Virtual exchanges (VEs) are widely used nowadays to enhance cross-disciplinary skills often going far beyond the goal of improving foreign language communication skills within a framework of online tandem language learning. The growing popularity and number of publications related to VEs make it reasonable to conduct systematic literature reviews on a regular basis focusing on practical aspects of VE projects implementations in ever changing higher education settings. This systematic literature review conducted in accordance with the PRISMA guideline examines empirical case studies published in 2020–2025 that demonstrate the successful integration of VE into teaching and learning in higher education on a regular basis both as a part of a course and as an extra-curricular activity. The paper offers actionable insights and guidance for academic practice based on our careful analysis of the selected cases of virtual exchange from the perspective of the study design, research methods used, conceptual educational framework(s) applied, outcomes achieved, and recommendations made by the researchers. The selected period of publication allowed us to evaluate the COVID-19 pandemics impact on the VE projects as well.