In 2024, How much money will you need to finance your German Blocked Account?

Do you have desires to study in Germany? It’s not just you. Germany is a popular destination for professionals and students from around the world because it provides top-notch education and a wide range of employment options.

Establishing and obtaining your Blocked Account is one of the first steps toward obtaining your German visa. In 2024, the total amount needed to prove to German authorities that you have enough money to live in Germany will increase to €992 per month.

Learn more about the latest changes to Germany’s student financial aid program, BAföG, as well as how to modify your current account and the new financing requirements for your German Blocked Account. Now let’s get began!

A German Blocked Account: What Is It?

An exclusive kind of bank account for foreign students and other applicants for visas in Germany is called a Blocked Account. It serves as proof to the German authorities that you have sufficient funds to cover your living expenses during your stay. Upon your arrival in Germany, you will only be able to withdraw a set amount each month from the account, as the funds are “blocked.”

Why is there an increase in the blocked amount?

The sum of the funds in the Blocked Account is adjusted periodically by the German government based on an analysis of living expenses. The monthly requirement will increase to €992 in 2024 from €934; hence, the cost of a 12-month visa will be €11,928. This update is intended to make sure that foreign nationals living in Germany have adequate money for their needs.

How much do you need in 2024? 

Below is a brief summary of the sums needed for the Blocked Account, both old and new:

FAQ

1.What is a Blocked account in Germany?

For international students and those applying for visas to Germany, a certain kind of bank account known as a German Blocked Account is necessary. It proves to German authorities that you will have enough money to pay for your living expenses while you’re there. You can only withdraw certain amounts from the bank account each month after you travel to Germany since the funds are “blocked.”

2. What is the reason for the rise in the required amount for the Blocked Account?

The required amount in the Blocked Account is periodically modified by the German government in accordance with a review of living expenses. To guarantee that residents from other countries have adequate money to pay for their living expenses, the monthly total has been raised from €934 in 2023 to €992 in 2024.

3. How much money must I have in my blocked account by the year 2024?

You must have €992 in your blocked account each month by 2024. For the year, this comes to €11,904 total.

4. How much was the Blocked Account required to have in the past?

2023: €934 a month, or €11,208 annually
2022: €861 a month, or €10,332 annually

5. How can I get my account unblocked?

International students can open a Blocked Account with any of the banks or financial service companies that provide this service. Expatrio, Fintiba, Deutsche Bank, and other companies are common providers. Typically, the procedure entails supplying personal data, obtaining visa documentation, and depositing the necessary amounts into the authorized account.

6. Is it possible for me to take out my entire blocked account balance at once?

No, you are unable to take out the entire amount at once. The money is frozen, and the maximum amount you can take out each month is €992 for 2024. This is to guarantee that you will have enough cash on hand to pay for your living expenses the entire time you are here.

7. What occurs if my blocked account isn’t funded to the appropriate amount?

You can have trouble getting your visa accepted if your blocked account isn’t up to date with the necessary funds. German authorities want evidence that you have sufficient money to maintain yourself while studying there.

8. Is there another way to demonstrate financial means than a Blocked Account?

Yes, there are other options. A few of these include applying for a scholarship, offering a bank assurance, or getting a German resident serve as a reference. For overseas students, however, the most popular approach is the Blocked Account.

9. Where can I find out more details or assistance with my application?

You can check with the German embassy or consulate in your country, visit the official websites of the financial service providers, or get in touch with educational consultancies like Unitrack Overseas for additional information and help with your application.

Conclusion

It is crucial to be informed about financial requirements when preparing to study in Germany, as evidenced by the 2024 increase in the minimum amount for the German Blocked Account. These adjustments guarantee that overseas students will have enough money to pay for living expenses and sustain a steady standard of living while they are enrolled in courses.

For further information on educational visa requirements and financial planning, refer to Unitrack Overseas .If you have any questions or need help with your application, please don’t hesitate to contact us.