A portable fluid exchange system comprises a source container, a liquid and vapor pump for pumping liquid from the source container to the destination container and for pumping vapor from the destination container to the source container. The liquid inlet and vapor outlets of the liquid and vapor pump are connected in fluid communication with the source container. A liquid delivery hose delivers liquid from the pump to the destination container. A vapor delivery hose delivers vapor from the destination container to the pump. A selectively controllable actuation mechanism actuates the liquid and vapor pump to thereby concurrently pump liquid from the liquid and vapor pump through the liquid outlet and vapor into the liquid and vapor pump through the vapor inlet, and concurrently pump vapor from the liquid and vapor pump through the vapor outlet and liquid into the liquid and vapor pump through the liquid inlet.