Germany will increase the blocked account to be maintained by the international students for living expenses starting from 01 September 2024. This change will see the required sum rise to €11,904 per year, reflecting a 6.2% increase from the current requirement of €11,208. The monthly withdrawal limit will be adjusted to €992, ensuring that students can cover their living expenses adequately.
This update is part of the German Government’s regular adjustments to align with the rising cost of living and inflation rates. The blocked account is a mandatory financial prerequisite for obtaining a student visa in Germany. It guarantees that students have sufficient funds to support themselves during their stay, covering essentials like accommodation, food and health insurance.
The German Academic Exchange Service (DAAD) and various German Missions abroad have confirmed this new requirement. The blocked account mechanism is a critical part of this strategy, offering a structured way for students to access their funds monthly.
The increase is significant, given that the previous adjustment was implemented in January 2023, setting the blocked account amount at €11,208. This earlier change had already raised the amount from the previous €10,236, with monthly withdrawals capped at €853. The current increment underscores the ongoing adjustments necessary to keep pace with economic conditions and the cost of living.
For students planning to study in Germany, this change means they must ensure their finances meet the new requirement by September 2024. It is advisable to start planning early, considering the increased amount needed to be deposited in their blocked accounts. Prospective students should consult with their blocked account providers to understand the new requirements and make the necessary financial arrangements.
Several providers offer blocked accounts, with Expatrio, Fintiba and Coracle being among the most recommended due to their reliability and additional services. These providers are approved by German authorities and offer various benefits, including health insurance add-ons, online application processes and fast confirmation times. Choosing a reputable provider can simplify the process and ensure compliance with the new financial requirements.
As the September 2024 deadline approaches, students will need to adapt to these new financial prerequisites, ensuring a smooth transition for admission and study.
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