options for opening your German blocked account is undoubtedly Deutsche Bank. They have been providing blocked accounts to students from before the digital banking scene became a reality and has gained years of trust and goodwill from students around the world.

Moreover, being an established bank, there is a sense of security associated with opening your bank account with them. However, their lack of digital infrastructure and complicated paperwork might not be ideal for students who need their money in a safe place within a short period of time.

With Deutsche Bank, the process can be long drawn. You need to fill out a form for opening your blocked account which then needs to be certified by the embassy before the account opening is approved. When it is closer to the dates of the Winter or Summer semester, the timeline might get stretched out further due to the high volume of applicants. Add to that, they also have a high service fee of €150.

So, if you have a limited amount of time and patience to deal with paperwork and bureaucracy, digital blocked account providers like Coracle are your best bet.

How Do You Choose The Right Service?

When it comes to picking one of the many blocked account providers, the process might get a little confusing. Most have similar products with the same list of benefits and a comparable price. So, what really sets them apart?

Here are our 5 different criteria that you should look into before you pick your blocked account provider.

1. Pay Lower Service Fees: You are technically investing €10,332 for your stay in Germany for 1 year but for the service to handle your money, you will need to pay a fee. This typically ranges from €99 to €150 based on the service you choose. Moreover, some of the providers also have a monthly charge which can compound the total amount you pay to maintain your German blocked account for the period of a year. Therefore, it is fair to find a service that has only a one-time fee and no monthly charges if you want to save some money!
2. Apply Easily: When you are prepping to leave your country and go for your further studies, there are a million things on your plate that need to be done. Spending a couple of hours filling out forms for a blocked account doesn’t need to be one of them. So, choose a service that takes you less than 5 minutes to fill in your details and get your account opening confirmation.
3. Get Quality Customer Assistance: It is natural for you to have questions when you are transferring so much money to your blocked account. A great customer support team in this situation could be a lifesaver. You must look for a service that not only has prompt support but also has team members who can speak in several languages to solve your issues more effectively.
4. Activate Your Account Easily: Once you arrive in Germany, accessing your money shouldn’t be a nightmare. Keeping that in mind, look for a service provider who needs minimal documents, has responsive customer support and a short disbursement period for your first month’s amount.
5. Transfer Your Money Seamlessly: While this rests wholly on your sender bank, if you find a service that makes your money transfer easy, you might want to give them an extra point.

Plan a stressfree move to Germany with your blocked account provider. Photo: Andrea Piacquadio from Pexels

These criteria might not be exhaustive but it will give you an easy framework to follow in order to find a German blocked account provider who can handle your money without adding to your moving stress. And while you research, don’t forget to consider us at www.coracle.de!