Money and insurance

The UK left the EU on 31 January 2020. There is a transition period until the end of 2020 while the UK and EU negotiate additional arrangements. The current rules on trade, travel, and business for the UK and EU will continue to apply during the transition period, with new rules taking effect on 1 January 2021. Read more on the UK Government website to get prepared.

Financial support

Higher education (HE) students

Eligible HE students who study abroad under Erasmus+ could receive a grant of  €370-€420 a month, and traineeship students a grant of €470-€520 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 €120 a month) for those doing a period studying abroad. Disadvantaged students who carry out a traineeship will receive an additional €20 a month on top of the grant noted above. Visit our 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.


If you are aged between 18-30 and living in the UK and taking part in a volunteering opportunity through the European Solidarity Corps, you will get funding to cover everything from travel and accommodation to food and insurance, as well as provide you with a small monthly allowance. 


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.


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 an 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.

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