Where Can You Open a Blocked Account?
1. Edubao
Edubao emphasises official approval, digital convenience, and strong German banking supervision, having been officially approved by the German Federal Foreign Office (Auswärtiges Amt) and the German Federal Financial Supervisory Authority (BaFin).
- Officially approved by the German Federal Foreign Office
- Open online in minutes, managed via the Edubao App
- Available for students, vocational trainees, and preparatory courses
- Deposit protection fund of up to €100,000
- Multilingual support available 24/7
- Digital opening and unblocking process
- Personalised counselling and extended support both in the home country and after arrival in Germany
Cost Structure:
Setup fee: €95.00 (mentioned in their Terms & Conditions)
Monthly fees: ~€4.90 - €9.90 (based on comparison sites)
Why Choose Edubao:
- Berlin-based provider established in 2018.
- Escrow account model.
- Strong emphasis on German banking supervision and security.
- Digital-first approach with a user-friendly app to manage and track.
- German native expertise with local support for international students in their respective countries.
- Positive reviews for customer service on social media.
2. Fintiba
Fintiba positions itself as a fast, easy, and reliable solution with instant blocking confirmation and comprehensive support.
- Instant blocking confirmation with credit card payment
- Accepted by all German embassies worldwide
- Easy money access in Germany with no city registration needed
- Multi-language human customer support responding within hours
- An account in your name at a trusted German bank with a German IBAN
- Cheap local currency transfer with Fintiba Transfer
- Free choice of current accounts
- App-based step-by-step guidance
Cost Structure:
Initial setup fee: €89.00
Monthly fee: €4.90 - €5.90
Fintiba Plus (Blocked Account + Health Insurance): Same setup fee + health insurance starting at €25.00/month
Fintiba Plus Protect (adds Liability Insurance): Additional annual fee of €55.00
Why Choose Fintiba?
- One of the most established and widely recognised providers
- Direct banking model (account in the student's name) with Sutor Bank
- Comprehensive app with step-by-step guidance
- Bundled packages with health insurance and liability coverage
- Free travel health insurance worth up to €95 with the Plus package
3. Expatrio
Expatrio markets itself as an all-in-one solution with a "Pay Less, Get More" approach, offering comprehensive services beyond just the blocked account.
- All-in-one solution for internationals coming to Germany
- Value Package with significant cashback and bundled services
- Free German bank account included
- Highly rated on Trustpilot (6,954+ reviews with "Excellent" rating)
- Comprehensive support from visa application to settling in Germany
- Cashback opportunities (€69 on setup fees + up to €90 TK-Flex cashback)
- Free travel health insurance worth up to €95
- Free digital ISIC card worth up to €18
Cost Structure:
Blocked Account setup fee: ~€49 (often with promotions)
Monthly fee: ~€5
Value Package includes additional services with cashback benefits
Why Choose Expatrio:
- Lower initial setup fee compared to some competitors
- Escrow account model (not directly in the student's name)
- Strong focus on bundled services and overall value
- Partnership with highly-rated insurance providers
- Comprehensive support throughout the entire journey to Germany
- Strong customer reviews and reputation
4. Coracle
Coracle emphasises a "Fast, Easy, Hassle-free" approach with competitive pricing and simplified processes.
- Starting price point of €59 (for basic service)
- Fast customer service with quick response times
- Simple, streamlined process
- Bundled packages are available with health insurance
- Mobile app for account management
- Positive customer testimonials highlighting responsive service
Cost Structure:
Starting at €59 (basic service)
Setup fee: ~€99 for standard service
Monthly fee: ~€8 (may vary)
Why Choose Coracle:
- Competitive pricing with basic options
- Escrow account model
- Strong focus on customer service, speed and quality
- Simple, straightforward approach
- Positive user testimonials highlighting responsive support
5. ICICI Bank Germany
ICICI Bank Germany offers the advantage of being an actual bank with a German branch, particularly convenient for Indian students.
- Direct banking relationship (not an intermediary)
- German branch of a major Indian bank
- Particularly convenient for Indian students familiar with the bank
- Physical branch presence in Germany
- Direct customer service from banking professionals
- Established banking infrastructure and security
Cost Structure:
Setup and monthly fees vary; check directly with the bank
May have different fee structures based on customer relationship
Why Choose ICICI Bank:
- Direct banking model (account in the student's name)
- Only available for Indian students
- Physical branch access in Germany
- Established banking reputation and infrastructure
- May offer additional banking services beyond the blocked account
6. Care Concept
Care Concept is primarily known as a health insurance provider that also offers blocked account services, often as part of comprehensive packages.
- Primary focus on quality health insurance with a blocked account as a complementary service
- Expertise in international student insurance needs
- Potential for integrated service packages
- Established reputation in the insurance sector
- Comprehensive support for international students
Cost Structure:
Blocked account fees are often integrated into insurance packages
Why Choose Care Concept:
- Primary identity as an insurance provider.
- It may be particularly advantageous if seeking both insurance and a blocked account.
- Established reputation for international student services.
- Potential for bundled savings.
7. Studely
Key Features & USP: Studely caters specifically to international students with a focus on certain regions, particularly French-speaking countries.
- Specialised focus on international student needs
- Regional expertise for specific countries
- Online blocked account services
- May offer region-specific support and guidance
Cost Structure:
Varies; check directly with the provider for current rates
Why Choose Studely:
- Regional specialisation may be advantageous for students from certain countries
- Check acceptance rates with specific German embassies
- Consider whether regional expertise is valuable for your situation
8. Kotak Mahindra Bank (India)
An Indian bank that provides blocked account services primarily for Indian students planning to study in Germany.
- A familiar banking system for Indian students
- Services tailored to the Indian market
- Potential for easier account setup for Indian nationals
- Understanding of the specific needs of Indian students
Cost Structure:
Varies; check directly with the bank for current rates
Why Choose Kotak Mahindra Bank:
- Operates without a direct German banking license.
- Potential for scrutiny from German authorities.
- Important to confirm acceptance with the specific German embassy/consulate.
- It may be convenient if you are an Indian citizen already banking with Kotak.
- Consider potential risks regarding acceptance by the local Foreigners' Authority in Germany.
These providers act as intermediaries or direct service providers, sometimes partnering with German banks to hold your funds. They typically charge an initial setup fee and may have small monthly service fees. Always compare the latest terms and conditions.
Disclaimer: This table provides a general overview based on information available in early 2025 and is for comparative purposes only. Fees, services, processing times, and terms can change. Always verify all details directly with the provider and the responsible German embassy/consulate before making any decisions or financial commitments. User experiences and acceptance can vary. Information was compiled from provider websites, user feedback was provided based on online reviews submitted by people, and expert reviews were provided where available.
Choosing a Provider:
When selecting a provider, consider factors like:
- Acceptance by German Embassies: Ensure the provider is recognised and accepted by the German embassy or consulate in your country.
- Fees: Compare setup fees and monthly charges.
- Processing Time: How quickly can the account be opened and the confirmation issued?
- Ease of Application: Is the process fully online and user-friendly?
- Customer Support: Is support available in your language and responsive?
- Additional Services: Do they offer bundled packages (e.g., health insurance, current account) that might be beneficial?