Internationalisation has transformed the higher education landscape around the world and has dramatically changed itself. Some question whether the change is for better or worse given some of the unintended consequences of internationalisation such as commercialisation, diploma and accreditation mills, international rankings and the great brain race. The importance of internationalisation is recognised but are the benefits, risks and processes fully understood? This article takes a hard look at new developments and challenges related to the international dimension of higher education. It argues for focusing on the collaborative, mutual benefit, capacity building, and exchange aspects of internationalisation to optimise the benefit for individuals (students and staff), for higher education institutions (learning, research, service) and for the country and region as well.