How to Proof Your Financial Resources while Applying For German Student Visa?
Procedure for providing Financial Statement For Student Visa Germany
You have to provide the financial resources proof in order to get a German student visa. Universities in Germany does not require tuition fee from students and living is also affordable. But still, you have to provide proof of financial resources to convince the officials that you can cover your expenses of living for one year in Germany.
According to the current legal regulations, students must have €853 monthly or €10,236 a year to cover the living expenses in Germany.
Who Can Provide Proof of financial Statement?
Anyone who wants to enter Germany by having a valid visa has to provide proof of financial resources. It is also known as “Finanzierungsnachweis” in the German language. However, we have listed the countries below from which people have to give financial resources proof.
|Country of origin||Proof of Financial Resources|
|EU Countries residents including Switzerland, Norway, Liechtenstein, and Iceland)||No|
|Non-EU Countries residents||Yes, when they are opting for a student visa|
|Citizens of Honduras, Israel, Australia, Japan, Canada, Republic of South Korea, United States of America and New Zealand.||Yes, when they are opting for a residence permit.|
How to prove financial resources for studying in Germany?
You can provide proof of financial resources to cover the cost of your living in Germany in so many ways. Following we have listed some of the ways by which you can give the proof of financial resources
- German blocked account having a specific amount of money.
- Proof of financial assets or income of your parents.
- A document showing your scholarship award.
- Guarantee from a bank.
- A guarantee from a relative living in Germany to cover your living cost.
However, it should be noted that there may be different processes in different countries to show financial resources proof for German Visa. Moreover, depending on the personal case the embassy may ask you to provide additional documents to prove your financial resources.
What is the German Blocked Account?
The popular choice among international students to prove their financial resources is by blocked accounts. A Blocked Account is a special type of account in which you deposit a certain amount of money to use for living expenses in Germany for one year.
Moreover, it is named as a blocked account because you won’t be able to access the money in it before you go to Germany. Additionally, while arriving in Germany you still won’t be able to access the money until and unless you transfer your money from blocked account to the regular bank account. A blocked account also gives satisfaction to the institutions in Germany that everything will be according to their terms.
- How much money do you need to have in your blocked account?
Bundesausbildungsförderungsgesetz known as BAföG regulates the loans and grants for international students residing in Germany. The money to be submitted in a blocked account is also set by BAföG.
According to current regulations you need 853€ monthly to cover your living expenses in Germany. Moreover, if you look at a broader view then you need a minimum of 10,236€ for a year to cover your expenses. However, the international students opt for depositing more money in their account to get visa with ease.
- Can i Show Parental income as an income Statement for Germany?
You can always show your parental income and assets as proof of your financial resources to cover your living expenses in Germany. However, this should be with the consent of your parents.
The embassy mostly requires a bank statement showing the wages of your parents from the last 3 months. Moreover, you may also have to show the contract of employment of parents so that the embassy is sure that you have enough funding to fund your living in Germany.
- Can Scholarships be Considered as Financial Resource?
Scholarships are one of the best ways of showing financial resources proof. If your scholarship fund can cover all your living expenses in Germany then you may have a better chance of getting a student visa. However, before you provide the scholarship as a financial proof you must have a document from a provider showing that you actually have a scholarship.
You can always inquire from the german easy in your home country to know more about the document you need to submit as a scholarship proof. This will help you to provide the right document to the embassy and will ease your process of student visa.
- Can a bank guarantee To the German Embassy?
One of the other ways of showing your financial resources proof to get a student visa is by giving a bank guarantee to the German embassy. You can get a loan from these banks to cover your expenses in Germany. However, there are many banks in the world that provide students with attractive offers of loans at low or no interest rates.
In order to provide a loan as your final proof, you have to submit a bank guarantee from a bank confirming the loan for study in Germany.
- A permanent resident in Germany
One of the ways of providing proof of your financial resources is also through a permanent resident of Germany. The resident may or may not be your relative but should agree to take care of your living expenses in Germany.
However, in a situation like this, the German embassy wants to see the income statement and extra financial resources of the person willing to support you. Moreover, if the person supporting you in Germany is not your relative then the embassy may need a document showing the terms and conditions on which you both have agreed.
- The source of funds and additional proof
The following are the additional proofs that may be required to show financial resources proof.
- Can a contract with a commercial business be considered as Financial Resource?
In a situation in which a commercial business guarantees a German embassy that it can support you financially, then a German embassy requires some information about the commercial business company.
For example, the embassy may want a document that will show your contract with the company about taking care of your finances in Germany. Or the embassy may want to know that if the company is registered to check if it is fake or not.
- Scholarship won in your country
The German institution may want to have the information about the trustworthiness of the provider who has provided you the scholarship. In this case, the institution asses different things to know the authenticity of the scholarship provider and will it grant you a scholarship or not.
Source of the funds in your Bank Account
In the situation in which you have deposited a lot of money in the bank account as your proof of financial resources then an embassy may require the money source. For example, you have collected the money over years for your study by doing a job then the embassy may require you to show the job contract.
When to submit proof of financial resources in Germany?
International students have many misunderstandings about when they have to submit proof of their finances. Most people misunderstand that in order to get admission to the university they have to show financial proof. As a result, they start getting worried about the money and delay their admission.
This is certainly not the case. You don’t have to show your financial status during the admission process. You can apply to as many universities as you want, without getting worried about the proof of finances. However, once you got admitted to the university then you can think of other stages.
The only stage at which you need to provide proof of financial resources is when you are applying for a student visa. Only the embassy is interested in knowing that from where will you fund your expenses in Germany.
Where can I seek further information?
You can always seek information from the following offices
- The German embassy or consulate in your country
- The Foreigners’ Office in the city of Germany