Germany has recently announced an increase in the financial requirements for international students seeking to study in the country for the 2024/25 academic year.
This adjustment raises the proof-of-funds threshold to €11,904 (US$12,875), reflecting a modest increase of just over 6% from the previous requirement of €11,208 (US$12,135) that was set on 1 January 2023.
The proof-of-funds requirement is a crucial component of the student visa application process in Germany. It is designed to ensure that prospective students have adequate financial resources to support themselves during their studies.
Read also: Everything you need to know on how to apply for Germany’s opportunity card
The Federal Ministry of Education and Research, through its Study in Germany website, outlines several ways in which students can fulfil this requirement.
These include the submission of certified documents that detail family income and assets, obtaining a bank guarantee (“Bankbürgschaft”), or utilizing a blocked account.
The blocked account is a specific financial instrument tailored for international students. Offered by banks and service providers like Expatrio, Coracle, and Fintiba, the blocked account restricts access to the deposited funds until the student arrives in Germany.
Upon arrival, students can only withdraw funds up to a predefined monthly limit, ensuring that they have sufficient resources throughout their stay.
The new financial threshold of €11,904 keeps Germany among the top countries with strict financial requirements for international students. When compared to other major study destinations, Germany’s proof-of-funds requirement remains competitive.
Read also: Top 8 Schengen countries with highest multiple entry visa issuance
For instance, Australia requires AUD$29,710 (US$19,540), while Canada’s requirement is CDN$20,635 (US$14,930). In Europe, Ireland requires €10,000 (US$10,680), and France has set a threshold of €7,380 (US$7,980).
Notably, both Australia and Canada have implemented significant increases in their proof-of-funds requirements in recent months, with Canada nearly doubling its requirement in December 2023, and Australia announcing a more than 20% increase in May 2024.
Germany continues to be a popular destination for international students, with foreign enrolment reaching a record high during the winter semester of 2022/23.
Nearly 370,000 international students were enrolled in German institutions during that period, marking a 5% increase compared to the previous academic year and representing the fifth consecutive year of growth in international student numbers.
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