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Coracle Blocked Account

You can use a Coracle blocked account as proof of finances when applying for a German student visa. As it is approved by the German Federal Foreign Office, the Embassy or Consulate will accept it.

Should I Open a Blocked Account with Coracle?

Here are the benefits and drawbacks of opening a blocked account with Coracle:

BenefitsDrawbacks
The application process is entirely online, from the document submission to receiving the Blocking Confirmation.You do not get a current account, so you have to open one after arriving in Germany.  
Your blocked account is open within 24 hours.
You will get a Blocking Confirmation in about one week or as long as it takes for the money to transfer.
You can get a joint package with health insurance.
Coracle accepts American citizen applicants.
Coracle accepts underage applicants, as long as the parents give consent.

How to Open a Coracle Blocked Account?

The process of opening a blocked account with Coracle is as follows:

  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.

Document Checklist for Coracle Blocked Account

The only documents you have to submit when opening a blocked account with Coracle are:

  • Scanned copy of your passport’s biographical page.
  • Scanned copy of your national ID card or driving license, front and back.
  • The admission letter to the German university or school.
  • Passport size picture of yourself.

How to Activate a Coracle Blocked Account?

To activate your blocked account and get access to your money, you must open another current account with a German bank. Then, send the current account’s IBAN and customer ID information to Coracle and your account will be activated.

Coracle will transfer the required €861 every month to your current bank account, where you will be able to withdraw money to pay for housing, food, and other daily expenses.

How to Open a Current Account With Coracle?

To open a current account once you get to Germany, you have to initially register your address with the local registration office, as German banks need your Residence Registration Certificate before they open an account. You also need your passport with an entry permit, your visa, and the acceptance letter.

Along with your current bank account, you will get a debit card to withdraw money from ATMs or make payments.

Which Bank Does Coracle Work With for Blocked Account?

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

How to Open a Blocked Account With Coracle From Within Germany?

The process of opening a new blocked account with Coracle is entirely online, so it doesn’t matter if you are in Germany or abroad at the time. The only difference is that you have to submit the Blocked Account Confirmation directly to the Ausländerbehörde (German Immigration Office) to get a residence permit rather than the German Embassy.

Coracle Blocked Account For US Tax Residents

Coracle does not seem to have any restrictions on American clients, so you can open a blocked account with them even if you are a US tax resident.

Many blocked account providers do not take on US tax residents, due to US laws which require that foreign banks have to report on the assets that American clients have abroad. German banks consider this a hassle, so they just refuse American clients entirely rather than risk repercussions if they fail to do so.

Cost of Blocked Account With Coracle

You have to pay a €99 fee to open the blocked account with Coracle. If you need to extend the account for another year, you have to pay €60/year.

If you choose to obtain the Prime package (which includes both your blocked account and subscription to student health insurance), you will pay a reduced fee of €59.

How Long Does It Take to Open a Coracle Blocked Account?

It takes only 24 hours to open a blocked account with Coracle. However, you may have to wait up to one week to receive the Blocked Account Confirmation document because of international money transfer times.

How to Transfer Money to My Coracle Blocked Account?

You can transfer money to your blocked account in Germany either through a regular bank transfer or through a trusted money transfer company. Coracle will send you the blocked account’s IBAN (International Bank Account Number), Swift Code, and all other details needed for the transfer. 

You can expect to wait about 1-5 business days for the money to reach your account.

How Much Money Should I Transfer to Coracle?

For a one-year blocked account, you have to transfer €10,511 in total. That is:

  • €10,332  – the required amount from the German Embassy.
  • €99 – the maintenance and set-up fee.
  • €80 – buffer charge to cover any exchange rates or transfer fees charged by the bank. Coracle will send you any remaining funds from the buffer charge with your first payout.

Will Coracle Return My Money if My Visa Is Rejected?

If your visa is rejected, Coracle will return your money along with the processing fee. However, you might not receive the “buffer charge” back in full if it was spent for the international transfer or other bank fees.

How to Close My Coracle Blocked Account?

You have to write to Coracle and request to close your account. You must state your application ID number and provide a document that releases the money. This document can be one of the following:

  • Visa rejection letter, if your student visa was rejected.
  • Sperrfreigabe (lock release document), if you did receive the visa but you either decided not to travel to Germany or you want to cut your studies short. Depending on your situation, you can request a Sperrfreigabe document from the German Embassy or Immigration Office.

In case of visa refusal, you will receive your account opening fee of €99. If you close the account on your own volition, you will not. In both cases, you will receive back your remaining blocked account funds within a couple of weeks, or as long as it takes to make the international transfer.

Can I Extend My Coracle Blocked Account?

Yes, you can extend a Coracle blocked account if you need it for your second year of studies. Since the account is already open, all you have to do is:

  • Contact Coracle to request the blocked account extension.
  • Transfer the required funds (€10,332).
  • Pay the processing fee of €60.

Can I Get Student Health Insurance With Coracle?

Yes, Coracle offers a two-in-one package including both a blocked account and student health insurance. The package (Coracle Prime) is available only to Bachelor or Master students and actually costs €40 less than the single blocked account. You have the chance to choose between three public health insurance providers:

  • Techniker Krankenkasse. Monthly premiums are €108 – €110.
  • Barmer Krankenkasse. Monthly premiums are €111 – €112.
  • AOK Krankenkasse. Monthly premiums are €104 – €112.

As an international student in Germany, if you are under the age of 30, you must register with a German public (statutory) health insurance provider before you can get a student residence permit. Coracle Prime allows you to get both health insurance and a blocked account at the same time, which means you do not need to approach a health insurance provider once you arrive in Germany. Additionally, you also get a free travel insurance plan for your visa application at the Embassy.

So, in one package, you can tick off three requirements: the blocked account, the travel insurance, and statutory health insurance. The insurance companies Coracle is partnered with are some of the most popular in Germany, so it is a good deal.