Updated On: 07 August 2024
Germany Raises Proof-of-Funds Requirement for Student Visas
Within the jurisdiction of Germany, there has been an announcement pertaining to the increase of funds needed for proof-of-funds starting from 2024 up to 2025 academic year. Starting January 01st, 2023 student visa applicants must show proof of possessing at least EUR 11208 (in US dollar terms this is around USD 12135). According to ICEF Monitor, in 2025 the necessary payment will go up to EUR11904 (made indistinctly US dollar wise); thus, standing at 6% higher than earlier figure. This is a significant adjustment from their side which aspiring students hoping to travel there should take note of and make necessary plans before going there to study.
Germany’s Recent Change: Germany raises proof-of-funds requirement for student visas
The report from Germany's Federal Ministry of Education and Research's Study in Germany website outlines multiple options for students to fulfil the fund's requirement.
"These requirements include providing verified documentation of family income and assets, obtaining a bank guarantee ("Bankbürgschaft"), or utilizing a blocked account. The blocked account, offered by German banks such as Deutsche Bank and Fintiba, is specifically tailored for international students. This account is termed "blocked" because students are unable to access it until they arrive in Germany and can only withdraw funds up to a predetermined monthly limit."
Did You Know: Germany ranks second best destinations for higher education
The report says any of those methods may be used to obtain a "Finanzierungsnachweis" or proof of funds, to apply for a study visa for Germany.
Germany remains one of the top study destinations with a new requirement of €11,904 (US$12,875), a cost comparable to other popular destinations like Australia (AUD$29,710 or US$19,540), Canada (CDN$20,635 or US$14,930), Ireland (€10,000 or US$10,680), and France (€7,380 or US$7,980), as stated in the ICEF report.
Similar Updates from around the Globe:
Both Australia and Canada have recently made significant increases to their financial requirements. In December 2023, Canada doubled its proof of funds requirement, while Australia followed with a 20%+ rise in May 2024. Meanwhile, in the winter semester of 2022-23, Germany experienced a record high in foreign enrolment, with nearly 370,000 international students, marking a 5 per cent increase compared with the previous year and the fifth consecutive year of growth.
Reach out to SIEC for Application inquiries and assistance.
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