Money and insurance

Financial support

Higher education (HE) students

Eligible HE students who study abroad under Erasmus+ could receive a grant of up to €280-€330 a month, and traineeship students a grant of up to €380-€430 a month, depending on the country you visit. 

For students identified as eligible for the various 'widening participation premiums' already operating at HE level across the UK, there is extra financial support (currently an additional €100 a month) for those doing a period studying abroad. Visit our 2017 HE grant rate page for more information.

Students with a severe disability or exceptional special needs may be entitled to extra funding to cover associated costs, but this must be applied for before departure, through the home institution Erasmus+ office.

Master loan scheme

The Erasmus+ Master loan aims to give graduates access to more affordable loans to study for a master’s degree in another country. The loan will help master’s students with their living and tuition costs when studying abroad. It does not replace Erasmus+ mobility grants. Read more about the Master loan.

Volunteering

If you are aged between 18-30 and living in the UK and taking part in a volunteering opportunity through the European Voluntary Service (EVS), Erasmus+ funding will cover things such as travel, accommodation, food and insurance as well as provide you with a small monthly allowance.

Staff

Staff participating in the programme, either teaching or training abroad, will receive a contribution to cover travel and subsistence.

All participants should discuss the details with their home institution/sending organisation.

Practical advice

Make sure you know all your passwords for your UK bank account(s), as if you are planning on using this account abroad you may need to use your banks’ telephone banking service. If you do not have an online account, arrange for your bank statements to be sent to your address abroad once you have found somewhere to live. Be prepared to open a local bank account. Otherwise, it is a good idea to open a British bank account that does not charge you for overseas transactions and to set up an online banking account so that you can check your balance. Currency Cards are becoming more widely used; they are similar to a debit card but pre-loaded with the currency of the country to which you are travelling. You can use the card to withdraw money from ATMs around the world and pay for goods directly. Read more advice on the MoneySavingExpert website.

Insurance

We do not define a unique format of insurance nor recommend specific insurance companies; this is left up to your sending organisation/institution. However, we strongly advise that you have medical and travel insurance for the duration of your time abroad, including travel to and from the UK.

All participants in a youth exchange must be insured. Every EVS volunteer must be enrolled in the EVS insurance scheme. The coordinating organisation is responsible for the enrolment of the volunteer(s) before departure. From 1 August 2015, there is a new insurance provider for EVS volunteers, Cigna.  Organisations will need to register their volunteers two weeks before the voluntary placement is due to start. This is compulsory for participants of the European Voluntary Service. This insurance provides health, third party liability and life assurance cover. You should also consider taking out an additional policy to insure your possessions, if this is not covered on your current/family’s insurance.

If you go to any EU country, you should get a European Health Insurance Card (EHIC). Every EVS volunteer must hold a European Health Insurance Card. The quickest and easiest way to get an EHIC is to apply online. Applicants will need their National Insurance number to hand. The EHIC is free of charge and entitles you to reduced-cost, sometimes free, medical treatment that becomes necessary while you're in a European Economic Area (EEA) country. The EEA consists of the European Union (EU) countries plus Iceland, Liechtenstein and Norway.

Further general advice for travelling abroad can be found at Gov.UK