8,000 PER ONE YEAR OF STUDIES
Before you begin your studies in a German University, you are obliged to demonstrate that you have enough money at your disposal to financially support yourself throughout the academic year. You will need an official document called a “Finanzierungsnachweis”, which is written proof of your financial income. This must be given when you, as a prospective student, apply for an entry visa to Germany. The latest time you can do this is when you apply for a residence permit. In general, potential applicants must demonstrate that they have approximately 8,000 euros which is expendable. If you need assistance referring to what financial proof is required of you, you can contact the German embassy present in your specific country.
There are an array of various ways to prove that you can sustain the cost of your studies. The following are a few of these permissible methods of authentication:
- Your parent(s)/guardian(s) can submit documents guaranteeing their annual income and financial assets.
- Someone with permanent residency in Germany as a German citizen can contact the Alien Registration Office so that they can then cover all expenses which you may incur.
- A security payment, whether from you as a student or someone else, can be deposited into a blocked account, meaning that this will not be accessible until you are present in Germany.
- You can present a bank guarantee, which will ensure that the payment will be made as long as any services are performed
- It is possible that you have been awarded a scholarship award from a certain provider: you can present this notification providing that the scholarship provider is a recognized one.
If you intend to work in Germany while an international student, there are certain rules you must abide by. Although a part-time job can contribute towards your personal income, it will almost certainly not provide enough income to cover all living expenses.
HOW YOU CAN OPEN A BLOCKED ACCOUNT
Various international students use what is called a “blocked account” as a means of financing their studies. A blocked account ensures that any money which you are someone else, on your behalf, has deposited into the account cannot legally be withdrawn until you are present in Germany.
The steps towards opening a blocked account are relatively simple, although there are specific points that you must remember:
As an international student, you can then open your blocked account at a specified bank: for example, you can open it at the “Deutsche Bank”. Once semester begins, it can take a while before your paperwork is processed, so it is essential that you complete this application before any formal education begins, as completing it in advance ensures that your money will be accessible before the academic year begins. To obtain an application, and receive it in a pdf or by mail, you can send an email to the Deutsche Bank application office at email@example.com.
2. Certification of application and documents
You must have all completed forms and a certified copy of your passport. Your passport can be certified by a member of the German Embassy in your country or by a German Consulate General. When you have ensured that this step is complete, you can then send your fully completed documents to the via mail to Deutsche Bank: please remember that all banks only accept original documentation, so do not send any documents that you have copied via a scanner by email or fax. The following is where you should send your documents:
Deutsche Bank Privat und Geschäftskunden AG
Service Center Hamburg / Ausländische Studenten
Alter Wall 53
3. Opening your account
Once you are certain that all specific documents are permissible, the bank will set up a blocked account for you with which you will be charged with a one-time payment of 50 euros to provide for paperwork and processing fees. Once your account is ready, you must deposit at least 7,908 euros.
4. Withdraw money
Upon arrival in Germany, it is essential that you make an appointment at a branch office of your designated bank: they will provide you with an “EC Card”. An EC card allows you to withdraw money from various ATMs, and will provide you with login data for your online banking.