Exchange/ɪksˈtʃeɪndʒ/ Definition 1 of 5Pro Tip 1/2Mutual Benefit 'Exchange' implies both sides gain something of similar value. They exchanged old textbooks to help each other in different subjects. Pro Tip 2/2Conditional Agreement Exchange usually requires agreed conditions by both parties beforehand. Before heading to the trip, they exchanged their homes for a week.