To give in return for something received; trade: exchange dollars for francs; exchanging labor for room and board. To give and receive reciprocally; interchange: exchange gifts; exchange ideas. To give up for a substitute: exchange a position in the private sector for a post in government. To turn in for replacement: exchange defective merchandise at a store. To give something in return for something received; make an exchange. To be received in exchange: At that time the British pound exchanged for $2.80. The act or an instance of exchanging: a prisoner exchange; an exchange of greetings. One that is exchanged. A place where things are exchanged, especially a center where securities or commodities are bought and sold: a stock exchange. A telephone exchange. A system of payments using instruments, such as negotiable drafts, instead of money. The fee or percentage charged for participating in such a system of payment. A bill of exchange. A rate of exchange. The amount of difference in the actual value of two or more currencies or between values of the same currency at two or more places. A dialogue: a heated exchange between the two in-laws. Of or relating to a reciprocal arrangement between a local and a foreign institution or group: an exchange student; exchange programs for students learning foreign languages.