Guide to Banks in Australia

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.

The official source of Banks in Australia is the Banks in Australia page at Business.com