So you’ve decided to come to Germany? Congrats! You’re probably here because the German foreign authorities have asked you to provide proof of a blocked account before your visa or residency permit appointment. To learn more about what a blocked account is and why you need one, click here.
At Coracle, opening a blocked bank account is simple, cost effective, and hassle free. We’ll break down the entire process for you here but if you ever have any additional questions or feel you need a bit more support, our customer support team speaks 10+ languages and is ready to help!
How to open a blocked account with Coracle
1. Complete Coracle’s blocked account form.
You will be asked some simple questions about yourself and your plans in Germany. Here you will also be asked how much money you need blocked and for how long. You should have this information from the foreign authority. If you are blocking funds for 1 year, the current minimum amount is 11,208 euros, so 934 euros a month.
2. Upload your documents.
Through the form, you will be asked to upload a scanned copy of your passport, ID card, and university admission letter.
We ask for 2 forms of photo ID. Other forms of ID accepted are voter ID and driver’s license.
Please note:
- A good quality scan or photo of your documents helps us get you your blocked account confirmation even faster! For more guidance on what a good scanned photo looks like, click here.
- We ask for 2 forms of ID as we comply with the regulated KYP (know your customer process) in order to maintain the safety and integrity of all the accounts.
If you have any additional doubts or questions about forms or ID, please write to us at support@coracle.de
3. Click, apply and receive
your opening confirmation email within a few hours.
After we approve your documents, we will send you your confirmation email which also has your blocked account IBAN and other account details.
Note: This is not yet the activation document you need to take to your embassy appointment. That document comes after you transfer your funds and they arrive in your blocked account.
4. Transfer your funds.
This is where you transfer your funds into your blocked account using the IBAN sent in the confirmation email. You can transfer from your local bank, or by using a money transfer service such as Wise, Instarem, Revolute, etc. You can also utilize forex services to transfer your funds.
You can read more FAQ’s on money transfer here.
When transferring funds, it can take 1-5 days for the money to arrive. This especially depends on your sender bank. (Funds sent via smaller banks tend to take a bit longer to arrive)
5. Receive your blocked account confirmation!
So your money has arrived, Great! As soon as your money is here, we will send you a confirmation document stating the amount you have blocked in your blocked account.
Attention: This is the document that you need to take to your visa or residency permit appointment!
6. Travel to Germany.
Exciting times, have a safe flight!
7. Open a current account
A current account is another word for a bank account or checking account. You will open this account in Germany when you arrive and this will be the account in which you will receive your monthly payouts from your blocked account. Our partner for money transferring is Lemonway. You can read more about them here.
You can open the current account of your choice, but some popular options among students are N26 (online bank account), Commerzbank, Sparkasse, and Postbank.
8. Activate your blocked account.
Yes, there is a difference between opening your account and advocating your account. Opening your account happens before you even transfer your funds. Activating your blocked account happens after you arrive in Germany, open your current account, and are ready to start receiving your monthly payments.
To activate your account, simply log onto the online portal and submit your current account IBAN and a copy of your immigration entry stamp to prove you have entered the country.
- Don’t have an immigration stamp on your passport? Write to us at support@coracle.de
- Already in Germany and need to activate your blocked account for extension?Simply ensure your IBAn is up to date and let us know you want to activate your extension blocked account.
9. Receive your monthly payments!
You’re all set! You’ll begin receiving your monthly payments directly to your current account.
So now we’ve walked you through our process but you can always take a look at our website to learn more about our products, read student testimonials, and get to know our team!
Take me to the Coracle website.
But wait, there’s more!
Are you currently in your home country and looking to get a student visa in Germany?
Check out our 3-1 PRIME package which gives you everything you need for your German student visa appointment! The PRIME package includes your blocked account, your choice of public or private health insurance, and as a bonus, free incoming travel insurance!
*PRIME UNI students save 40€ on your blocked account, dropping the one time fee from 99€ to 59€ *
