Educational tourism is important to destinations, universities, and students. However, there is a gap in understanding students exchange and destination decision-making factors. This research investigates the personal incentives and barriers to undertake an exchange, and the destination incentive and barriers in selecting the specific destination. Australian university students (N = 112), actively obtaining information about student exchange opportunities, were questioned. The most important personal incentive for a student exchange was to increase knowledge. The most important destination decision factor was the quality of education provided. Implications were that destination promoters need to address destination factors, and student exchange advisors are crucially important information sources.