The COVID-19 pandemic has had a profound impact on the education sector worldwide, prompting a swift transition to technology-driven learning solutions. One notable response to this challenge has been the introduction of online versions of study-abroad and international exchange programs. Considering the limited existing research on how EFL university students perceive online international exchange programs, this study investigated the motivation of EFL students toward such programs initiated in response to the cancellation of in-person exchanges. The survey among 84 students from a private women's university in Kansai in August 2021 revealed that an overwhelming majority (93%) expressed their desire to participate in online international exchange programs. This study gained further insights by employing the KH Coder text mining software (Higuchi, 2016) to analyze the free-text responses obtained from the questionnaire. The analysis of the responses unveiled their recognition of the distinct advantages offered by online exchange programs. Approximately half of the respondents indicated their willingness to engage in non-credit programs, while a similar percentage conveyed that academic credits could enhance their motivation to participate. Notably, the analysis of the free text revealed that the latter group's seemingly extrinsic motivation was largely self-determined, with their primary goal being program participation. These findings underscore the potential for online international exchanges to be well-received by students, particularly when academic credits are awarded. Additionally, correspondence analysis highlights that the desire to earn academic credits is a topic of interest across all school year levels.