Click here to close now.




















Welcome!

News Feed Item

Royal Bank making it easier for newcomers to settle in Canada

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 credit card.

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.

About RBC
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.

SOURCE RBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...