International virtual exchange (VE), or telecollaboration, as a form of online foreign language learning involves interaction and collaboration with partners from geographically distant locations, while at the same time promoting linguistic, intercultural and digital competences. The present paper describes a VE project between students at Tel Aviv University (Israel) and Academician Stepan Demianchuk International University of Economics and Humanities (Ukraine). The project included both asynchronous and synchronous tasks. In this presentation, we will begin by discussing ways to develop intercultural communicative competence effectively and efficiently via online interactions during tasks. In addition, we will focus on analysing outcomes of our VE projects. We will claim that one of the benefits of having an initial asynchronous task as part of VE projects is the possible mitigation of students’ stress levels caused by language and/or attitudinal barriers. Another advantage of asynchronous interaction is the opportunity to get to know all the participants and delay thoughtful reactions that might be too difficult during spontaneous synchronous communication. The synchronous VE components (e.g., icebreakers, discussing topical issues, and creating infographics in crosscultural virtual teams) allowed for effective brainstorming, collaboration, and contribution to team tasks in real time. Finally, the inclusion of a critical reflection component provided students with the chance to explore their reactions, insights, and changes in perceptions as the VE unfolds.