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We thought it would be helpful to provide a brief summary of our collective knowledge of insurance and banking options to give you a head start on navigating the bureaucratic landscape. We hope you find this information useful, but please remember to carefully evaluate your choices and thoroughly review the fine print before making any decisions, as policies are subject to change. With that in mind, let's dive in!
Surya and Johannes Your USM Student Representativess
Germany has a robust and comprehensive insurance system, with both public and private insurance options. Health insurance is mandatory for all residents, including students. Expatrio, Coracle, and Fintiba are well-established travel insurance, health insurance, and blocked account providers that cater specifically to the insurance and financial needs of international students in Germany. They offer user-friendly platforms, dedicated customer support, and plans that meet the requirements set by German authorities.
Travel insurance provides coverage for unexpected events that may occur during your transition to Germany, such as trip cancellations, delays, lost luggage, and medical emergencies. These plans typically provide coverage for a limited period, usually around 90 days, which is sufficient to cover your travel to Germany and the initial period of your stay until you can secure longer-term health insurance.
Health insurance is a legal requirement for all students studying in Germany, including international students. It is necessary to provide proof of adequate health insurance coverage when applying for a student visa and when enrolling at a university. Health insurance plans are designed to provide comprehensive coverage for routine doctor’s visits, hospital stays, emergency treatments, and sometimes even dental care and mental health services. The cost of health insurance for international students can vary depending on the provider and the specific plan chosen. Compare the coverage and premiums of different plans to find the most suitable option for your needs and budget. You can obtain German public health insurance from providers such as TK.
Basic medical coverage for students is quite affordable. As long as you are under 30 and haven't completed more than 14 semesters, German public insurers offer a student rate of about €120 per month. Private health insurance is only permitted in rare circumstances. Keep in mind that if you choose private insurance, you won't be able to switch back to public insurance later!
A blocked account (Sperrkonto) is a special type of bank account required for international students applying for a student visa. The purpose of the blocked account is to demonstrate that you have sufficient financial means to cover your living expenses during your studies. Once the blocked account is set up, the funds are released in monthly installments throughout the year. This ensures that you have a steady source of income while studying in Germany.
If you're curious about my two cents on the matter, I decided to go with Expatrio and TK. Their customer support has been top-notch, always ready to lend a helping hand whenever I've reached out. As for my friends who opted for Coracle and Fintiba, they seem to be singing the same tune - so far, so good! These are just our personal experiences, and your mileage may vary. However, I hope that hearing about our experiences helps you feel more informed and confident as you navigate this process. At the end of the day, I strongly encourage you to leave no stone unturned when researching the different options available. Take the time to find the provider that ticks all the right boxes for your unique needs and situation.
If Expatrio seems like it might be up your alley, feel free to use the referral link above to get a nice little discount on their services.
N26, Revolut, and Monese offer modern, streamlined banking experiences and are excellent choices for those who prefer the convenience of managing their finances online and on the go.
N26 offers a swift and straightforward sign-up process that you can complete entirely online. Note that you need to complete a video call with their identity verification service provider, and this needs to be done in a private, quiet location. Also, have your passport on hand, as you will need it. N26 allows you to transfer money through IBAN, making it simple to send and receive funds both domestically and internationally. Revolut and Monese are also quite popular and offer comparable user-to-user transfers along with bank transfers via IBAN. Monese makes it particularly easy to set up an account, as it doesn't require a Residence Permit – you only need a valid visa and a stamped passport that proves you've arrived in Germany.
As always, feel free to use the referral links above to bag a sign-up bonus.