International education exchange is a growing phenomenon. In 2000, there were an estimated 1.8 million students studying in countries other than their own. Subsequently, there has been an increase in research relating to student exchange programs, although much of this work remains unpublished and has focused on the issues surrounding American and European students. Therefore, this article investigates Australian and New Zealand university international exchange programs and considers the personal characteristics of students that may influence such rates. Overall, the findings of this study show that despite greater government focus on internationalization and student exchange opportunities, very few Australian and New Zealand students participate in student exchange programs. There is a need for future research to consider the issues surrounding student participation, including personality and social factors influencing the decision-making process and the impact of the exchange experience. (Contains 4 tables.)