Advance fee: meaning, definitions and examples
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advance fee
[ ədˈvɑːns fiː ]
financial
A fee that is paid upfront before receiving a service or product. It is often associated with scams where individuals are asked to pay a fee in advance with the promise of a greater benefit later.
Synonyms
prepayment, upfront fee
Examples of usage
- Be cautious of any company that asks for an advance fee before providing their services.
- Many scams involve convincing victims to pay an advance fee in exchange for a larger sum of money later.
Translations
Translations of the word "advance fee" in other languages:
🇵🇹 taxa antecipada
🇮🇳 अग्रिम शुल्क
🇩🇪 Vorausgebühr
🇮🇩 biaya di muka
🇺🇦 попередній платіж
🇵🇱 opłata z góry
🇯🇵 前払い料金
🇫🇷 frais d'avance
🇪🇸 pago adelantado
🇹🇷 peşin ücret
🇰🇷 선불 요금
🇸🇦 رسوم مسبقة الدفع
🇨🇿 předběžný poplatek
🇸🇰 záloha
🇨🇳 预付款
🇸🇮 predplačilo
🇮🇸 fyrirframgreiðsla
🇰🇿 алдын ала төлем
🇬🇪 წინასწარი გადასახადი
🇦🇿 avans ödənişi
🇲🇽 pago por adelantado
Word origin
The term 'advance fee' originated in the financial industry to describe a payment made before receiving a service or product. Over time, it has also become associated with fraudulent schemes and scams where individuals are tricked into paying a fee upfront with the promise of a larger benefit later. These scams have been around for centuries, evolving with technology to include online and email scams. The concept of advance fees has also been used in legitimate business transactions, such as in real estate or legal services, where a payment is required before the completion of a service.