The German government has announced a 6% increase in the proof-of-funds requirement for international student visa applicants, effective for the 2024-25 academic year. The new threshold of €11,904 (US$12,875) is a modest rise from the previous level of €11,208 (US$12,135), set in January 2023.
This change aims to align with the country’s cost of living and ensure students can support themselves during their studies. To meet the requirement, students can submit certified documents detailing family income and assets, produce a bank guarantee, or use a blocked account offered by German banks.
The blocked account, offered by German banks like Deutsche Bank and Fintiba, is a specialized account designed for international students. It’s considered “blocked” because students can’t access it until they arrive in Germany, and then can only withdraw funds up to a specified monthly limit.
Germany’s proof-of-funds requirement remains competitive with other major study destinations, such as Australia (US$19,540), Canada (US$14,930), Ireland (US$10,680), and France (US$7,980). Notably, Australia and Canada have recently announced significant increases to their funds requirements.
The move comes as international student enrollment in Germany reaches a record high, with nearly 370,000 foreign students enrolled in the winter semester of 2022-23, marking a 5% increase from the previous year. The increased proof-of-funds requirement may impact international students’ decision to study in Germany. However, the country’s high-quality education system, cultural experiences, and post-study work opportunities continue to attract students from around the world.
