Germany Hikes Proof-of-Funds for Student Visas

Short on Time? Here Are Highlights:

• Germany is raising its financial requirements for students by just over 6% for the upcoming academic year.
• This adjustment keeps Germany competitive with other major study destinations, including those in Europe.

The German government has announced a slight increase in the proof-of-funds requirement for the 2024/25 academic year. Starting January 1, 2023, students applying for a visa were showing €11,208 (US$12,130). For the new academic year, this amount will rise to €11,904 (US$12,885), marking a 6% increase.

According to the Federal Ministry of Education and Research’s Study in Germany website, students can meet this requirement in several ways. They can submit certified documents showing family income and assets, provide a bank guarantee (“Bankbürgschaft”), or use a blocked account.

A blocked account is a special bank account for international students offered by German banks like Deutsche Bank and Fintiba. Students can’t access this account until they arrive in Germany and then can only withdraw a set amount each month.

Any of these methods can be used to get a “Finanzierungsnachweis,” or proof of funds, needed to apply for a student visa for Germany.

The new requirement of €11,904 (US$12,885) places Germany among the top countries for financial requirements, compared to Australia (AUD$29,710 or US$19,537), Canada (CDN$20,635 or US$14,930), Ireland (€10,000 or US$10,680), and France (€7,380 or US$7,980). 

Recently, both Australia and Canada have significantly increased their financial requirements. In December 2023, Canada nearly doubled its proof of funds amount, while Australia announced a 20%+ hike in May 2024, their second increase within a year.

Germany saw a record number of foreign students in the winter semester of 2022/23, with nearly 370,000 international students enrolled. This number represents a 5% increase from 2021/22, marking the fifth consecutive year of growth.