1an act of giving one thing and receiving another (especially of the same kind) in return:negotiations should lead to an exchange of land for peace [mass noun]:opportunities for the exchange of information a visit or visits in which two people or groups from different countries stay with each other or do each other’s jobs: [as modifier]:an exchange visit to Germany 2 [mass noun] the changing of money to its equivalent in the currency of another country: they provided me with currency exchange at competitive rates [count noun] a system or market in which commercial transactions involving currency, shares, etc. can be carried out within or between countries. [count noun] a building or institution used for the trading of a particular commodity or commodities:the old Corn Exchange 3a short conversation or an argument:there was a heated exchange
5 Chess a move or short sequence of moves in which both players capture material of comparable value, or particularly (the exchange) in which one captures a rook in return for a knight or bishop.
give something and receive something of the same kind in return:we exchanged addresses he exchanged a concerned glance with Stephen give or receive one thing in place of another:we regret that tickets cannot be exchanged he exchanges his cigarette ends for food [no object] exchange contracts.