Is it possible to open a type of bank account that my friends from all over the world can deposit money into?

Question

My friends and I would like to save money in an account. I'm from Australia, there's one person in America and a couple in India. Any chance we could save money in one account?

Answer 1

Just open a paypal account vs a bank account.  They actually pay fairly good rates on savings.

Now you need to deciede who controls taking money out.

Answer 2

A bank will probably charge exchange fees to accept/deposit checks from other countries.

Better that you each start an account in your own town, and just let each other know once in awhile how much is in each one.

Answer 3

anyone can put money into anybodys account, but the person whose name is on the account is the only one who can take money out. if you have 4 or 5 people on the account, be prepared to GOODBY to your money.

Answer 4

Of course you can. You will all need to open up your own accounts, then have one person set up the joint account for all of you so you can use your own accounts to transfer in and out of it. Based on the locations, State Bank of India would probably be a good bank to start with.

But why do you want to open up a joint account. Make sure you trust everyone 100%, and you are willing to bet all the money you put into that account that they are trustworthy.

Just be careful.