"VAN" (International Desk) :: The Federal Foreign Office of Germany has increased the amount of money that foreign students wishing to study in Germany need to attest owning, for nearly 20%. While up to now, international students needed at least 8,640 euros deposited in a blocked account in a bank in Germany, now the amount has increased to 10,236 euros.
“From 1 January 2020, the presumed annual requirement that must be paid into the blocked account when applying for a visa will increase to 10,236 euros. This increased amount applies to all visa applications submitted from 1 September 2019,” the Federal Foreign Office said in a notice published on their website.
Proof of sufficient financial means is one of the main requirements for a Student Visa for Germany and a Blocked Bank Account is the most common and efficient way to do so. The amount of money required to be deposited is calculated to cover the living expenses, thus meeting the requirement to have the necessary financial means to live in Germany as a student for a year.
Once in Germany, students can then withdraw a certain amount of money monthly. While this amount is currently 720 euros, it will increase to 853 euros from September 1, this year.
The Federal Foreign Office of Germany highlights that a blocked account only ensures that sufficient funds to cover living expenses are always available and it does not entitle the student to withdraw money from the blocked account.
Not every bank in Germany offers the opportunity of opening a blocked bank account for students. One of the banks that do so is Fintiba and the Deutsche Bank.
There is a whole procedure that one must follow in order to open a blocked account, including completing an application form and submitting a few documents to the bank.
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