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How to Proof Your Financial Resources while Applying For a German Visa?


May 17th, 2023 at 05:19 am

How to Proof Your Financial Resources while Applying For a German Visa?

German student visas require financial verification. German universities offer free tuition and affordable housing. However, you must show proof of financial means to convince officials that you can afford one year in Germany.

German law requires students to have €853 per month or €10,236 per year for living expenses.

Who Can Provide Proof of Financial Statement?

The financial proof is required for visa-holders entering Germany. German calls it “Finanzierungsnachweis.” However, the following countries require financial resources evidence.

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?

Many ways exist to demonstrate financial means for residing in Germany. Here are various ways to prove financial resources.

  • German account that is blocked and has a certain amount of money in it.
  • Proof of how much money or assets your parents have.
  • A piece of paper that shows you got a scholarship.
  • Guarantee from a bank.
  • A promise from a family member who lives in Germany that they will pay for your living costs.

Financial resources proof for German Visa may vary by country. The embassy may also request financial papers based on your situation.

German Blocked Account?

International students prefer blocked accounts to demonstrate financial resources. A Blocked Account lets you deposit money for one year’s living expenses in Germany.

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It’s called a blocked account because you can’t access the money before going to Germany. You won’t be able to access your money in Germany until you transfer it from the banned account to the regular bank account. A blocked account reassures German institutions that everything will be their way.

Your blocked account needs how much money?

BAföG governs international student loans and grants in Germany. BAföG also determines blocked account funds.

Current German standards need 853€ per month for living expenses. In addition, you need at least 10,236€ each year to meet your expenses. For visa simplicity, international students put more money in their accounts.

Can I Show Parental income as an income Statement for Germany?

To fund your German living expenses, you can always present your parental income and assets. Your parents must agree.

Most embassies want a three-month bank statement showing your parents’ salary. The embassy may also want your parents’ job contracts to verify that you can support yourself in Germany.

Can Scholarships be Considered as Financial Resource?

Scholarships are great for proving financial resources. You may receive a student visa if your scholarship fund covers all your living expenses in Germany. You must have provider-issued scholarship paperwork before presenting it as financial proof.

Ask your local German easily about the scholarship evidence papers. This can help you deliver the proper papers to the embassy and simplify your student visa process.

Can a bank guarantee To the German Embassy?

The German embassy accepts bank guarantees to prove financial means for student visas. These banks offer loans for German expenditures. Many banks offer student loans at low or no interest.

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As final verification, you must submit a bank guarantee for a German student loan.

A permanent resident of Germany

A German permanent resident can also verify your finances. Your related or not, the resident should cover your German living expenditures.

In this case, the German embassy requires the supporter’s income statement and supplementary funds. If your German supporter is not a relative, the embassy may want a document stating your terms and conditions.

The source of funds and additional proof

Additional financial resources proofs are included below.

Can a contract with a commercial business be considered as Financial Resource?

A German embassy needs information about a commercial business that guarantees financial support.

The embassy may request a copy of your contract with the German company that manages your finances. If the company is registered, the embassy may wish to verify its authenticity.

Scholarship won in your country

The German institution may seek to know the scholarship provider’s trustworthiness. In this scenario, the institution evaluates various factors to determine whether to provide a scholarship.

Source of the funds in your Bank Account

An embassy may request your bank account if you have deposited a lot of money as proof of financial resources. If you worked for years to save money for school, the embassy may ask for your job contract.

When to submit proof of financial resources in Germany?

International students sometimes misinterpret when to present financial documentation. Most people think they need financial proof to attend university. Thus, money worries postpone their admittance.

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No way. Admission does not require financial disclosure. Apply to as many universities as you wish without worrying about financial proof. After university admission, you can consider other steps.

Financial proof is only required when applying for a student visa. Only the embassy cares how you’ll pay for Germany.

Where can I seek further information?

These offices can provide information.

  • The German embassy or consulate in your country
  • The Foreigners’ Office in the City of Germany

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