Germany raises proof-of-funds requirement for student visas
Germany has confirmed an increase in proof-of-funds requirements for the 2024-25 academic year.
Since 1 January 2023, the proof of funds threshold for student visa applicants has been set at €11,208 (US$12,135).
For the coming academic year, the funds required will increase to €11,904 (US$12,875), representing about a 6 per cent increase over the previous level, as per ICEF Monitor report.
The report quoting Germany’s Federal Ministry of Education and Research's Study in Germany website explains that students can meet the funds requirement in a number of ways.
“These include the submission of certified documents detailing family income and assets, producing a bank guarantee ("Bankbürgschaft"), or via the use of a blocked account.
The latter is is a bank account designed precisely for international students and offered by German banks, including Deutsche Bank and Fintiba.
The account is considered “blocked” because students cannot access it until they arrive in Germany, and then may only withdraw funds up to a specified monthly limit.”
Any of those methods may be used to obtain a "“Finanzierungsnachweis,” or proof of funds, for purposes of applying for a study visa for Germany, the report says.
The new requirement of €11,904 (US$12,875) keeps Germany near the top of the range among major study destinations and can be compared to Australia (AUD$29,710 which equates to US$19,540), Canada (CDN$20,635, US$14,930), Ireland (€10,000, US$10,680), and France (€7,380, US$7,980), says ICEF report.
In recent months, both Australia and Canada have significantly raised their financial requirements. Canada doubled its proof of funds requirement in December 2023, while Australia implemented a 20%+ increase in May 2024, marking the second increase within the same year.
Foreign enrolment in Germany reached a record high in the winter semester of 2022-23.
There were nearly 370,000 international students enrolled in Germany at that point, a 5 per cent increase compared with 2021-22, and the fifth consecutive year of growth.
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