Finance

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 To this end, upon opening a sum will be paid into the account, from which every month only a limited amount may be withdrawn.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 10,236 EUR. Every month only 853 EUR may be withdrawn from this amount.

A blocked account with Deutsche Bank is, according to many students, very simple to operate. 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

The Deutsche Bank branch can be found at Otto von Guericke Straße 12, D-39104 Magdeburg. It can be reached on tram lines 1, 6 and 8, "City Carré / Hauptbahnhof" stop. 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 Fintiba.

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 129.90 / semester   259.80
Health insurance   110 1,320
Public transportation    Free for enrolled students  
Broadcast contribution   17.50 210
Others   124 1,488
Total approx. 320 - 500 approx. 630 - 880 approx. 7,685 - 10,865

 

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.