Germany has raised the proof of funds requirement for international students by 6%, effective September. The new minimum amount is €11,904 (US$12,875), up from the previous €11,208. This increase aims to ensure that students can support themselves while studying in Germany.
Announced by the German Federal Ministry of Education and Research, this adjustment covers the estimated minimum cost of living in Germany for one year. Students can meet this requirement through various means, including certified family income documents, bank guarantees (“Bankbürgschaft”), or blocked accounts offered by German banks like Deutsche Bank and Fintiba. Blocked accounts restrict access until students arrive in Germany, allowing only specified monthly withdrawals.
This change keeps Germany competitive with other leading study destinations, such as Australia, Canada, Ireland, and France. Australia and Canada recently increased their funds requirements, with Australia raising it by 20% in May and Canada doubling it last December.
Despite the language barrier, Germany remains a popular choice for international students, with over 458,000 enrolled in the 2022-2023 academic year, a 52% increase from 2014.
Germany is also trying to attract foreign workers to address its labor shortage. The country has introduced the “Chancenkarte” or opportunity card, allowing foreigners to seek jobs without prior employment. Germany needs at least 400,000 immigrants each year to maintain its industries and exports. The labor crisis has worsened, with companies reporting significant impacts on efficiency due to the shortage of skilled workers.
