Step 3

Step 3: Finance

In Germany you need to have an own bank account for e.g. the transfer of the health insurance fee or the rent.

In many cases you need a blocked account at a German bank. This means you have to put money at the opening of the account and then you can withdraw just a limited amount each month.
The amount of money on a blocked account for one year is approximately 8,000 EUR. Then you can withdraw up to 859,- EUR  per month.

You can open this blocked account, for example, at Deutsche Bank. You must bring these documents for the opening of a new account:

  • the letter of admission of the University of Magdeburg
  • the registration from the Citizens' Office (see step 2)
  • your passport

The Deutsche Bank is located inside the City-Carré Mall at Otto-von-Guericke-Straße 12, 39104 Magdeburg. You can take the tram lines  4, 6, 8 and 1. Leave the tram at the stop "City Carré/Hbf".

View on Google Maps

More local banks are e.g. the Volksbank, Commerzbank, Sparkasse or Postbank. Additionally, you can also open an online-account with the DKB, Targobank, ING-DiBa and many other banks, however, not all banks offer blocked accounts.

Cost of living in Magdeburg

We want to help you to plan your finances for your stay in Magdeburg. Here you can see the average monthly cost of living.

  one-time fees (in Euro)
monthly costs (in Euro)
annual costs (in Euro)
rent   200 to 300  2400 to 3600
deposit for your room 150 to 250  - -
food    100 to 180  1200 to 2160
mobile phone and internet (see below)   15 to 30   180 to 360
semester fee 128.50 per Semester - -
health insurance   90 1080
books, writing utensils, etc.   10 to 50 120 to 600
personal hygiene, etc.   10 to 20 120 to 240
miscellaneous ca. 100 ca. 25 ca. 300
total approx. 380 to 480 approx. 420 to 700 approx. 5000 to 8000

In comparison to many other German cities, the prices (especially for accommodation) are moderate in Magdeburg. There is no tuition fee and the semester fee includes the costs for local transport (busses and trams) within Magdeburg.


Mobile Phones and Internet

The easist and often most convenient option for mobile telephony and internet is buying a pre-paid SIM-Card. You can get that at most of the supermarkets. An identification via Video-Chat might be necessary. Another option for long-time students are mobile phone contracts, that often also come with a new mobile phone. However make sure that these contracts often have a minimum duration and need to be cancelled in time.

If you have questions regarding the internet in the dormitories, feel free to contact the dormitory advisors.

Last Modification: 04.03.2020 - Contact Person:

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