This article explores a significant yet curiously understudied form of transnational mobility as practiced among the highly qualified in Europe, namely the international internship. We argue that an international internship can be an ambivalent stage within youth transitions. While possibly providing a potential point of entry into a 'dream' career path, the economic and emotional costs of such undertakings also need to be accounted for, including an offsetting of professional stability and deferred rather than accelerated labour market entry. At the same time, international internships have the appearance of a response to a need for personal development and exploration. Taking on board these perspectives, we suggest that the international internship be considered a form of 'mobile moratorium,' expanding on the possibilities associated with this conceptualisation. For young people in the European Union, this form of exchange also provides a means to engage in intra-European circulation while simultaneously pursuing personalized success. We investigate this proposition through analysis of data collected via an online survey, providing illustrations of what the international internship experience means for professional development and personal exploration.