How to Open a Blocked Account with Coracle: Everything You Need To Know

If you’re a student planning to study in Germany on a student visa without a scholarship
or sponsorship certificate demonstrating your financial means, one of the essential requirements you need to fulfill is to open a blocked account. A blocked account is a special type of bank account that is required by the German government to ensure that students have enough funds to cover their living expenses while studying in Germany. The Coracle is 100% approved by the German Federal Foreign Office as the provider of Blocked Accounts. In this blog post we will guide you on how to open a blocked account with Coracle.

Why do students need a blocked account?

Students from outside the European Union who intend to study in Germany must have a blocked account. Students must demonstrate to the German government that they have the financial means to pay for their living expenses while studying there. This makes sure that while they are there, students don’t just rely on government assistance. 

The current submission requirement is €11,208. The account is locked for a specific amount of time after the money has been deposited.  The account holder can only access the money after the lock-in period expires or when they arrive in Germany and provide the necessary documentation.

Should you Choose Coracle to open your Blocked Account?

Coracle’s goal is to make it easier for you to travel to Germany to study. Founded in 2015 in Hamburg, Coracle is an Indo-German start-up that offers hassle-free services including blocked accounts, private and public health insurance, and incoming travel insurance for students.  The advantages of opening a Blocked account with Coracle are numerous.

1. 1. Coracle Allows minors to open blocked account.
   2. From submitting the required documents to receiving the Blocking Confirmation, the application process is carried out entirely online.
   3. Two hours for account confirmation.
   4. German IBANs are given to students by Coracle.
   5. It costs only 60 euros to extend. Other service providers overcharge.
   6. Buffer sum returned with the initial payout.
   7. No complicated cash-backs or small print.
   8. You may get the PRIME package (All-in-One) for just 59€ without paying a monthly subscription, saving you close to 40€.
   9. If the visa is denied, the entire amount will be refunded. (Only vendor in the industry providing this to students.)

Steps to open a blocked account with Coracle

The process of opening a blocked account PRIME package is very simple and the whole
process is online. Here are the steps.

1. 1. Complete the Coracle blocked application form. Answer all the required questions.
   2. Upload a scanned copy of your passport, ID card, and university admission letter.
   3. Submit the application.
   4. Your blocked account will open within a few hours. You will receive an email notification with your IBAN and account details.
   5. Transfer the money to your blocked account. You can make a regular bank transfer or through a money transfer service. Make sure you send the entire amount requested Coracle, including the €80 buffer sum.
   6. Wait 1-5 days for the transfer to complete. Since this is an international transfer, it can take a few days for the money to reach your blocked account in Germany.
   7. Receive your Blocking Confirmation. As soon as your money is in your account, you will receive a confirmation document, which you can submit to the German Embassy to apply for your visa.
   8. Travel to Germany and activate your blocked account.

You only require Admit from the university, scan copy of your passport, and a passport-size
photo to open the PRIME package in Coracle.

How to activate your Coracle Blocked Account?

Coracle will store your funds with either Deutsche Postbank or Deutsche Kredit Bank – DKB.

1. 1. You must open a new current account with a German bank in order to activate your blocked account and have access to your money.
   2. Then, provide Coracle the customer ID and IBAN for the current account to have your account activated.
   3. Your current bank account will receive the needed monthly transfer of €934 from Coracle. Then you can withdraw this money and you can use to withdraw money to pay for your lodging, meals, and other daily expenses.

If you’re a foreign student wishing to study in Germany, opening a Blocked Account is a fundamental requirement to establish your financial competence. Additionally, you can use Coracle to simplify the process and benefit from hassle-free services. Because of the outstanding testimonials posted by prior clients, you can also be sure that Coracle is the ideal service provider for your Blocked Account need. Right away, open a Blocked Account with Coracle and stop letting financial concerns keep you from fulfilling your dreams in Germany!

Read more at How To Abroad:

How to Open a Blocked Account with ICICI Bank

How to Open Blocked Account with RemitX

Want to study in Germany? How To Abroad can help you achieve your academic dreams.