Germany Hikes Blocked Account amount for International Students from September

Studying abroad in Germany is a dream for many international students. However, before you can embark on this journey, there are several important financial prerequisites you need to fulfill. One of the most crucial aspects is proving that you have sufficient funds to support yourself during your studies.

Financial Requirements for a Student Visa

Students from non-EU countries must demonstrate that they have enough money to be eligible for a student visa. From September 2024, the amount required will increase, reflecting the latest adjustments based on the BAföG rate, Germany’s financial aid program for students.

To meet these requirements, students often need to show proof of parental income or a commitment letter from a sponsor willing to cover their expenses. However, the most common and widely accepted method by German authorities is opening a blocked account.

What is a Blocked Account?

A blocked account is a special type of bank account where you deposit your savings and can withdraw a fixed amount each month. This ensures that you stay within your budget and have enough money to support yourself throughout your studies.

Starting from September 1st, 2024, international students will need to deposit €11,904 per year into their blocked account, which translates to €992 per month. If your visa type requires more funds, such as for training, apprenticeship, or language acquisition, you will need 10% more, amounting to €13,094.40 per year or €1,084 per month.

Setting Up a Blocked Account

You must open your blocked account while still in your home country. Some of the recognized providers for blocked accounts include Expatrio, Fintiba, Coracle, Studely, and ICICI Bank (India only). Each provider has different fees and features, so it’s advisable to compare them before making a decision.

The application process typically involves filling out a form and providing proof of identity, source of funds, and acceptance into a German study program. Although confirmation of your blocked account usually takes about a week, you will only be able to access the funds once you arrive in Germany and set up a local checking account.

Activating Your Blocked Account

To activate your blocked account, you will need your German bank account information, address registration (Anmeldung), and residence permit. It’s essential to have an alternative source of funds available until your account is fully operational. Once activated, the maximum monthly amount will be transferred into your checking account for your use.

Working in Germany During Your Studies

The good news for international students is that you are allowed to work during your studies to supplement your income. Students from non-EU countries can work up to 280 half days or 140 full days per year, with a half day counting as four hours of work and a full day as eight hours.

Alternatively, you can work up to 20 hours per week during the term, potentially earning around €250 per week at the minimum wage rate. During vacation periods, there are no restrictions on the number of hours you can work, provided you comply with German employment laws.

Additionally, with the ‘application to study’ visa (Visum zur Studienbewerbung), prospective students can now come to Germany and work for up to nine months before starting their university courses, provided they have sufficient German or English language skills.

Understanding and meeting the financial requirements is a critical step for international students planning to study in Germany. By setting up a blocked account and knowing your work rights, you can ensure that you have the necessary funds and opportunities to support yourself throughout your academic journey.

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