How to Apply for the Blocked Account?

You can simply use the below link for applying blocked account on our website.
Link: https://www.coracle.de/blocked-account/application

What are the documents required to open the Blocked Account?

We require only your passport to open a blocked account. For some nationals, our partner bank might require additional identification document such as National ID or admission letter, etc.,

What option should I select, if I am using the blocked account for Family reunion visa??

You can simply select the applicant type as “Gastgeber Host”, while filing the application.

Can I open the blocked account, if I am already in Germany?

Yes, you can open blocked account with us, even though, you are already in Germany. The process is the same.

Once I submit my information, how long does it take to open the account?

It takes a maximum of 24 hours. If the application is submitted during our office hours, you will receive an opening confirmation within a few hours.

Why should I apply for the Blocked Account with Coracle?

We offer blocked account at low cost, best customer service and account confirmation in the same working day.

Can I block more than 861 Euros a month?

Yes, we will allow the blocking of more than the current required monthly amount after reviewing the reason for blocking this excess amount, for more details write to us at support@coracle.de or call us on +49 40 60775010.

Can I change the monthly blocked amount after transferring the funds?

Yes, you can change the amount as per the embassy requirement and there are no charges incurred for these changes. You can write to us at support@coracle.de or call us on +49 40 60775010, for more information.

Why the sender documents are required for transferring?

For compliance reasons, our partner bank requires the ID document, if someone else is transferring the funds to your blocked account. To easy the money-in process, we request you to update the sender detail with us (Follow the instructions in account opening email).

What are the required documents for the sender details?

We require sender passport before the transfer. For some nationals, we might also require additional documents, such as sender national photo ID.

How can I upload the sender details on the portal?

We request you to follow the instructions included in the account opening confirmation email. There we have listed all the details of the sender documents upload process.

How many days it will take to verify the sender documents?

Sender documents will get validated within 24 hours after updating them in the portal.

Should I upload any additional documents, if I transfer the funds from my own bank account?

No, if you are transferring funds from your own account, then there is no need to upload any details.

How long does it take to issue the Blocked Amount confirmation letter?

It is issued as soon as the required funds reach the blocked account. Be aware that the transaction speed completely depends on the sender bank / remittance service provider. Usually takes around 3-5 working days. Via some online providers, it is faster. Sometimes via smaller local banks takes upto 7 working days.

How can I cancel the account?

Simply write to us at support@coracle.de with your application ID and proof that your blocked account can be release.

How much does it cost me?

Just 99 Euros for upto 1 year. For the extension, 60 Euros / year.

Is there any cancellation fee?

There is no additional fee for cancellation. If your visa is rejected, we will refund the blocked account fee as well.

What is the buffer amount?

Your home bank or financial service provider take up a forex charge on the amount you transfer. So, it is better to transfer a little more than the required blocked amount. We will transfer the rest of the buffer amount to you in our first transaction.

How do I transfer the funds to the blocked account?

You can transfer the funds using local Bank or Online payment services or Forex services to the blocked account.

Can someone transfer funds to the blocked account?

Yes, the funds can be transferred by your parents or relatives, we request you to follow the instructions included in the account opening confirmation email. There we have listed all the details of the sender fund transfer process.

Is it possible to transfer the amount in different currency of my home country?

No, your blocked account is a EUR account. We recommend you to transfer the amount only in Euro to avoid transfer problems.

Is there any time limit to transfer the funds?

No, there is no time limit to transfer the funds to the blocked account.

Can I deposit the funds in cash?

No, we do not accept the funds in cash. We advise you to transfer the funds through local bank or forex services. For more details, kindly write to us at support@coracle.de or call us on +49 40 60775010, for more information.

How much time will it take to receive the confirmation letter after the amount is transferred?

An international transaction might take 3-5 working days. In case you transfer the funds from Germany / SEPA region, it takes 1-2 business days to receive the confirmation letter for the visa process.

Can I get the confirmation documents by post?

No, it is not required, we will send the confirmation letter to your registered email ID, and the printout of the confirmation certificate is sufficient for the visa process.

How many days will it take to transfer the funds to my current account?

Once you upload the details to our portal, it might take a maximum of 7-14 business days to receive the first pay out.

Will I get the excess amount along with the first pay out?

Yes, you will receive the excess amount in your first pay out.

Can I stop the pay outs for some months and then activate again later?

No, it is not possible. We cannot stop the pay outs without the confirmation from mission abroad or competent foreigners’ authority (Ausländerbehörde).

How do I activate my blocked account?

You can activate your blocked account by updating your account details that supports SEPA transfers on the portal.
Portal Link : https://www.coracle.de/blocked-account/application/user

What are the documents required to unblock the funds?

We require IBAN proof (current account IBAN), immigration entry stamp. In case, you are already in Germany and applied blocked account for visa extension, IBAN Proof alone is sufficient to unblock the funds.

Can I unblock the funds from my home country?

No, you cannot unblock your funds from home country. You can unblock the funds only upon reaching Germany.

What should I upload, if my passport is not stamped by immigration control?

You can upload the copy of your flight ticket, in case your passport is not stamped with the arrival date.

Can you unblock the funds to my brother or friend’s account?

No, we cannot unblock the funds to a bank account that does not belong to you.

Where can I open the current account?

You can open the bank account in any bank of your preference in Germany, popular choices among students are N26, Targo Bank, Vivid Bank etc.

Are there any monthly charges for transferring funds to the current account?

No, there is no monthly charges to transfer the monthly pay out.

Can I change the current account details after activation?

Yes, you can change the account details after activation, kindly send your new IBAN proof (account opening letter /debit card) to support@coracle.de to change the current account details.

Is it possible to extend the blocked account after unblocking the funds?

Yes, it is possible. In order to extend the blocked account, please write to us at support@coracle.de or call us on +49 40 60775010.

How to extend my blocked account?

Simply write an email to us at support@coracle.de, along with the information on how many months the account needs to be extended and the amount that need to be blocked monthly to extend your blocked account.

What are the fees for extension?

We just charge 60 Euros for another 12 months extension. There are no monthly fees.

When will be my pay out getting started, after extension?

By default, your pay out will get started from the forthcoming month after the required funds are received in the blocked account for extension. If you wish to postpone the activation for any reasons, you can write to us at support@coracle.de or call us on +49 40 60775010.

What is a Sperrfreigabe and why it is mandatory for releasing fund?

Sperrfreigabe is a confirmation letter from Embassy stating that they have no objections to release the funds. The blocked account may only be closed with the consent of the blocked account beneficiary. The blocked account beneficiary is either the mission abroad or after entering Germany, the competent foreigner’s authority. You can get more details by visiting this website: https://www.auswaertiges-amt.de/en/sperrkonto/388600

How do I get the Sperrfreigabe, if the Embassy is closed?

If the German Embassy / Consulate is closed, you can try to contact them via email, to get the release letter (Sperrfreigabe). We can accept email proof from Embassy as a confirmation to refund the blocked funds.

Do I need to provide Sperrfreigabe even, if I do not submit the visa application but have transferred funds?

Yes, if in case, you have transferred funds to your blocked account, then you have to provide the Sperrfreigabe, even though, you have not submitted visa application in order to get a refund.

How to close the account and get the fund back, if I have withdrawn my visa application?

If you have withdrawn your visa application, contact your local German Embassy / Consulate to get the Sperrfreigabe for the refund process.

Will you provide any documents in order to check with embassy for Sperrfreigabe?

Yes, we can help you with a sample request letter which can be provided to the Embassy to get a Sperrfreigabe. For more details, you can simply write to us at support@coracle.de or call us on +49 40 60775010.

How long will it take to close and get my funds back?

On an average it takes 3-4 weeks to complete the process. This includes, verifying the closing request, Sperrfreigabe, sender account details, where the funds are originated.

Do I have to pay a fee for the refund?

No, we do not charge any additional fee for the refund process. Bank transfer charges will be booked by the bank from the amount that gets transferred. Your local bank might charge for the forex conversion.

If I need any support, whom should I contact?

You can simply write us at support@coracle.de to get the support from our team or call us on +49 40 60775010.

What does the law firm do?

Our partner law firm oversees and manages the Postbank blocked account (escrow) in accordance with the German regulations.

Who is Lemonway?

Lemonway collects and routes the funds sent, by using BNP payment services in order to register and reconcile these funds on their own payment account.

Is Coracle a Bank?

No, we are not a bank. We help you to open a blocked account in co-operation with our established partner banks BNP Paribas (Lemonway) and Postbank.

Is Coracle blocked account confirmation is accepted by the embassy?

Yes, Coracle blocked account confirmation is officially approved by German authorities and accepted by all the German consulates.

Where is my money deposited?

Your funds are deposited at one of our established partner banks Postbank and BNP Paribas (Germany).

Is my money safe?

Yes, our partner Lemonway is obliged by the regulator to hold all money received on behalf of its clients on a separate, segregated, ring-fenced accounts, which is held with BNP Paribas. For Postbank accounts, the funds are in Escrow account on your behalf, controlled by law firm. Coracle or any other third party, cannot access your funds.

Why do you have two partner banks?

To provide possibility to offer blocked account for students coming from all countries, we work with two banks. With combination of two partners, we are able to offer blocked account to students coming from certain countries (Iran, USA, Nigeria etc.,) and minors.

Why sometimes additional information, documents are asked?

To comply with strict regulations, our partner Lemonway is extensive compliance checks, KYC (Know Your Customer), PEP (Politically Exposed Person) & AML (Anti Money Laundering) procedures of all funds credited to the accounts. Because of this, in some situations, additional documents, information is asked.

Is Direct Debit allowed on the blocked Amount / Account?

Sorry, to protect your funds and maintain access control, our blocked accounts does not allow any direct debits (SDD). You should open a current account to have such functions.

Can I get my fund transferred back to different account in case of visa rejection?

No, due to compliance and AML (Anti Money Laundering) regulation, the funds can only be transferred back to where it originated (Source account).

Can I get more than the blocked amount?

Each month you will be disbursed only the blocked amount for each month. Any excess amount that is not blocked will be released to you in the first pay-out. IMPORTANT: Please note that it is not possible to disburse any additional funds to you during your stay here in Germany.

Can I withdraw the money all at once from the blocked account after arrival?

No, the money cannot be released fully from your blocked account without the confirmation from mission abroad or the competent foreigner’s authority (Ausländerbehörde).

Do you provide any interest for the blocked account?

No, there are no interest for the funds in your blocked account.

How can I check the status of my Blocked account?

You can verify your blocked account status by using the below link
https://www.coracle.de/blocked-account/application/verification. For more details, you can also write to us at support@coracle.de or call us on +49 40 60775010.

Can I pay my rent and Insurance premium using Blocked Account?

No, as mentioned above, you cannot not use your blocked account for paying rent or any other payments. Direct debit or any other methods to access funds is not allowed.