A process for heating or cooling a liquid (5) by contacting the liquid with an immiscible fluid (1), having different temperature and density, in the presence of a heat transfer enhancing media bed (7) inside a contacting chamber (4). The process including the steps of introducing the liquid into the chamber; contacting the surface film on the media bed with the liquid, whereby the surface film provides for maximum contact and heat exchange between the liquid and fluid; and removing the fluid and the liquid from the chamber.