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As far as I know from dictionary that both words compensate and recompense are same in meaning .But are those actually same or is there any precise difference?

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No, they are not the same, although in some cases they may be interchangeable.

If you recompense something, you pay back expenses that have been incurred. So I paid for something, and you pay me back for it. This is a for of compensation!

To compensate for something (notice also the difference in use!), you may recompense expenses. But there are many other options.

Someone may compensate for a lack of knowledge with a great ability to look things up. I may compensate for your expenses by giving you time off.

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