I believe they are interchangeable BUT I do feel that it is more common to use the word 'despite'. I think it's used more often.
I decided to work out, despite the rain.
I chose to leave this city, despite the well paying job.
He is quite knowledgeable, despite his young age.
Her living conditions are poor, despite her high education experiences.
The elderly man is poorly paid, despite the long working hours.
At least that is how it is in America. I'm not sure of what is more common in other English speaking countries :)