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Royal Bank making it easier for newcomers to settle in Canada
|By PR Newswire
|April 24, 2014 05:00 AM EDT
TORONTO, April 24, 2014 /CNW/ - RBC Royal Bank today announced it has made a number of enhancements to make
it easier for newcomers to manage their finances and settle in Canada.
The changes being made recognize the unique needs of newcomers and
better enable access to credit products, including options that require
no Canadian credit history.
"Each year, we welcome approximately 650,000 immigrants to Canada and
one of the common challenges newcomers face is establishing credit in
their new home country," said Christine Shisler, director,
Multicultural Markets, RBC. "We want to be the bank that helps people
with their important firsts - their first bank account, their first
credit card, their first car purchase and their first home. These are
significant milestones and we want to make the transition to Canada as
seamless as possible by recognizing their needs and values."
The changes affect three major areas of the journey to Canada: Buying
your first car and home, establishing a Canadian credit history and
getting reaccredited in your field. These changes will make it easier
to get the credit products they need without waiting to build a
Canadian credit history.
Buying your first car in Canada
Upon settling in Canada, many people require a vehicle. In a study
conducted by RBC, about one in four (26 per cent) newcomers who have
been in Canada for one year or less report they expect to buy a vehicle
in the next year. However, more than one-third (39 per cent) of these
say they don't know how they are going to finance it. RBC has made it
easier to make a first car purchase in Canada by introducing a new "no
credit history required" loan at over 3,500 dealerships nationwide.
Buying your first home in Canada
Many newcomers buy a home within five years of arrival, and our research
has shown that it can be a very challenging experience. Our new
mortgage enhancements make it easier for newcomers to get into their
first house in Canada sooner. We've extended the qualification period
for RBC's Newcomer Mortgage program from three to five years, enabling
more newcomers to get a mortgage in the first five years of arrival in
Canada, with or without a credit history.
Establishing a Canadian credit history
Although RBC does not require newcomers to have a credit history in
order to purchase your first vehicle or home, establishing a credit
history is a critical step upon settlement in Canada. In the same
study, RBC found that one-third (32 per cent) of those new to Canada
felt that having a credit card was a useful way to establish a good
credit rating in Canada. Allowing flexible borrowing behaviour helps
newcomers achieve goals like buying a car or a house. RBC was one of
the first banks to introduce the "no credit history required Unsecured
Credit Card," and with this latest enhancement has made it easier for
the vast majority of permanent residents to qualify for an unsecured
Getting reaccredited in your field
Once they arrive in Canada, many workers may need to upgrade skills, and
enroll in courses or school to receive Canadian accreditation in their
chosen profession. To help newcomers with their career goals, RBC is
expanding its unique Newcomer Skilled Loan Program to provide easier
financing to support this important step.
"We want to help people achieve their goals in Canada, whether that's
home ownership, buying a car or getting Canadian accreditation in their
skill or trade," said Shisler. "The changes we are making demonstrate
RBC's desire to understand and adapt to newcomer needs, values and
timelines. We're working to help them build the lives they want faster
so they're on track for success in Canada."
RBC's International Remittance service through RBC Online Banking has
also changed, and will make it easier for clients to transfer funds in
a low-cost manner with its expansion to the United States and other
countries, including Puerto Rico and the U.S. Virgin Islands.
About RBC's Welcome to Canada Package
For over 145 years, RBC has been helping newcomers get settled in Canada
by providing them with resources and tools that make settling in Canada
an easier transition.
To assist with language barriers RBC provides service by phone or
in-branch in over 200 languages.
The RBC Welcome to Canada package helps newcomers who have been in Canada for less than three
years with key financial decisions and includes advice and discounts on
products and services, such as a banking account with no monthly fees
for 6 months, and an unsecured, no credit history required $1,000
credit card, with Visa & MasterCard options to help them start building
a credit history.
Consumers around the world can access information on moving to Canada,
including financial advice checklists and more, at rbc.com/canada.
About the poll
The poll was conducted by Environics Research Group on behalf of RBC in
May 2013. Respondents were recruited from an online consumer research
panel and are made up of 357 immigrants residing in British Columbia,
Ontario, and Quebec who are first generation and have lived in Canada
for 1 year or less. Quotas were applied to represent the different
regions and ethnicities in Canada. Data was weighted according to
population data to represent the population as closely as possible. A
survey with an unweighted probability sample of this size and a 100 per
cent response rate would have an estimated margin of error of ±5
percentage points 19 times out of 20 of what the results would have
been had the entire population of immigrants in Canada been polled. All
sample surveys and polls may be subject to other sources of error,
including, but not limited to, coverage error and measurement error.
Royal Bank of Canada is Canada's largest bank, and one of the largest
banks in the world, based on market capitalization. We are one of North
America's leading diversified financial services companies, and provide
personal and commercial banking, wealth management services, insurance,
investor services and capital markets products and services on a global
basis. We employ approximately 79,000 full- and part-time employees who
serve more than 16 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 42 other
countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations,
sponsorships and employee volunteer activities. In 2013, we contributed
more than $104 million to causes worldwide, including donations and
community investments of more than $69 million and $35 million in
sponsorships. Learn more at rbc.com/community-sustainability.
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