The mystery of the German blocked account is often the cause of your anxieties as a new student in an unfamiliar country. While you are still in your home base, the technicalities of the process are often a little fuzzy making it more difficult for you to predict your next steps with certainty.
And that’s why Team Coracle is here — to demystify the confusion and anxiety surrounding the process of receiving your money once you arrive in Germany. If you are curious to know how you can pick out your blocked account provider, read our blog here. If you are looking to find more information on how to open your blocked account, find our explainer here.
Activating your account after you reach your destination, shouldn’t be a tough process. Ideally, your German blocked account provider should give explicit instructions on how to go about it once you reach your destination but this short breakdown of the process might make it easier for you to follow through the process.
Register Your Local Address
Germany is well-known for its love of paperwork and therefore, to reach your final destination of opening your blocked account, you must begin with the first level of documentation. Once you arrive in Germany, you have 14-days to register your local address.
You need to make an appointment with your city office. On the day of your meeting, you must carry your housing contract, your landlord’s confirmation as well as your passport with you. This whole process will cost you 12 euros and you can pay both by cash or card.
You will receive your city registration (Meldebestätigung, proof that you have a residence in your city at the end of it. This also ensures that you receive all your official mails such as your German Tax ID at your home address.
Select & Open A Current Account
The next step is to choose a German bank where you want to open your current account. You can choose from traditional banks like Sparkasse, Commerzbank, Deutsche Bank which have interesting offers and no to minimal monthly charges for students. Study the offers, the documents needed and the convenience of accessing this bank before you finalize it.
You also have the option of choosing from internet banks like N26 and Tomorrow that can verify your documents online within minutes and help you open an account online. However, you must check if your ID document (such as your passport) is valid for virtual verification.
When you open your current account, you will receive your IBAN and BIC along with your account statement (Kontoauszug). These are important information for the next step.
Activate Your Blocked Account
This is the most exciting part of the process — where you get your money! Now that you have all the necessary documents — your Meldebestätigung, account details and account statement — you can finally activate your German blocked account.
Follow the instructions on your German blocked account provider’s platform to enter all the necessary information. You might also be asked to submit a scan of the entry stamp on your visa. This is to ensure that you receive all the disbursements you are entitled to after entering the country.
From the time you submit your information, it can take you up to a week to receive your disbursement. Your service provider will verify the information on their end and send you the first €861 disbursement.
Wrapping Up
The complete process of receiving your blocked account money in your account from the time you enter the country can take a while because of the bureaucratic process involved. Thus, to remain on the safe side, you might consider carrying a little extra money with you when you come to Germany to take care of your basic expenses for this duration.
However, if you want a service that handles your money responsibly and shares your disbursements right on time, say hello to us at Coracle.
