Collaborative Online International Learning (COIL) is often framed as an example of a broader practice known as Virtual Exchange (VE). The term Virtual Exchange has increasingly been used as an attempt to unify a fragmented field of Higher Education practice and is often used interchangeably with the term COIL. However, the design of COIL, with its strong focus on collaborative and intercultural learning, is often very different to other VE initiatives. Labelling all VE initiatives, including COIL, generally as VE, can lead to both educators and researchers having difficulty identifying and distinguishing COIL. Therefore, the purpose of this paper is to provide a critical review of VE and define COIL and its key characteristics. This article also describes how theory can inform practice and explains why continued interchangeable use of the term COIL with the umbrella term Virtual Exchange is unhelpful for future research and practice.