Virtual Exchange (VE) is an umbrella term which refers to the numerous online learning initiatives and methodologies which engage learners in sustained online collaborative learning and interaction with partners from different cultural backgrounds as part of their study programmes. This article reviews the differences between VE and the activities of Virtual Mobility and Blended Mobility. Following that, the main learning outcomes for teachers and students engaged in VE are outlined. The article concludes by proposing how universities can consider the activity within their internationalisation programmes and how they can support its take up among teaching staff. It is argued that VE is not in competition with physical mobility programmes, nor is it an ‘emergency tool’ to be considered only in times of pandemics and limited international travel. Instead, VE should be considered as a preparation for or complement to physical mobility which serves to enhance the range of international learning experiences which an institution offers its students.