This paper conceptualizes education export as an activity aimed at transferring intellectual capital from one country to another. The analysis produces two analytical frameworks for identifying the relevant elements of intellectual capital in education export projects – one from the provider’s perspective and the other from the customer’s perspective. The paper is a literature-based conceptual study that links the literature streams of higher education / education export and intellectual capital. There is no prior research linking education export and intellectual capital. As expected, given the central role of intellectual capital in education export, the concept of intellectual capital was considered a useful tool for getting a more detailed understanding of the different kinds of knowledge-based resources that are transferred during an education export activity. The results of this study can be used in further empirical research concerning education export as well as in practical management work related to evaluating, planning or improving export activities. However, more research is needed.