Exchange, interchange, bandy mean to give a thing to another in return for another thing from him.
Exchange may imply a disposing of one thing for another by or as if by the methods of bartering or trading. Sometimes the term specifically implies a substitution of one thing for another without any definite suggestion of bartering or trading or an alternation of things by two, sometimes more, persons.
Interchange is rarely used in place of exchange except when alternation (as in reciprocal giving and receiving) is implied, often with the connotation of a continuous succession.
Bandy may imply a careless or casual tossing back and forth or from one to another, and it is often used in place of interchange when vigorous, rapid, and more or less prolonged action is implied. The term also may imply heated or active discussion or a passing of information from one to another.