In Germany, you will need your own bank account for many aspects of day-to-day life, such as for paying your health insurance contributions or rent.

Blocked account (Sperrkonto)

In many cases, a blocked account with a German bank will be required. To this end, upon opening a sum will be paid into the account, from which every month only a limited amount may be withdrawn. At present, the amount for a blocked account is 11,208 EUR. Every month only 934 EUR may be withdrawn from this amount.

To open the account, you will need:

  • your letter of admission from the university
  • your registration document from the residents' registration office (Bürgerbüro)
  • your passport / identity card

Prroviders, that enable you to set up a blocked account from abroad, are Coracle, Fintiba and Expatrio.

Other providers in the area include Volksbank, Commerzbank, Sparkasse and Postbank. In addition, it is also possible to open an online account with DKB, Targobank, ING-DiBa, and N26.

Please consider that the blocked amount of 11,208 EUR will only suffice for one year and that you will also need funds for your second year (Master's programme) or your second and third year (Bachelor's programme) in order to pay for your expenses. As a student, you can not rely on earning enough money next to your studies to make ends meet.

Current account

It will be necessary for you to open a current account in order to make payments (rental, semester fees, health insurance contributions) and to receive scholarship payments or transfers from abroad. To do this, you will require your letter of admission from the university, your registration document from the residents' registration office and your passport/ID. The banks offer different services at different prices. Students are even able to open free accounts with some banks. For this reason, it is worthwhile carrying out a price comparison before choosing a bank. Many banks will only open an account for you if you are staying in Germany for more than six months.

Living costs in Magdeburg

For better financial planning, we have drawn up a brief overview of average monthly costs. We hope this will help you to better plan your budget.

  One-off costs (EUR)
Monthly costs (EUR)
Annual costs (EUR)
Accommodation   250 - 350 3,000 - 4,200
Deposit for the apartment 250 - 500    
Food and Drink   100 - 250 1,200 - 3,000
Phone and internet   15 -30 180 - 360
Semester fee 155.20 / semester   310.40
Health insurance   120 1,440
Public transportation    Free for enrolled students  
Broadcast contribution   18.36 220.32
Others   124 1,488
Total approx. 400 - 650 approx. 630 - 934 approx. 7,838 - 11,208


In comparison with many other towns and cities, the rental prices in Magdeburg are relatively low. There are no tuition fees and the semester fee already includes the cost of bus and tram travel within Magdeburg.

Last Modification: 09.05.2023 - Contact Person: Webmaster