Finances


Proof of Financial Resources

You are required to prove to the Alien Registration Office that you can finance your living expenses during your stay in Germany without having to resort to public funds like social aid. That is, you have to supply proof that you can finance your stay with your own means. To prove this, you will require

  • EITHER a private confirmation that you can finance your stay (for example a bank affidavit, or an affidavit supplied by your family),
  • OR a Letter of Financial Support stating the amount of your stipend, if you receive one,
  • OR a statement, in German, of your status as an exchange student, issued e.g. by your home university.

Initial Financial Needs

You will need a certain sum every month (about € 500 to € 600) for your stay. For the first days in Mainz, you should have about € 1.600 readily available. Make sure that you have enough money on your arrival in Mainz, either in cash, traveller’s cheques, or an ATM card valid in Germany. Please note that you will only be able withdraw a certain limited sum of cash from an ATM each day using credit cards or other accepted bank cards, and that you may have to pay a high fee for each withdrawal.

You will require about € 1.600 in cash for your first days in Mainz, because you will have certain necessary expenses for living and enrolment:

  • When you move into the students’ dormitory, you will have to pay, besides the first monthly rent, a deposit. This deposit is two months’ rent. You will get your deposit back after you leave the dormitory at the end of your course of studies, if it is in good order.
  • Prior to enrolment you will have to pay the so-called social fee, about € 250 each term. You can find more detailed information about this on your Letter of Admission, or in the leaflet “Costs of Studying and Living in Mainz”. This contribution is not a tuition fee and has to be paid by all students. The contribution includes the costs of the student ticket.
  • Health insurance companies often require you to pay the fees for an entire term, that is for six months. You will require about € 360.

Please do not transfer money from outside Germany, neither for health insurance nor security nor rent nor for the social fee. You can make all payments after your arrival in Mainz, and will save yourself high transfer fees.

Finally, you will of course require sufficient cash for your other expenditures in the first few days (for example for food and items of daily use).

Methods of Payment

The German currency is the Euro. You can generally pay with all common credit cards, but note that stores like grocery shops, supermarkets and the like often do not accept credit cards and that frequently you can only pay for purchases over € 20 with a credit card.

In Germany, you cannot pay with cheques drawn on a foreign bank.

Rent and health insurance can often be paid by credit transfer only, so it is advisable to open a bank account in Germany.