This paper examines the role of specific and place-based social capital in the recognition and evaluation of international credentials. Whilst research on labour market segmentation has contributed towards an understanding of the spatial variability of the value of human capital, very little attention has been paid to the ways in which the credentials of more privileged social groups may in certain local contexts become "valorised". At the same time, an increasing body of work in sociology has drawn attention to the globalisation of credentials and labour market competition. This paper brings together these perspectives, demonstrating how transnational social connections are put to work in the valourisation of "overseas credentials" within a particular local labour market--Hong Kong's financial services sector. It reveals the extent to which social capital, which is at once transnational and locally embedded, confers value upon particular international credentials, with consequences for individuals' employment prospects. The paper stresses the continuing need to examine international academic credentials in localised contexts. (Contains 6 notes.)