How Global Credit Connect will work
Newcomers to Canada are currently treated as "new to credit," meaning they cannot use their home country credit history to access appropriate credit products and solutions for their unique situations.
However, RBC will utilize Nova Credit’s Credit Passport product to deliver a real-time and standardized credit history translation for its Global Credit Connect. Eligible clients will complete an online application through Nova Credit that uses their home country credit bureau information such as tradelines, risk attributes and inquiry history to create equivalent credit scores for Canada.
"We are proud to partner with RBC to power Global Credit Connect with the Credit Passport, unlocking access to credit data from over 2.7 billion individuals worldwide," said Collin Galster, COO at Nova Credit.
"This partnership is a significant step forward in our commitment to newcomers to Canada, helping them arrive and thrive with access to suitable financial products and services."
Global Credit Connect is currently available at participating RBC branches across Canada.
RBC offers other promotions, partnerships and more for Canadian newcomers, such as a free small safety deposit box for two years, no fees for international money transfers and no fee to use another bank’s ATM in Canada.
Unexpected vet bills don’t have to break the bank
Spot Pet Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.
Plus, their preventative care plan covers things like routine check-ups, microchip implantation, and vaccinations, if you want to give your pet the all-star treatment while you protect your bank account.
Get A QuoteNew to Canada? Here are some financial literacy tools to be aware of
While moving to a new country can be an exciting and opportunistic endeavour, navigating the ins-and-outs of personal finance in a foreign land, with all its disparate rules, regulations and offerings, can be difficult. A Simplii Financial poll found that more than half (57%) of respondents say financial institutions could do more to cater to newcomers, while even more find that applying for a Canadian bank account confusing (61%).
However, there are resources to help you get off your feet and make the correct financial decisions for a more prosperous life. The Canadian government has an large repository of organizations that specialize in financial literacy to make applying for a new bank account easier to navigate while offering essential information on other personal finance products/regulations.
If you’re looking for a financial literacy program in your province, you can try the following:
Alberta: Centre For Newcomers offers free financial coaching and financial literacy workshops.
British Columbia and Yukon: Chartered Professional Accountants British Columbia has a free financial literacy program for residents of B.C. and Yukon.
Manitoba: The government of Manitoba provides guides and information on consumer education for new immigrants.
Newfoundland: The Association for New Canadians NL provides settlement and orientation services, including financial literacy.
New Brunswick: ABC Life Literacy Canada offers the ABC Money Matters program to increase financial literacy for newcomers to New Brunswick. The program is also available throughout Canada.
Nova Scotia: The YWCA Halifax offers a Financial Literacy for Newcomers (FLNP) program, that includes information on budgeting, saving, taxes, and other relevant information.
Nunavut: The Government of Nunavut participates in Financial Literacy Month, and ABC Life Literacy Canada’s Money Matters Core program is offered in the territory.
Northwest Territories: The Welcome to the NWT guide for newcomers provides information regarding financial matters in the territory. Newcomers are also encouraged to contact the Financial Consumer Agency of Canada for assistance and more information.
Ontario: Prosper Canada provides financial empowerment services, including financial literacy and coaching, to vulnerable communities throughout Ontario and all of Canada.
Prince Edward Island: Immigrant & Refugee Services Association Prince Edward Island offers resources for financial literacy.
Quebec: The ABC Money Matters program is available in Quebec, and aims to increase financial literacy and education among newcomers.
Saskatchewan: The Financial and Consumer Affairs Authority of Saskatchewan provides information on financial literacy for newcomers.
Sources
1. Simplii Financial: "Newcomers highlight opportunities for Canadian banking in new Simplii poll"
3. Chartered Professional Accountants British Columbia
5. Association for New Canadians NL
7. YWCA Halifax
10. Financial Consumer Agency of Canada
11. Prosper Canada
12. Immigrant & Refugee Services Association Prince Edward
13. Financial and Consumer Affairs Authority of Saskatchewan
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