RBC Expands Credit For Canadian Expats Just Off The Boat

By ExpatBriefing.com Editorial 30 April, 2014

Royal Bank of Canada (RBC) has announced that it has made a number of enhancements to make it easier for newcomers to Canada to manage their finances and settle in the country.

RBC said the changes being made recognize the unique needs of newcomers, and aims to improve their access to credit products, including options that require no Canadian credit history. Among the changes is a new "no credit history required" loan for individuals purchasing their first car. The loan applies at more than 3,500 car dealerships across the country.

The bank has also extended the qualification period for its Newcomer Mortgage program from three to five years to help newcomers secure a mortgage in their first five years in Canada, with or without a credit history.

In addition, RBC has made it easier for newcomers to build up a credit history by introducing the "no credit history required Unsecured Credit Card."

Finally, to help newcomers with their career goals, RBC is expanding its Newcomer Skilled Loan Program to provide easier financing to newcomers who wish to enroll in courses to receive Canadian accreditation in their chosen profession.

"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."

RBC has also changed its international remittance service to 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 US Virgin Islands.

Tags: Individuals | Mortgages | Banking | Virgin Islands | Canada | Puerto Rico | United States | Expats | Working Abroad | Work | Working Abroad | Working Abroad |


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