Nouns

(n)exchangechemical process in which one atom or ion or group changes places with another
(n)exchangea mutual expression of views (especially an unpleasant one)“they had a bitter exchange”
(n)exchange, interchangethe act of changing one thing for another thing“Adam was promised immortality in exchange for his disobedience”, “there was an interchange of prisoners”
(n)exchangethe act of giving something in return for something received“deductible losses on sales or exchanges of property are allowable”
(n)central, telephone exchange, exchangea workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
(n)exchangea workplace for buying and selling; open only to members
(n)rally, exchange(sports) an unbroken sequence of several successive strokes“after a short rally Connors won the point”
(n)exchange, interchangereciprocal transfer of equivalent sums of money (especially the currencies of different countries)“he earns his living from the interchange of currency”
(n)substitution, exchange, commutationthe act of putting one thing or person in the place of another:
(n)exchange(chess) gaining (or losing) a rook in return for a knight or bishop“black lost the exchange”
(n)exchange(chess) the capture by both players (usually on consecutive moves) of pieces of equal value“the endgame began after the exchange of queens”

Verbs

(v)exchange, change, interchangegive to, and receive from, one another“Would you change places with me?”, “We have been exchanging letters for a year”
(v)change, exchange, commute, convertexchange or replace with another, usually of the same kind or category“Could you convert my dollars into pounds?”, “He changed his name”, “convert centimeters into inches”, “convert holdings into shares”
(v)switch over, switch, exchangechange over, change around, as to a new order or sequence
(v)exchangehand over one and receive another, approximately equivalent“exchange prisoners”, “exchange employees between branches of the company”
(v)substitute, replace, interchange, exchangeput in the place of another; switch seemingly equivalent items“the con artist replaced the original with a fake Rembrandt”, “substitute regular milk for fat-free milk”, “synonyms can be interchanged without changing the context's meaning”
(v)commute, convert, exchangeexchange a penalty for a less severe one