Travel is the best educator. I have seen the broadening of vision and tolerance through motivated travels though not as part of curriculum. In spite of financial and logistic difficulties, this will encourage a more tolerant world.
Yes. It is a very good idea. Our university practices it and the link is given here. They can visit and at the same time do a course during that period. The only problem is it is expensive and not all students are interested. Also they are only interested to goto a few destinations that they are interested. That limits the possible interaction.
All persons, young or old; male or female, shall like this idea of having "student exchanges between totally new cultures and societies as part of the curriculum". It will be entertaining and students like it; lot of fun.
My suggestion is to have fun after the office hours. The idea is to finish the day's duty and then have fun. It could be in the form of music, skits, visiting places, different types of food, contests (like photography, exhibitions of coin / stamp, yoga, sports etc.).
You may remember that a program called DIIT. It was sponsored by GOI. It had International / National travel in its curriculum. It was withdrawn after few years of inception. Reasons are unknown to me.
I agree with Sadagopan and Nageswara. The confrontation with other cultures can have many positive effects on the personal development of people, in this case: students. By using Internet, Skype, chat, live video conferences etc. the financial, logistic and other difficulties can be reduced. For an example of educational practice: see the attached article.
By the way: colleague Ravindran is right: if it comes to travelling we have to beware for the phenomenon of "pleasure trips" paid by others. This is the result of "bad examples" by managers and commercial business.
Let the students get into the global world! The universities must be the spring board for inter university exchange programs. The beginning might have been made in some universities. But the numbers are still in single digit percentages even in the most welcoming institutions in developing countries. The exchange programs can be in three stages -