To exchange means to trade one thing for another. If you and your friend both prefer what the other has brought for lunch, you should exchange lunches.

Exchange, which is both a noun and a verb, comes from the Latin ex-, meaning "out" and cambiare, for "change" or "substitute." If you're traveling in Europe, you exchange U.S. Dollars for Euros. If you get a really awful outfit for your birthday present, you can go to the store and exchange it for one you like better. The correspondence between you and your loved one is an exchange of love letters. An argument is an exchange of opinions.

Definitions of exchange
  1. noun
    the act of changing one thing for another thing
    synonyms: interchange
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    trade-off, tradeoff
    an exchange that occurs as a compromise
    type of:
    group action
    action taken by a group of people
  2. noun
    the act of putting one thing or person in the place of another: "he sent Smith in for Jones but the substitution came too late to help"
    synonyms: commutation, substitution
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    replacement, replacing
    the act of furnishing an equivalent person or thing in the place of another
    (law) the act of substituting of one creditor for another
    ablactation, weaning
    the act of substituting other food for the mother's milk in the diet of a child or young mammal
    (law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party
    pitching change
    replacing a pitcher in baseball
    supersedure, supersession
    act of replacing one person or thing by another especially one held to be superior
    displacement, supplanting
    act of taking the place of another especially using underhanded tactics
    type of:
    the action of changing something
  3. noun
    reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
    synonyms: interchange
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    act of exchanging one type of money or security for another
    barter, swap, swop, trade
    an equal exchange
    foreign exchange
    the system by which one currency is exchanged for another; enables international transactions to take place
    unitisation, unitization
    conversion of an investment trust into a unit investment trust
    horse trade, horse trading
    the swapping of horses (accompanied by much bargaining)
    type of:
    commerce, commercialism, mercantilism
    transactions (sales and purchases) having the objective of supplying commodities (goods and services)
  4. noun
    chemical process in which one atom or ion or group changes places with another
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    photochemical exchange
    an exchange produced by the chemical action of radiant energy (especially light)
    type of:
    chemical phenomenon
    any natural phenomenon involving chemistry (as changes to atoms or molecules)
  5. verb
    exchange or replace with another, usually of the same kind or category
    synonyms: change, commute, convert
    change, shift, switch
    lay aside, abandon, or leave for another
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    convert into direct current
    convert (from an investment trust to a unit trust)
    capitalise, capitalize
    convert (a company's reserve funds) into capital
    convert illegally obtained funds into legal ones
    exchange for smaller units of money
    overcapitalise, overcapitalize
    capitalize beyond what the business or the profit-making prospects warrant
    type of:
    substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected)
  6. verb
    hand over one and receive another, approximately equivalent
    exchange prisoners”
    exchange employees between branches of the company”
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    exchange people temporarily to fulfill certain jobs and functions
    exchange on a regular basis
    type of:
    reassign, transfer
    transfer somebody to a different position or location of work
  7. verb
    put in the place of another; switch seemingly equivalent items
    synonyms: interchange, replace, substitute
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    move and exchange for another
    reduce, simplify
    simplify the form of a mathematical equation of expression by substituting one term for another
    replace a corner by a plane
    provide (a workshop or factory) with new tools
    substitute one creditor for another, as in the case where an insurance company sues the person who caused an accident for the insured
    type of:
    alter, change, modify
    cause to change; make different; cause a transformation
  8. verb
    change over, change around, as to a new order or sequence
    synonyms: switch, switch over
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    type of:
    change by reversal, reverse, turn
    change to the contrary
  9. verb
    exchange a penalty for a less severe one
    synonyms: commute, convert
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    type of:
    alter, change, modify
    cause to change; make different; cause a transformation
  10. noun
    the act of giving something in return for something received
    “deductible losses on sales or exchanges of property are allowable”
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    act of exchanging favors for mutual gain; especially trading of influence or votes among legislators to gain passage of certain projects
    type of:
    dealing, dealings, transaction
    the act of transacting within or between groups (as carrying on commercial activities)
  11. noun
    a mutual expression of views (especially an unpleasant one)
    “they had a bitter exchange
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    type of:
    the use of speech for informal exchange of views or ideas or information etc.
  12. noun
    (sports) an unbroken sequence of several successive strokes
    synonyms: rally
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    type of:
    group action
    action taken by a group of people
  13. noun
    (chess) the capture by both players (usually on consecutive moves) of pieces of equal value
    “the endgame began after the exchange of queens”
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    type of:
    the removal of an opponent's piece from the chess board
  14. noun
    (chess) gaining (or losing) a rook in return for a knight or bishop
    “black lost the exchange
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    type of:
    the removal of an opponent's piece from the chess board
  15. verb
    give to, and receive from, one another
    “We have been exchanging letters for a year”
    synonyms: change, interchange
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    exchange or deliver for money or its equivalent
    cash, cash in
    exchange for cash
    ransom, redeem
    exchange or buy back for money; under threat
    turn in (vouchers or coupons) and receive something in exchange
    fill in, stand in, sub, substitute
    be a substitute
    swap, switch, swop, trade
    exchange or give (something) in exchange for
    exchange goods without involving money
    trade, trade in
    turn in as payment or part payment for a purchase
    sell or discount
    sell illegally, as on the black market
    sell illicit products such as drugs or alcohol
    sell short
    sell securities or commodities or foreign currency that is not actually owned by the seller, who hopes to cover (buy back) the sold items at a lower price and thus to earn a profit
    sell cheaply as remainders
    sell (something) again after having bought it
    sell articles, television programs, or photos to several publications or independent broadcasting stations
    sell (art works) from a collection, especially in order to raise money for the purchase of other art works
    sell off
    get rid of by selling, usually at reduced prices
    fob off, foist off, palm off
    sell as genuine, sell with the intention to deceive
    realise, realize
    convert into cash; of goods and property
    auction, auction off, auctioneer
    sell at an auction
    sell on the retail market
    sell in large quantities
    convert into cash
    convert into cash; of commercial papers
    barter away
    trade in in a bartering transaction
    sell at a loss
    dump, underprice
    sell at artificially low prices
    undercut, undersell
    sell cheaper than one's competition
    give, sell, or transfer to another
    dispose of by selling
    type of:
    cause to change ownership
  16. noun
    a workplace for buying and selling; open only to members
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    commodities exchange, commodities market, commodity exchange
    an exchange for buying and selling commodities for future delivery
    corn exchange
    an exchange where grains are bought and sold
    securities market, stock exchange, stock market
    an exchange where security trading is conducted by professional stockbrokers
    curb market
    a stock market for trading in securities not listed on the New York Stock Exchange
    forward market, futures exchange, futures market
    a commodity exchange where futures contracts are traded
    OTC market, over-the-counter market
    a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange
    spot market
    a market in which a commodity is bought or sold for immediate delivery or delivery in the very near future
    type of:
    work, workplace
    a place where work is done
  17. noun
    a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
    synonyms: central, telephone exchange
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    (CENTRal EXchange) a kind of telephone exchange
    patchboard, plugboard, switchboard
    telephone central where circuits are completed with patchcords
    type of:
    work, workplace
    a place where work is done
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