Comparison among Blocked Accounts of Germany.
An international student planning to go to Germany for education needs to start a blocked account after getting a University admission letter from the college/university. Some universities make it mandatory for international students to open their blocked accounts to cover living expenses while studying in Germany. A student often has five options for choosing the company to open their blocked account:
Expatrio - Apply Now
Coracle - Apply Now
Fintiba - Apply Now
RemitX - Apply Now
ICICI Bank - Apply Now
All these companies have different program fees, monthly fees, buffer amounts, processing time, and additional terms and conditions. The only similarity among all the companies is the same procedure they follow and accept payment in INR. If we talk about the best company, it is Expatrio, whereas if we talk about minimum processing speed, it is Fintiba. Some of the comparisons are as follows;
Program fee: Now, if we compare the program fee of all the companies, Expatrio has a minimum fee of €49, whereas other companies like Coracle charge €99, Fintiba & Remitx cost €89, and ICICI costs €150.
Monthly fee: Every company has a different monthly fee structure. Coracle and ICICI cost €0, Expatrio and Remitx charge €5, whereas Fintiba costs €4.9.
Buffer amount: Buffer amount is used to cover unexpected expenses. Coracle cost €0, whereas Fintiba, Expatrio, ICICI Bank & Remitx cost €100. The Buffer amount will be released along with your first installment subtracted any transfer charges.
Account opening: The time consumed by companies to open a blocked account after completing an online application varies from company to company. Fintiba & ICICI open your blocked account instantly after the online application, although Remitx & Expatrio takes 1 to 2 days, whereas Coracle proceeds in just two hours.
Processing time: Once your blocked account is activated, you must fund the amount on IBAN given to you by the bank. And, then the bank will issue you a Confirmation Certificate. This entire process takes up to two days, depending on the company. Expatrio, Fintiba & ICICI completes the process instantly, whereas Coracle & Remitx takes up to one to two days.
Current account option: On arrival in Germany, the company gives you various bank options to activate your account. The choice for selecting a bank is offered only by Expatrio, Fintiba, & ICICI. Coracle & Remitx doesn't provide any offer to choose any particular bank. You must select the bank and tell the company by yourself in the case of Remitx & Coracle.
Refund charges: If you decide not to attend the college/ your visa is refused, you can refund your blocked account amount. Refund charges vary from company to company. Coracle costs €0, Fintiba & Remitx cost €89, Expatrio charges €109, and ICICI costs €25 to €150.
Refund time: The speed of the refund depends on the company that you have chosen. For example, if you select Expatrio/Fintiba, you will get your refund in four weeks, but if you pick Coracle, the company will initiate a refund in 3-4 weeks. However, Remitx will release your refund in one week.
SPL: Fintiba is the only company allowing students under 18 to open their blocked accounts.
