This chapter presents a Transnational Virtual Exchange (VE) Project (TEP) developed in partnership between a Spanish and a Hungarian university. During this semester-long project, students worked in mixed virtual teams exploring selected topics related to the economics of the European Union. This report provides the details of the planning, design, and implementation of the project and reveals its Strengths, Weaknesses, Opportunities, and Threats (SWOT) from the students' perspectives. The in-depth SWOT analyses elaborate on students' disciplinary learning, 21st century skills development, engagement and motivation, use of digital tools, international online teamwork and collaboration, online communication, and intercultural competence. [For the complete volume, "Designing and Implementing Virtual Exchange -- A Collection of Case Studies," see ED609252.]