Germany confirms increase in proof-of-funds requirements for student visa applicants
- Germany has increased its financial requirements by just over 6% for the coming academic year
- This keeps the country on a competitive footing with other major study destinations, including those in Europe
The German government has confirmed a modest 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% increase over the previous level.
The 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 banks and service providers, including Expatrio, Coracle, 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 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). Both Australia and Canada have announced substantial increases to their funds requirements over the past several months. In December 2023, Canada effectively doubled its proof of funds requirement. And Australia announced a 20%+ increase in May 2024 – the second such increase within a 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% increase compared with 2021/22, and the fifth consecutive year of growth.
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