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1. Suitable to be exchanged
    
2. Capable of being exchanged for or replaced by something of equal value
   "exchangeable securities"
   - convertible
    
3. Capable of replacing or changing places with something else; permitting mutual substitution without loss of function or suitability
   "exchangeable electric outlets" "interchangeable parts"
   - interchangeable, similar, standardized, standardised [Brit]

See also: cashable, commutable, convertibility, exchangeability, fungible, permutable, redeemable, replaceable, substitutable, transposable, vicarious

Antonym: unexchangeable