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 Quote

New 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"

2. Centre For Newcomers

3. Chartered Professional Accountants British Columbia

4. Government of Manitoba

5. Association for New Canadians NL

6. ABC Money Matters

7. YWCA Halifax

9. Welcome to the NWT

10. Financial Consumer Agency of Canada

11. Prosper Canada

12. Immigrant & Refugee Services Association Prince Edward

13. Financial and Consumer Affairs Authority of Saskatchewan

Sponsored

Trade Smarter, Today

Build your own investment portfolio with the CIBC Investor's Edge online and mobile trading platform and enjoy low commissions. Get 100 free trades and $200 or more cash back until March 31, 2025.

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.