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Financials Requirements

PROOF OF ECONOMIC RESOURCES: NEAR ABOUT 8,700 EUROS FOR ONE YEAR

You must prove that you have sufficient funds to sustain yourself, before the beginning of your studies. For this, you require a document known as “Finanzierungsnachweis”. When you apply for an entry visa, you are asked for it. Finally, you will be asked to show it in case you apply for a residence permit in Germany. Mostly, candidates have to prove that they have near about 8,700 euros to sustain for one year.

Following are some ways to confirm that you can fund your studies. These forms of evidence are possible:

  • You can submit your parents’ documents certifying their earnings and economic assets.
  • A permanent Germany resident can confirm the Alien Registration Office to bear your costs.
  • As an assurance, a security payment can be deposited into a blocked account.
  • A bank guarantee can be submitted by you.
  • You can present A scholarship award notification from a recognized scholarship provider.

You are advised to inquire at the German embassy in your country about which form of economic evidence is needed!

PART-TIME JOB

In case you are planning to work in Germany, there are certain rules you must adhere to. Although you can get some extra money from a part-time job yet it won’t be sufficient to cover all your maintenance expenses.

SUGGESTIONS FOR OPENING A BLOCKED ACCOUNT

To support their studies in Germany, a barred account is used by numerous foreign students. Because the money deposited into the account can’t be withdrawn till you have reached in Germany, So It’s known as a “blocked account”.

Although opening a blocked account is comparatively easy yet there are a few points to keep in mind:

  1. Apply in advance

A blocked account can be opened either at the “Deutsche Bank” or the “Fintiba”, for instance.  Normally paperwork process takes only a week. However, In case the semester begins, ti may take longer time. That’s why we advise executing the application early enough with a time margin.

  1. The application and all necessary documents must be certified

You have to get the filled forms along with your passport certified either by the German embassy or the German consulate general in your home country. Only after their approval you are eligible to send your documents to the Deutsche Bank. Also, remember that the bank accepts original documents only so don’t send documents as attachments via e-mail or by fax.

Deutsche Bank Privat und Geschäftskunden AG
Service Center Hamburg / AusländischeStudenten
Alter Wall 53
20457 Hamburg
Deutschland/Germany

Or you may open an online account on the fintiba URL.

  1. Open your account

If your documents are appropriate, the bank sets up a blocked account for you. A one-time fee around 50-150 euros will be charged from you. You have to deposit minimum 8,700 euros as your blocked account is active.

  1. Withdraw money

When you’ve reached in Germany, you should contact the branch office of your bank. (It might be any bank, there are several banks in Germany, e.g. “Sparkasse” or “Volksbank”, It doesn’t have to be the “Deutsche Bank”) The bank will assist you to get an EC card that you can use to withdraw money from cash machines. The bank will also provide you your login credentials for internet banking.

3. Open your account

If your documents are in order, the bank sets up a blocked account for you. This costs a one-time fee of 50-150 euros. As soon as your account is ready, you have to deposit at least 8,700 euros into it.

4. Withdraw money

Once you’ve arrived in Germany, you should make an appointment in a branch office of your bank. (It doesn’t have to be the “Deutsche Bank” – there are various banks in Germany, e.g. “Sparkasse” or “Volksbank”.) The bank officer will help you get an EC card, with which you can withdraw money from cash machines, and provide you with your login data for online banking.