Updated Financial Criteria for German Student Visas Announced
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The German government has once again confirmed a marginal increase in the proof-of-funds requirement for the 2024/25 academic year. The amendments to the proof-of-funds rules have been enforced annually since 1 January 2023, with the acceptable amount for student visa applicants currently set at €11,208 (US$12,135). For the next academic year, the required amount will be €11,904 (US$12,875), representing a slight increase of about 6%.
According to “Study in Germany”, the official website of the Federal Ministry of Education and Research, students can meet the proof-of-funds requirement in several ways. These include providing certified records of family income and assets, submitting a bank reference (often in the form of a bank guarantee, or “Bankbürgschaft”), or using a blocked account.
A blocked account is a type of bank account designed specifically for international students and is offered by banks and service providers such as Expatrio, Coracle, and Fintiba. The account is considered “blocked” because students cannot access the deposited money until they arrive in Germany, and even then, they are only permitted to withdraw a fixed amount each month.
Any of these methods can be used to secure a “Finanzierungsnachweis,” or proof of funds, as part of the process of applying for a German student visa.
The new threshold of €11,904 (US$12,875) places Germany slightly in the upper range of study destination countries. This can be compared to Australia (AUD$29,710, US$19,540), Canada (CAD$20,635, US$14,930), Ireland (€10,000, US$10,680), and France (€7,380, US$7,980). Both Australia and Canada have recently announced that their proof-of-funds requirements will increase significantly in the coming months. In December 2023, Canada tripled its minimum required amount for all proof-of-funds purposes, while Australia committed to a 20% increase in May 2024, marking its second such increase in less than 12 months.
It is also worth noting that Germany’s international student population grew to a record high in the winter semester of 2022/23. International enrolments reached nearly 370,000 at that time, a 5% increase over the 2021/22 academic year, marking the fifth consecutive year of growth in international student numbers.
Source: ICEF MONITOR
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