Banking in Canada: A Comprehensive Guide for Newcomers
Settling in Canada involves understanding the banking system, building credit history, borrowing funds, and planning for the future. This guide covers setting up a bank account, managing finances, establishing credit, and accessing various financial services. Learn about credit history, borrowing options, and long-term financial planning to navigate the Canadian banking landscape effectively.
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Presentation Transcript
Part 1: Getting started Part 1: Getting started Banking in Canada As you settle into your new life, you ll be learning many things about living in Canada, including how banking here can be different from your homeland. We will guide you understand banking in Canada. and advise you on setting up your first bank account, planning your finances, building your wealth, borrowing money and working to establish yourself financially. We offer service in more than 200 languages.
How to build a good credit history Part 2: Managing your money In Canada, when you pay your debts on time, you build a good credit history. Canada s central credit bureaus then use this history to give you a credit score, which lenders look at when deciding whether to lend you money. Credit histories from other countries are often not considered when creating a Canadian credit history. Having a Canadian credit card and making regular payments is the easiest way to establish a credit history and build a good credit score. It also provides other benefits as well: - It s a convenient way to shop and pay for services. - A credit card is often needed for certain purchases, such as setting up contracts for a mobile phone, renting a car or shopping online. - It enables you to make everyday purchases without carrying large amounts of cash. - You can often use your credit card as a form of identification. Understanding credit in Canada In order to establish a positive credit history in Canada, you need access to credit. At RBC Royal Bank, we believe access to credit should be easy for new Canadians. That s why we offer credit cards, car loans and home mortgages with no credit history required.
Borrowing for your needs Settling into a new country comes with many significant purchases, some of which may require borrowing funds. There are many different ways to borrow. Discussing your needs with an RBC advisor is the best way to find the most cost-effective and flexible solution for yourself. Here s a look at the different kinds of credit you may want to consider. Mortgages: Buying your home Buying a home is an important goal for most Canadian families.
