The study presented in this article aims at understanding the relevance of mobility initiatives to the internationalisation efforts of Higher Education Institutions (HEIs). By building upon relevant literature, 17 propositions related to this contribution were identified. Empirical evidence from a concrete case of a European university was then used to evaluate those propositions. Data was collected from individual interviews to 19 outgoing faculty and from focus groups with 32 incoming students, resulting in the identification of the promises and pitfalls of mobility. The study concludes that HEIs must define clear strategies and carefully manage their mobility activities to maximise the potential benefits for internationalisation. Based on this main implication, it presents a set of managerial recommendations that may be relevant for those involved in administering or promoting international mobility programmes at universities, governments or international organisations, and for researchers in higher education.