"The RBC Welcome to Canada package helps newcomers start and build their financial life in Canada with confidence," said Mark Whitmell, director, Cultural Markets at RBC. "It includes introductory advice about Canadian banking products and services eliminating confusion about making the right financial choices."
According to RBC research, 41 per cent of newcomers open their first bank account within a couple of days of moving to Canada; 31 per cent sign up for a credit card within their first month; 38 per cent start an RESP savings plan for their children's education within their first year in Canada; 36 per cent take out a mortgage to buy a home between one to three years. RBC research also shows newcomers have more questions about Canadian products and services and value guidance that reflects their circumstances.
The new Welcome to Canada package developed for new immigrants who have been in Canada for less than three years, addresses these needs and includes:
- Financial Advice
- Quick how-to guides for newcomers looking to making decisions on opening their first bank account in Canada, buying a car or their first home, setting up a savings plan for their children's education, investing for the future, and protecting their family with insurance. Available in 14 languages including Farsi, Punjabi, Tagalog, Russian, Spanish, Mandarin and Cantonese.
- A free copy of "Arrival Survival Canada: A Handbook for New Immigrants" by founders of Canadian Immigrant Magazine and newcomer advocates Nick and Sabrina Noorani. The handbook addresses the immediate needs facing immigrants moving to Canada, with tips and advice on everything from finding a job to financial services, providing a base of information for newcomers to build their new lives.
Monthly fees waived up to 6 months with RBC Signature No Limit Banking account, including features such as: unlimited banking transactions, monthly refunds for 3 non-RBC ATM transactions, 2 free monthly email money transfers, a $50 annual travel certificate and more.
Annual fee rebate for selected RBC Visa cards
One-year free rental of standard safety deposit box
Interest rate bonus on a non-redeemable GIC for one year
Online and Telephone banking, including basic service in 150+ languages when calling 1-800 ROYAL 1-1 or dedicated service in Mandarin and Cantonese at 1-888 ROYAL 9-8.
Information on the new RBC Welcome to Canada package and other financial advice and solutions can be found at RBC's comprehensive web site for new Canadians at www.rbc.com/canada or www.rbc.com/wtcpackage. Newcomers can also locate branches with representatives who speak their language of choice by visiting http://maps.rbc.com/.
These are the findings of an RBC /Ipsos Reid survey conducted between March 15 and April 30, 2007. The poll was based on a randomly selected sample of 1,000 new immigrants who are 18 years of age or older and have been in Canada for 10 years or less. With this sample size, the overall results are considered ±3.1 percentage points, 19 time out of 20, of what they would have been if all new immigrants had been surveyed. The survey was conducted by telephone and the interviews were held in Mandarin, Cantonese, Hindi, Punjabi, Korean, English and French. The findings were weighted to reflect the actual regional distribution and ethnic composition of new Canadians immigrating to Canada within the past 10 years.
Report details provided by Lindsay Doke Royal Bank Trusted Mortgage Advisor.