1. To give and receive in a reciprocal manner; interchange: exchange ideas. 2. To relinquish (one thing for another); give over. 3. To replace (something unsatisfactory) with something else: exchange defective merchandise. 4. To provide or transfer (goods or services, for example) in return for something of equal value. The term exchange is in itself an actual subject. For in it lies much of man's inability to get along with others. All interpersonal relationships and all national and international relationships are monitored by what is being exchanged. (Finance Series 1)