The primary purpose of this study lies in the evaluation of what students acquire from studies abroad in the context of credit mobility, in terms of competence development and personal growth, compared with that gained by students completing their study or internship in their home country. A pre-post test design, with both an experimental group and a control group, was employed for students participating in the Erasmus programme and those continuing their regular course of study at their home university. The findings obtained suggest that study abroad programmes have a positive impact on the perception of university students. The highest values among Erasmus students in terms of outcomes were attributed to cultural enhancement, personal development and foreign language proficiency. Study abroad has, furthermore, a Europeanising impact inasmuch as it affects the self-identity of students.