Proof of financial resources: 8,700 euros for one year
Before you begin your studies, you will have to prove that you have enough money to support yourself. The document you need is called a “Finanzierungsnachweis”, or proof of financial resources. You are asked for it when you apply for an entry visa. At the latest, you will need to present it when you apply for a residence permit in Germany. In most cases, applicants have to prove that they have around 8,700 euros (starting from 01/01/2020 around 10,000 euros) at their disposal for one year.
by the Editors
There are a number of ways to show that you can finance your studies. The following forms of proof are possible:
- Your parents can submit documents certifying their income and financial assets.
- Someone with permanent residence in Germany can guarantee the Alien Registration Office to cover your expenses.
- A security payment can be deposited into a blocked account.
- You can present a bank guarantee.
- You can present a scholarship award notification from a recognised scholarship provider.
Make sure to inquire at the German embassy in your country as to which form of financial proof is required!
If you would like to work in Germany, there are certain rules you have to observe as an international student. A part-time job can provide some extra spending money, but it won’t earn you enough to cover all your living expenses.
Tips for opening a blocked account
Many international students use a blocked account to finance their studies in Germany. It’s called a “blocked account” because the money deposited into the account cannot be withdrawn until you have arrived in Germany.
It is relatively easy to open a blocked account. There are a few points you should remember:
1. Apply early enough
You can open a blocked account at the “Deutsche Bank” or the "Fintiba", for example. It usually takes just a week for the paperwork to be processed. It can take much longer, however, when the semester begins. That’s why we recommend completing the application for a blocked account well in advance. To obtain an application, send an e-mail to the Deutsche Bank at email@example.com or open an online account on the Coracle website or on the Fintiba website or the x-patrio website.
2. Have the application and required documents certified
The next step is to have the completed forms and a copy of your passport certified by a German consulate general or the German embassy in your country. Only then should you send your documents to the Deutsche Bank. Please note: Do not send your documents as attached scans by e-mail or by fax; the bank only accepts originals.
Deutsche Bank Privat und Geschäftskunden AG
Service Center Hamburg / Ausländische Studenten
Alter Wall 53
3. Open your account
If your documents are in order, the bank sets up a blocked account for you. This costs a one-time fee of 50-150 euros. As soon as your account is ready, you have to deposit at least 8,700 euros (starting from 01/01/2020 around 10,032 euros) into it.
4. Withdraw money
Once you’ve arrived in Germany, you should make an appointment in a branch office of your bank. (It doesn’t have to be the “Deutsche Bank” – there are various banks in Germany, e.g. “Sparkasse” or “Volksbank”.) The bank officer will help you get an EC card, with which you can withdraw money from cash machines, and provide you with your login data for online banking.