In this paper I examine the relationship of theories of exploitation to accounts of transnational justice via a particular case: that of access to welfare rights for EU immigrants. I argue that an exploitation-based view does a better job than alternatives in explaining what is wrong with restrictions to EU immigrants’ access to such rights. First, I show that EU citizenship increasingly turns into a source of vulnerability that allows capitalists (and to some extent also noncapitalists) in host member-states a degree of power over EU immigrants that permits their transnational exploitation. The second part of the paper shows why a European Basic Income or a Eurogrant proposal are insufficient policy measures for protecting workers from exploitation. Instead, I argue, these measures need to be part of a wider bundle of welfare rights to which transnational access is guaranteed by the EU. The third part of the paper deals with an objection to my focus on welfare rights. The creation of the vulnerabilities required for exploitation are intrinsic to capitalism, the objection goes, therefore access to welfare rights, and a basic income, is a reformist and alleviative measure rather than a transformative or erosive policy aiming at challenging capitalist exploitation. I challenge that view. Given that in the near future radical alternatives such as workers cooperatives, and economic democracy, are likely to be limited in number and scope, political theorists must pay more attention instead, I argue, to a wider basket of policies that broaden access to the welfare state and entrench labour law provisions. The most effective way to challenge exploitation at the workplace, I argue, is to combine ‘erosive’ policies with ‘reformist’ measures.