Student exchange is associated with many positive outcomes, however, little is known about the experiences that drive such changes. The aim of the current qualitative study was to explore how exchange students conceptualize the processes of change and development during exchange within an identity framework. Twenty interviews were conducted with Australian and French exchange alumni aged 19–23 years. Thematic analysis identified two major themes of change with specific associated driving experiences titled “ I did it, so I can do it” and “ I know who I am, I know what I want.” The second theme included two subthemes addressing an increased valuing of diversity and interest in international experiences. Three themes of influencing factors showed that students’ attitudes, previous experience, and family environments could impact exchange outcomes. The findings suggest that identity development is central to development during exchange, with the findings aligning with pre-existing models from the identity literature.