An important requirement to get your student’s visa and residence permit
As you already know, most of the German universities do not charge tuition fees. Also, the cost of living in almost all German cities is not very high. However, during the admission process, several German universities would still want to know the status of your financial resources for at least the first year of your course to issue the student visa and residence permit. In this article, we’ll tell you everything about submitting proof of your financial resources in Germany. Keep reading to know more.
Based on some calculations by different financial organisations in Germany such as the official student loans and scholarships regulator, it has been found that an international student requires at least €853 every month or €10,236 per annum to live a quality life in Germany during their study program.
How will I know if I need to submit a proof of financial resources in Germany?
Generally, every individual who applies for a German visa to enter the country needs to present a proof of financial resources or “Finanzierungsnaachweis” at the German embassy in their home country.
Check out this quick table to see if you need to present a proof of financial resources in Germany based on your home country:
Your home country
Submit proof of financial resources – Yes/No
If you’re a citizen of an EU country or Norway, Iceland, Switzerland, Liechtenstein
If you’re a citizen of a non-EU country
Yes (in case you are applying for the student visa)
Australia, Honduras, India, Israel, Canada, the Republic of South Korea, New Zealand, and the United States of America
Yes (in case you are applying for a residence permit)
Simple and easy to understand, right? We hope this helps you!
How will I prove my financial resources in Germany?
There is more than one way to prove your financial resources in Germany. Listed below are some common methods to prove your financial resource in Germany to fund your cost of living during your study program:
- Submitting a valid document of the income source and financial assets of your parents
- Opening a Blocked Account in Germany and depositing enough funds
- Guarantee from a bank
- A scholarship by a recognised organisation in Germany
- Sponsorship by a permanent resident in Germany
While you can choose a method from the methods listed above to prove your financial resources in Germany, remember that the procedure may vary depending on your home country and the requirements of the university you are applying in. Based on your specific case, the German university may ask you to present more documents to prove your financial well-being during your study program.
A “Blocked Account” in Germany
By now, you must have read about the “German Blocked Account” several times on our website. Let’s now see what the Blocked Account in Germany is all about.
The German Blocked Account is a prevalent method among international students in Germany to prove the presence of a financial resource to fund their cost of living. A Blocked Account is one of a kind bank account structured to help students deposit a certain amount of money to fund their stay in Germany during the study program.
Why is it called a Blocked Account?
The account is known as a “Blocked Account” because students cannot access it or use it before their arrival in Germany. Moreover, even after you arrive in Germany, you won’t be able to access the account directly. A bank will help you open a regular savings account and then transfer the funds from your Blocked Account to the savings account.
A Blocked Account is considered as one of the most widely accepted proofs of financial resources in Germany.
Is there a fixed amount of money that I need to deposit in my Blocked Account?
The amount of money you must have while staying in Germany is set by a regulator of grants and loans for students in Germany, also known as the Bundesausbildungsforderungsgesetz (BAfoG).
As already mentioned above, an international student must have at least €853 or €10,236 per annum to stay in Germany. However, in most of the cases, students choose to deposit more than the previously mentioned amounts to increase their possibility of getting a student’s visa and residence permit.
The income of your parents
If the earnings of your parents are enough to fund your education in Germany, you can leverage their income source proof to get a student’s visa and residence permit.
The German embassy in your home country may ask you to submit your parents’ bank statement showing that they are being paid regularly (at least three months from the time you apply for a student’s visa in Germany). You may also be asked to present a copy of your parents’ employment contract.
In case you are awarded with a scholarship in your country of origin which is equal to the funds you require for your study program in Germany, you can use it as a proof of financial resources in Germany during the visa application process. However, before you add it as a proof to your visa application form, you must collect all the relevant, valid documents from the recognised scholarship awardee.
If you want to know more about the documents you need to present to use your scholarship as a proof of financial resources, the best thing you can do is get in touch with the Germany embassy in your home country.
Guarantee by a bank
You can use a bank loan as a proof of financial resource for getting a student’s visa and residence permit at the Germany embassy. There are many banks in Germany that provide international students with student’s loans at fair interest rates.
To use a bank loan as a proof of financial resources, make sure you must solicit a ban guarantee mentioning that the bank will fund all your financial commitments in Germany during your study program.
Sponsorship from a permanent German resident
A relative, friend, or acquaintance who is a permanent resident in Germany can help you prove your financial backup in Germany.
In this case, the Germany embassy in your home country will ask the sponsor to present their income statement to assure the embassy that they will sponsor your stay in Germany.
You may provide additional proofs in these cases
There are three specific cases where the German embassy in your home country may ask you to submit a proof of additional income. These include:
- A contract or agreement with a commercial business to act as a sponsor
- A scholarship you won in your home country
- Source of the deposited funds in your bank account
Let’s know more about each of them one by one.
A contract or agreement with a commercial business to act as a sponsor
If you’re getting into an agreement with a commercial business provider in your home country to take care of your financial commitments during your stay in Germany, you may need to submit some additional documents to satisfy the German officials.
For instance, German officials may want to check the authenticity of the commercial business. They may also want to check the agreement you’ve signed. The German university that you are applying in has full rights to investigate your case.
A scholarship you won in your home country
In case you’ve won a scholarship in your country of origin, the German university would want to know more about the credibility of the concerned organisation providing the scholarship.
Source of the deposited funds in your bank account
In case you deposit a large sum in the Blocked Account, the German university you’re applying in may want to enquire about the source of the funds. For instance, you may be working in a company for several years and saved a good amount of money for your further studies.
To prove this financial source, you can present your job contract and your bank statement. This is good way to guarantee that it is your hard-earned money that you have saved to stay in Germany during your study program.
When do I need to submit the proof of financial resources?
This is a common question among international students. Many students also think that without the proof of financial resource, they cannot submit the duly filled applications. They spend a large portion of their valuable time worrying about ways to get the proofs together. However, this is not the case. You can freely apply in the university of your choice without the proof of financial resource. The proof is required at the later stages, once you receive the admission letter from the university.
The proof of financial resources comes in handy during the final stages, such as the student’s visa and residence permit applications. The Germany Embassy in your home country and the German university you’ve applied in simply need to be satisfied that you have ample money to sustain yourself during your stay in Germany.
Need more information? Here is what you can do!
If you have any more questions related to the proof of financial resources in Germany, you can contact the German embassy in your home country, the Office for International Students at the German university you are applying in, and the Foreigner’s Office in the German city you are planning to stay.
If you have more questions for us, do let us know. We’ll try to get you the relevant answers as quickly as possible. We hope this article helps you!