An ongoing challenge for newcomers: overwhelming choices in banking products  


NEWCOMERS to Canada often face challenges surrounding banking in Canada when they first arrive – most notably, finding out which banking products are right for them. In a new poll by the Royal Bank of Canada, 44 per cent of newcomers said they didn’t know which banking products would be best suited to their needs, while almost a third (29%) said they felt overwhelmed by the choices available.

“There are a number of difficulties that newcomers have when it comes to navigating Canada’s banking system, and we’ve worked to make it easier,” said Christine Shisler, director of multicultural markets at RBC. She added that while there are a number of different choices, banks today offer products that are specific to newcomers and address their particular needs as they set up their lives in Canada.

“There are so many options in the marketplace, and we have worked to provide easy, accessible and customized options for newcomers,” said Shisler. “The poll showed that one-third of new immigrants found lack of a credit history to be a problem, and our programs have been updated to make it easier for this group to secure credit products.  We offer a no-credit-history required credit card to newcomers, which is often a key step in quickly building a Canadian credit history.  My recommendation would be to go into a branch and speak to a financial advisor – they are the experts and will be your best resource in making sure you have the right solution.”

RBC recently updated its suite of products for newcomers, including no-credit-history-required for mortgages and auto loans. Their financial advisor will be able to help newcomers understand what is available to them, and help to ensure that they are set up for financial success – including personalized advice and help all along the way – today, tomorrow and in the future.

For more information, visit any RBC branch or online at