Study Abroad: Germany Increases Financial Requirements for Visa

Germany has changed student visa requirements. Applicants are now required to have atleast  €11,904 to be eligible for Germany visa from 1st September 2024. Financial stability is an important criteria to get a work and study visa in the European country. However, its not going to affect the number of international students planning to study in Germany. 

Since, 1st January 2023, the proof of funds limit for student visa applicants has been set at €11,208 and now it has increased to €11,904. This is about 6% increase over the previous levels. 

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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 requirements include the submission of certified documents giving details about family income and assets producing a bank guarantee or via the use of a blocked account. 

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Blocked account is a bank account designed specially for international students and offered by banks and service providers including Expatrio, Coracle, and Fintiba. This account is considered blocked because students cannot access until they arrive in Germany. 

The new fund requirement of €11,904 keeps Germany near the top of the range among major study destinations. Both Australia and Canada have announced substantial increases to their funds requirement over the previous months. Canada effectively has doubled its proof of funds requirement in December 2023 and Australia has announced a 20% increase in May 2024. 

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