Budgeting an Erasmus or short exchange stay

Key rules

• Deposit: Expect to pay a deposit of one month's rent when you book or arrive, sometimes with a booking fee or the first month in advance.
• Grant: The first grant payment is usually 70 to 80 percent and comes only after you send your signed learning agreement and certificate of arrival.
• Cash cushion: Have your own money ready to cover the first month, because the grant may arrive weeks late.
• Contract first: Never pay a deposit or booking fee before you have seen the rental contract.

Deposit amounts, residencia prices and grant timing vary by landlord, city and sending university, so confirm them with each before paying.

Your costs are front-loaded

On a short exchange, the first month is the heavy one. Deposit, rent and set-up costs all land before any grant money reaches you. Plan around that month, not around a yearly average.

You do not need a first-year settling-in plan. You are staying one or two semesters, so your budget turns on three things: the deposit, when the grant is paid, and where you live.

The deposit

Expect a deposit of one month's rent, paid when you book or arrive. Some landlords also ask for a booking fee or the first month in advance. Practice for short-stay rooms varies by landlord and city, so ask for the exact amounts in writing.

Student residencias often take a reservation payment. Ask whether it counts toward your first month's rent.

Rooms are often paid by bank transfer, and room scams are common. Do not pay anything until you have seen the rental contract.

Grant timing

Erasmus+ grants are normally paid in two instalments:

• The first, usually 70 to 80 percent of the grant, comes after you arrive and your sending university has your signed learning agreement and certificate of arrival.
• The rest comes after your stay, once you hand in your final report.

The exact share and timing depend on your sending university. Delays of several weeks are common, so do not count on the grant for your first rent payment. Ask your sending university for its schedule.

Choosing housing

A room in a shared flat is usually the cheapest option. A university residencia usually costs more, but its price often includes some meals, utilities and wifi. Compare the two on what you would pay in total.

City matters too. Madrid and Barcelona cost the most for both residencias and shared rooms. Valencia, Seville, Málaga and Granada are cheaper. Prices also change with the neighbourhood, the room type and the academic year, so check current prices with the residencia or the listing.

Before you arrive

Before you arrive, you will also pay for flights, insurance and any document costs. Add these to your first-month total.

Use the checklist and timeline below to see what to ask and when each payment falls.

Timeline and deadlines

• Pay your flights, insurance and any document costs: before you leave

• Pay the deposit of one month's rent and any booking fee or first month in advance: on booking or on arrival

• Send your signed learning agreement and certificate of arrival to your sending university: shortly after you arrive

• Receive the first grant payment, usually 70 to 80 percent of the grant: shortly after you send those documents, with delays of several weeks common

• Hand in your final report to receive the rest of the grant: after the stay ends

Documents you need

• Signed learning agreement, which you complete with your sending university and which is needed before the first grant payment.

• Certificate of arrival, issued by your host university, needed before the first grant payment.

• Final report, handed in after your stay ends, needed for the rest of the grant.

• Rental contract, which you should see before paying any deposit or booking fee.

Checklist

• Ask the landlord or residencia how much deposit they want and whether there is a booking fee.

• Ask for the rental contract and read it before you pay anything.

• Set aside enough of your own money to cover the first month, when deposit, rent and set-up costs come together.

What to watch out for

• Room scams: Rooms are often paid by bank transfer, and scams are common. You could lose your deposit on a room that does not exist. Do not pay anything before you have seen a contract.

• Extra upfront costs: Short-stay rooms often follow different practice from long leases, so a landlord may ask for a booking fee or the first month in advance on top of the deposit. Ask for the full list of upfront payments in writing before you agree to the room.

Frequently asked questions

When do I get my Erasmus grant money after arriving?

Most of your Erasmus grant arrives shortly after you land, usually 70 to 80 percent, once you send the signed learning agreement and the certificate of arrival. The rest is paid after the stay ends and you hand in the final report.

How much deposit should I expect for a room on a short exchange?

Expect to pay a deposit of one month's rent, on booking or on arrival.

Which type of housing is cheapest for an exchange student?

A room in a shared flat is usually the cheapest option. A university residencia costs more, but it usually includes some meals, utilities and wifi. Madrid and Barcelona cost the most, while Valencia, Seville, Málaga and Granada are cheaper.

Which month of my exchange will cost the most?

Your first month costs the most, because the deposit, first rent, any agency fee, residence registration, a bank account and phone and internet all land together. Later months are mostly rent, utilities, food and transport. Your grant's first payment may arrive weeks later, so cover the first month from your own money.