German student visa now requires €10,236 in blocked account

German student visa now requires €10,236 in blocked account

The Federal Foreign Office of Germany has increased by 20 percent to €10,236 the required amount of money in a “Sperrkonto” blocked account for foreign students to secure a German student visa.

In a notice published on its website, the Federal Foreign Office of Germany said that international students will now need to have €10,236 euros in a “Sperrkonto” blocked account to be approved of a Schengen student visa, whereas previously, students only needed as much as €8,640 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,” it said.

Germany is now the most popular non-English speaking destination country in the world for foreign students, overtaking France.

New German student visa financial rules applicable from September 1

“This increased amount applies to all visa applications submitted from 1 September 2019,” it added.

Likewise, an international student has to have a sufficient financial means to cover the living expenses, thus the need for a Blocked Bank Account. The amount of money required to be deposited will be calculated to cover the living expenses.

Foreign students wanting to know how to open a “Sperrkonto” blocked bank account in Germany can access the Federal Foreign Office guidance page here.

Previously, foreign students were allowed to withdraw a certain amount of money monthly. It will increase to €853 starting September 1 from the €720 prior.

€10,236 in a blocked account to ensure living expenses

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.

At present, only Fintiba-Sutor Bank and Deutsche Bank offer Blocked Bank Accounts for students in Germany.

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.

Germany has recently been ranked one of the best countries in the world for its post-study work visa for foreign students.

Hari Srinivasan - Managing Editor, Global Education Times (GET News)

Hari is the Managing Editor of Global Education Times. Hari has clocked nearly a decade working as a communications professional with a focus on the education sector. He has also had stints in journalism and advertising in a career which has seen him live, study, and work, in three countries.
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