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English definition of “exchange”

exchange

verb     /ɪksˈtʃeɪndʒ/
[T] to give or return something to someone and receive something from them: They shook hands and exchanged business cards . If the goods are faulty you should be able to exchange them.exchange sth for sth Under these schemes , shareholdings can be exchanged for units in a unit trust .
[T] FINANCE to change one currency into another: exchange sth for sth In this way we will save on the costs of exchanging euro for sterling and vice versa .exchange sth into sth Larger hotels will exchange dollars into local currency .
[T] COMMUNICATIONS to communicate with someone who then replies : We exchanged a few words before the meeting began .exchange sth with sb Users can create pages with photos and personal information , and exchange e-mail with other users .
[I or T] UK PROPERTY to sign a legal document with the person you are buying property from as the last part of the process of buying it: When you exchange, you must satisfy yourself that you are happy with the condition of the home you are moving into before you move . We hope to exchange contracts next week .
(Definition of exchange verb from the Cambridge Business English Dictionary © Cambridge University Press)
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