The importance of internationalization and effective online collaborative learning is well established, and the recognized value of cross-cultural exchanges by higher education institutions has resulted in a diverse range of initiatives including the use of virtual exchanges. Virtual exchanges are global online learning experiences for students enrolled in postsecondary coursework. The purpose of this study was to examine a virtual exchange learning opportunity for U.S. and Irish graduate education students. Using an online collaborative learning theoretical lens, this case study found that while there were varying levels of commitment and unequal expectations and contributions of the graduate students, students described the importance and significance of the unique learning experience. Implications for research and practice are discussed for future use of virtual exchange within the postsecondary environment.