You can see the average cost of everything here on this website: Numbeo
About your ERASMUS grant, it’s your country’s university that deals and pays you. You should expect to receive it 2 to 3 months after your ERASMUS period start. But you have to inform yourself with your university.
Opening a Portuguese Bank Account
ESN is a partner of the bank BPI, so it's possible for the foreign students to open an account in any BPI agency following these steps:
- Ask bank account opening for foreign students (refer Erasmus Student Network Minho Association)
- Identification document and proof of foreign address.
- Proff of alternative residence (portuguese) to receive bank mail.
If the agency you doesn't know about this, please refer Mr. José Dias Franciso from BPI - Santa Tecla (São Victor).
Find BPI bank agencies clicking here.
Withdrawing using a Foreign bank account
You can withdraw money here in an ATM machine – it usually accepts VISA, MasterCard and other common brands. If you have a bank account inside the European Union, normally you don’t pay taxes to withdraw money or to pay services directly with your card. You may also want to consider joining a bank in your home country that has arrangements with Portugal banks that allow you to withdraw cash with no fee. Check your local bank conditions and ask this before leaving!
The ATM provide between 10€ and 400€. Per day, the user cannot withdraw more than 400€, being the maximum amount of 200€ in each withdraw.
If you need to do an international bank transfer, you can use TransferWise. It is the cheapest and safest way to transfer money. It allows you to use the real market rate, and not the one banks charge you without stating it when doing a regular bank transfer. As a result, you get a better exchange rate.
We recommend you to bring some euros in cash with you for the first expenses in case you have any problem with your card. Again, to be prepared in case you have any problem with your card, we advise that during your Erasmus you keep some “emergency” money in your house.
Updated on 6/Feb/2017