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German Blocked Account : What’s the need?

It is often questioned by a lot of people that if the education in Germany is free, why do we need to have a blocked account? Let’s decode the fundamentals in detail. In order to study in Germany, students frequently require a blocked account, or Sperrkonto in German, in order to apply for a visa or residence permit in Germany. You can demonstrate that you have the resources to pay for your residence or studies by using your Blocked Account.
Man confused about selecting Blocked account in Germany

A blocked account facilitates students to have enough money for their living expenses to support their education. Germany is not the only country which demands a blocked account but countries like Canada have GIC which helps students to show the government that they have enough funds available to support their stay in the country.

Now the question arises here; why did such accounts exist? Indeed, any student or foreign national who is going to study abroad would have enough funds to support their studies, the answer is no! Most of the time, it has been observed that a lot students from India, Pakistan, Iran and Bangladesh often drop their studies and get employed in part time jobs to support their living expenses in such developed countries. In most of the cases, a lot of students borrow money from their relatives and show it in their accounts as a source of funding. Even in India, it is a popular trend that a lot of agents lend the money to the students to show in their accounts at very high interest rates.

These means do not help in fulfilling the dreams and the long-term consequences are way too troublesome for the students. They pay hefty interest rates to the agents, or they might get rejected by the embassies for having discrepancies in the financial documents. Also, countries like Germany providing free education just in order to have strong and educated labour force to support their own country expect students to come with sufficient funds to support their living expenses. People who get passed out from the top-class German university will definitely have an advantage over others. It can be observed by the fact that Canadian institutions are charging hefty amount of tuition fees and on contrary to that Germany is more inclined towards free education scheme. It is estimated that Germany will be facing shortage of around 7 million tech labour force by the end of 2035. This data might sound hypothetical, but it is the ground reality. Covid -19 pandemic has changed the world a lot, many great economies are facing recession now or will face it in the future.

Germany is amongst those countries which is working vigorously to maintain the economic balance. In order to support that, Germany has made a lot of amendments in their own constitution for instance Germany has introduced “Chancen Karte” for the foreign nationals to easily relocate to Germany on the point-based system like Canada. Except for the requirement of the German language, nothing is going against Germany to make it a dream destination for Tech workers, Students and Jobs seekers. Although Germany is set to pass another bill in the parliament which will make English as their second language, but it might consume a bit of time.

Approx 440,564 international students are studying in Germany at the moment with an estimated growth of 29.4% from year 2015 – 2022 this number would certainly increase. As the demand is increasing, the demand for blocked account is also increasing. There are majorly three recognised competitors are in the market. Fintiba, Coracle and Expatrio: all the three names are well recognised and chosen by thousands but the major USP that Coracle has is that they do not charge any monthly fees which makes it super beneficial. Moreover, the founder of Coracle has himself studied in Germany and being an Indian, he formed this company to help students. Coracle has an excellent track record of providing service support to the blocked account holders. You can open your blocked account in minutes, no cumbersome task is involved in the process and is significantly very easy. For the detailed analysis the chart is provided below: Coracle - German Blocked Account | Travel Insurance | Health Insurance

Blocked account comparision Chart

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