Australia banking institutions are subject to laws and regulations just like American banks. Banks in Australia must operate according to laws that protect investors, shareholders, and private and corporate clients. When doing Australia commercial banking, it's important to know banks in Australia laws and regulations to guarantee that both the institution and you are operating legally and in the best interest of your business.

When banking in Australia, it's beneficial to compare Australia banks and find one that meets the needs of your business. Familiarize yourself with banks in Australia laws and regulations to protect your business and investments. Make sure you:

1. Familiarize yourself with laws for commercial banking in Australia.

2. Determine which Australia banks meet your business needs.

3. Follow laws and regulations for business banking in Australia.

Action Steps
The best contacts and resources to help you get it done

Learn Australia banking institution laws and regulations

It's important to know Australian banking laws and regulations to protect your business assets and make it easier to do business in a foreign country. Australian banks could have different regulations concerning investments, account information privacy, or deposits and withdrawals, so you need to know what Australia banks laws or restrictions apply to your business.

I recommend: The Australian Prudential Regulation Authority publishes a regular newsletter with statistical information and news about Australian banking laws and regulations. Visit the Australian National Treasury website and download any of their helpful guides to Australian financial services and banking regulations.

Determine what banks in Australia laws and regulations apply to your business

Australia commercial banks will be subject to different laws and regulations depending on the services offered. Laws and regulations govern savings accounts, corporate and private checking, investments, loans, and other financial services. It's important to determine what Australian banking laws you'll be subject to based on the nature of your business.

I recommend: ComLaw provides this guide to laws and regulations for Australian savings banks and accounts to help you understand its legislation. The National Australia Banking Group explains laws and restrictions for investments and securities banking.

Follow all Australia commercial banking laws that apply to your business

You will be subject to all Australian commercial banking laws when you do business in the country, even if your business is American-based. It's important to follow all laws and regulations that apply to your particular company to guarantee that all business is conducted safely and legally. Understand the laws your business is protected by and subject to when you bank in Australia.

I recommend: The Australian Parliamentary Library provides this online guide with resources about Australian banking rules and regulations, which is informative for business bankers. The Reserve Bank of Australia provides several resources about Australia's banking laws, including laws for business owners pertaining to investments and securities.

Australia banking institutions are regulated by the Reserve Bank of Australia or as it is better known, the RBA. The RBA's serves as the banker to the Australian government. Its main functions are to regulate monetary policy, insure low and stable inflation, maintain financial stability, participate in financial markets, mange foreign reserves and issue currency notes.

Whether you choose to use an Australia bank or an international institution for banking in Australia, there are several concepts to consider. For example, you will want to:

1. Learn more about Australia banking institutions;

2. Familiarize yourself with authorized banks in Australia; and

3. Consider using an international bank for commercial banking in Australia.

Action Steps
The best contacts and resources to help you get it done

Understand the regulation policies of Australia banks

Banks of Australia are regulated by the Reserve Bank of Australia and monitored by the Australian Prudential Regulation Authority.

I recommend: The Reserve Bank of Australia provides a great deal of information on how the banking industry in Australia works. The Australian Prudential Regulation Authority oversees all banks and credit unions and enforces the standards set forth.

Find an international bank in Australia

Australia commercial banking authorizes a limited amount of international banks to maintain a representative office in Australia. Currently there are only 19 international Australia banks.

I recommend: There are two banks that I recommend that are based in the United States, that are authorized to be a bank in Australia and that maintain an office there. The Bank of New York provides resources for both institutions and corporations as well as private individuals. Wachovia also maintains an Australia banking institution.

Use a locally owned Australia bank

Australia commercial banking is not much different than banking in other countries. These Australian banking institutions offer both business and personal services. Business services include checking, savings, credit cards, investment and cash management.

I recommend: Commonwealth Bank Group is a well established Australian owned financial institution. Their international solutions include services to assist clients with foreign exchange, international money transfer and foreign currency accounts. With CyberSuite, Commonwealth opens up online banking to depositors. The Macquarie Group not only has offices in Australia, but also has locations located in the United States. They offer service on the personal, business and corporate level through personal investment services and their online Active Banking service.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Australia requires foreign banks in Australia to restrict their deposit acceptance to wholesale markets.