RBC: Establishing credit – top barrier to newcomers

RBC: Establishing credit – top barrier to newcomers

According to an RBC poll, almost half of newcomers, despite being financially savvy, face obstacles when it comes to establishing their finances in Canada.

The two main hurdles identified by newcomers are:

• Banks don’t fully understand the challenges they are faced with (27 per cent)

• Banks do not provide adequate credit services without already having a credit history in Canada (17 per cent).

“We need to help newcomers settle, adjust and integrate as seamlessly as possible,” said Paul Sy, director, Multicultural Markets, RBC. “RBC recognizes this and offers products and services such as the unsecured credit card and language line capabilities in up to 180 different languages to help with the transition to Canada.”

When asked if they could change one thing about their experience in coming to Canada, 20 per cent responded that they would not change anything. However, 80 per cent said they would. The top three areas included:

• 17 per cent said do more research on career opportunities before arriving

• 16 per cent said ensure their credentials are valid in Canada

• 16 per cent said try to find other people from their community that have already immigrated to Canada

“Newcomers require trustworthy personalized advice, products and services that are sensitive to their cultural and newcomer needs and we all need to play a part to ensure this is provided and available to them,” added Sy.

Sy offers the following tips to new Canadians:

• Create a budget: RBC financial advisors can assist clients with their financial needs in up to 180 languages.

• Prepare for work: Finding a job that suits your skills and interests requires research and patience. The important thing is to never give up and to take advantage of helpful online resources(rbc.com/canada), local community groups and friends.

• Build your credit history – Take advantage of options available to you, such as RBC’s Newcomer to Canada Credit Card program, an unsecured credit card for newcomers (rbc.com/rbccredit) with zero credit history required. RBC also offers a second credit card, for a spouse or partner.

(PRESS RELEASE)