Cost of living

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Important information

UPDATE (23.07.2021) BaFin has ordered the settlement of the accounts. The July and August 2021 installments will be transferred to those affected in the next few days. New customers who have not yet received a payment are requested to provide their account details to Aareal Bank. BaFin requests that new blocked accounts be opened with a credit institution licensed in Germany in order to be able to arrange for the transfer of the funds paid to BAM.

The local Aliens departments have been informed of the case by the Federal Ministry of the Interior and have been asked to ensure that BAM customers do not suffer any disadvantages under residence law if they can prove that they have applied for the opening of a new blocked account with another provider in good time and have informed Aareal Bank AG of the new account details.

All relevant information can be found on the BaFin website.

If you are also affected, please directly write to Aareal Bank at student-verification@aareal-bank.com .

Should you need assistance, you are also very welcome to contact our Student Loan Advisory Service or also our General and Social Advisory Service.

regarding blocked bank accounts (as of 22nd July, 2021):
At the moment, several international students are experiencing problems withdrawing money with their blocked account provider BAM Bundesweites Anlagenmanagement UG. BAM had to stop all business activity.

For students who currently cannot get to their money with BAM:
The Federal Financial Supervisory Authority (BaFin) is involved and - after media reports - was already able to transfer part-payments to some of the students involved.
Should you be a student who has to extend their residence permit, we advise you to hand in the document confirming your blocked bank account which you received from BAM when opening the account.

A couple of students have set up a central email address in order to get in contact with each other: problems.with.bam@gmail.com . Here you can get in touch with others who are experiencing the same problems.

Munich is a very attractive city with a high standard of living and a relative abundance of job opportunities. For these reasons, many people are drawn to come and live in the Bavarian capital. The other side of the coin are the high living costs. You should calculate with about 900 € per month - the greatest part of which is usually made up by accommodation costs. More detailled data you can read in our social report of 2016 or in the short version of this report.
 

Additional to the living costs you have to count in the so called "Studentenwerksbeitrag" (student union fee) of 75 € per semester which the Studentenwerk uses to finance its diverse services. At some universities or for some study courses there also might be other additional costs but the general tuition fees have been abolished since the winter semester 2013/14. At the same time the Semesterticket (for public transportation in Munich) has been introduced with an obligatory basic fee of currently 67,40 €.

More information about the costs of living:

portal with data to the costs of consumer goods

conditions for working and living in EU countries, f.e. for apartment search etc.

iInformation about the exchange programs Erasmus and Erasmus +