Establishing an open virtual money exchange regime is a novel idea but rarely discussed. This paper provides a pioneer research on virtual money exchange (VONEX) approach, aiming to facilitate the exchange of virtual currencies among a variety of heterogeneous virtual communities. It has defined the intrinsic value and exchangeable value of virtual currencies and suggested a redistribution strategy, constituting the theoretical foundation of the virtual exchange rate system, by which a novel VONEX exchange rate algorithm is derived. Further to the introduction of the algorithm, a proof is given to ensure its correctness. Copyright © 2009 ACM.