Financial Aspects of Studying in Germany
A German bank account is helpful and often necessary—and not just to avoid possible bank fees for international transactions. Some landlords or insurance companies require a German bank account.
Many German banks have special account models for students and young people. Meanwhile, so-called online banks are also becoming increasingly popular, not least because they often have very low account management fees. We recommend that students obtain comprehensive information before entering Germany and open an appropriate account as soon as possible after registering their place of residence.
Please note: For withdrawals from a blocked account, another bank account in Germany is always required! It is therefore not sufficient to open only one blocked account.
Although there are usually not high tuition fees for studying in Germany, students and researchers need enough money to cover their living expenses. A reference point for monthly needs is the BAföG maximum rate, which is currently 934 EUR per month. Students and doctoral candidates who do not have a work contract and are from third countries already know this amount, as they have to prove it for their visa application, for example with a blocked account or scholarship. Of course, the actual amount of monthly expenses varies with each individual and depends on personal needs and expenses. There are several ways to finance your studies: scholarships, student loans, part-time jobs, or saved money.
Of course, there are also a few tips on how you can save money during everyday life in Germany. The website Study in Germany has compiled a good overview.
Please note:: It is important to make a plan for the few years leading up to beginning your studies in Germany and think about how to finance your stay. You should not rely on a single source of income, but ideally consider several options.