A blocked account is required to get a student visa for Germany. A blocked account gives a guarantee that students can bear their living expenses themselves while staying in Germany. Students can open a blocked account in Deutsche Bank, Fintiba, Expatrio or Coracle. Deutsche Bank is a private German bank and Fintiba, Expatrio, and Coracle are the financial service providers companies that work with other banks.
All four blocked accounts have different advantages and disadvantages. One blocked account has an easy account opening procedure but requires a second bank account to use the deposited money. Other blocked accounts have a difficult account opening procedure but the account holders can use the deposited money directly. That’s why different people have a different opinion about these accounts. This difference of opinion makes very difficult to decide which account is better and which not. This blocked accounts comparison will help you to make a final decision.
Deutsche Bank, Fintiba, Expatrio, and Coracle blocked accounts comparison:
Here you can see Fintiba, Expatrio, Coracle, and Deutsche Bank’s blocked accounts comparison:
|Account opening procedure||Takes up to 1 month||Account opening within only a few hours||Official Opening Confirmation within minutes||Gives a confirmation certificate within 24 hours max.|
|Amount confirmation time||Months||Several weeks||Several weeks||Several weeks|
|Document attestation||Required||Not required||Not required||Not required|
|Document attestation expenses||Yes||No||No||No|
|Postal charges to send account opening form||Yes||No||No||No|
|Set-up cost €||150||89||49||No|
|Monthly charges €||5.90||4.90||5||99 Euros for 1 year|
|Unblock Procedure||Instant||Takes a few days||Takes a few days||Takes a few days|
|Funds can be used directly||Yes||Required a second account||Required a second account||Required a second account|
|Helpline||Yes, but they don’t respond||Fast||Fast||Fast|
|Additional services||No||Health insurance||Health insurance||Travel insurance, health insurance|
FAQs about blocked accounts:
Generally, Fintiba is more popular among international students but you can decide according to your own requirements.
Blocked account (Sperrkonto) is a bank account that has some restrictions to use money. It works like a normal bank account but users can only withdraw a specific amount per month. A blocked account is introduced by German authorities for non-EU students who want to come to Germany as a self-financing student. A blocked account is required to get a student visa from the German embassy.
If you are an international student (non-EU) and don’t have a scholarship or German sponsor then you need a blocked account to get a student visa.