Internationalization is a multifaceted concept, with many different interpretations, emphases and purposes. Its amorphous nature is captured in this comparative case study of the internationalization of two contrasting universities: one in the UK, the other in Hong Kong. The cases represent two distinct models of internationalization: the "internationalist" and the "translocalist". A hypothetical third model, the globalist, is also suggested. The three models of internationalization capture different realities reflecting the importance of international, national and institutional contexts, as well as available opportunities and parameters of choice in decisions relating to internationalization.