Germany Increases Proof-of-Funds Requirement for Student Visas: Essential Information on Germany Student Visa Proof of Funds
Germany is all set to increase the existing proof-of-funds requirement for student visas for the 2024-25 academic year. The threshold for proof of funds has been €11,208 since 1 January 2023. With the new academic year, it would be hiked to €11,904, a near 6% rise over the previous level. This development comes as Germany remains in the process of managing and further supporting its international student numbers, says ICEF Monitor.
New Funding Proof Requirement
The German Federal Ministry of Education and Research provides several options on the Study in Germany website to meet the updated funding requirement.
Attested Documents: A student may present attested documents that explain family income as well as other sources of income or enrichment.
Bank Guarantee: This could also be in the form of a pure bank guarantee, “Bankbürgschaft.” This flows from the bank and assures that the student has got enough means.
Blocked Account: This is one of the available options, and it is especially meant for foreign-born students. Banks like Deutsche Bank and Fintiba offer blocked accounts. What that means is that the “blocked account” is one which is not accessible to the student until they get to Germany, after which the funds are made available in monthly calendar installments of up to a certain limit.
Comparison with Other Study Destinations
The new proof-of-funds requirement is €11,904 ($12,875), which keeps Germany competitive vis-à-vis other countries among the top study destinations. Contrast with the following:
Australia: AUD$29,710 ($19,540)
Canada: CDN$20,635 ($14,930)
Ireland: €10,000 ($10,680)
France: €7,380 ($7,980)
Elsewhere too, there have been landmark hikes. Australia doubled its proof of funds requirement in December 2023, while Australia recorded a second hike—around May 2024—of over 20%.
Record Enrollment
Nevertheless, Germany continues to be a favored destination for international students. Germany is becoming all the more popular, and the official figures already went up almost by 370,000 foreign students, which is an increase of 5% from last year in the winter semester of 2022-23. That relates to the fifth time in a row when the number of foreign students to Germany shows an upward trend.
