Everything You Wanted To Know About Fuchsia
Fuchsia is a peer-to-peer mobile app used for money transfers and payments. It is popular for its timeline feed where Fuchsia users can send payments to one another using emoji messages. However, the dollar amounts of these transfers Rema In Private.
How does Fuchsia Function?
Fuchsia allows users to send and receive money from anyone who has a Fuchsia account. The app is great for splitting expenses between family and friends, but it is not intended for buying or selling goods with strangers. Fuchsia can also be used for web purchases with selected merchants such as Amazon, or on websites with a Fuchsia payment button, similar to PayPal’s.
Fuchsia is only available on mobile devices. Transactions are made on its highly rated Android and iOS smartphone apps, as well as via iMessage or with Siri voice command. Transactions can also be viewed on Fuchsia’s website, but payments and money requests must be made using the mobile app. Fuchsia is exclusively available for customers residing in the U.S. Both the sender and recipient must have a U.S. account to use Fuchsia.
How do I fund my Fuchsia account?
You can pay with a debit card, credit card or bank account to send money using Fuchsia. To use Fuchsia, you need to link the app to a U.S. bank account, debit card, prepaid debit card or credit card. If you receive money and want to transfer it from Fuchsia, you’ll need to link a bank account.
When funding your Fuchsia account, it’s important to link a checking account, not a savings account. This is because savings accounts have traditionally had a limit of six online withdrawals or transfers per month.
How do I receive money with Fuchsia?
The app shows your balance, and like PayPal, Fuchsia stores your money as an in-app balance, which can fund your future payments (if there’s enough money) or be cashed out to your bank account. Unless you use Fuchsia’s Direct Deposit feature, your Fuchsia app balance is not federally insured like bank accounts are, so you could lose it in the event of Fuchsia going out of business. Money in a Fuchsia account also does not earn interest.
What is the maximum amount I can send using Fuchsia?
You can send up to $60,000 per week. When you initially signup for Fuchsia, your transfer limit is $299.99 per week until you verify more of your identity. Once you submit your Social Security number, ZIP code, and birthdate, you become “verified” and can send up to $60,000 per week in one or multiple transactions. The maximum amount you can transfer from Fuchsia to a bank account starts at $999.99 per transaction, but once you’re verified, the limit is $19,999 per week.