換える vs. 変える
 

Hi masaegu san, I would like to know what's the difference between 換える (Exchange, Change) and 変える(Change)? :)

Don't you have a good dictionary?

変える = to change, to alter, to turn, to modify, to reform, etc.

換える = to exchange, to replace, to substitute, to take the place of, etc.

To elabourate:

変 - character signifies change, going through a change... simply the change. something was one thing, now it is different.

Perhaps you would say something like...
人生を変える - change life (as in "make a change to human life")

換 - character signifies change from current to something else, exchanging one thing for another, something in place of another.

Perhaps you would say something like...
電車を乗り換える - change trains (as in "ride a different train instead of the current one")

Well put by the natives. To put it simply, I think you might be able to easily differentiate them if you think of 変 as "morph" and 換 as "swap."

I think I get it now. For example, if I am talking about changing password, I use 変える. But if I am talking about changing a light bulb, I use 換える. Am I right? :)

That is correct.

Thanks for the help, guys. :)

By the way, for "おしめを取り換える", is it possible to say "おしめを換える" instead?

It's more than just possible.

Thank you, masaegu san. :)