Financing

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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.

One of the most important questions, which you will have to answer before you begin studying in Munich, is the question of how you will finance your studies. Upon registering you must provide a 'proof of funds', which documents your access to the necessary financial means for undertaking studies in Germany (ca. 10.236€ per year (10-2019) - additional informantion can be found in English here and here, as well as in German here).

During this process you should calculate your funds carefully and realistically, because the most prevalent reason for a premature withdrawl from studies for foreign students in Germany is insufficient funds.

 
You also have the possibility to ask someone in Germany to sign a so called Declaration of Commitment by private individuals. With this declaration he or she is obliged to cover the costs of your stay in Germany. This is a huge step and must be signed personally at the responsible foreigners office by the person who is obliged to support you financially. So you should discuss this with that person.