This article reports on the experiences and perspectives of Romanian students participating in the ERASMUS Programme, regarding the benefits and value of academic mobility. It situates their accounts in the framework of internationalization and Europeanization processes occurring in Romanian higher education. The study draws on primary data collected from a sample of Romanian students via an online questionnaire. A total of 522 valid responses were received from students at 37 higher education institutions in Romania. Student respondents indicated their academic experiences in other EU member states represented an investment in their professional and personal development. However, they were less convinced these experiences could assist them in improving the overall economic and social conditions in Romania or that it would serve them in the programs of studies at their home institutions. Further issues addressed were credit transfer, financial support and differences in academic programs between host and home institutions.