RBC creates banking package for newcomers to Canada
Welcome to Canada Package provides financial advice and
TORONTO, October 21, 2008 — RBC today announced
that it has created a Welcome to Canada package focusing on
the key financial decisions every newcomer faces in their
first few months in Canada. The package includes introductory
discounts on products and services to meet immediate banking
needs while providing guidance and advice to achieve future
"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
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:
- 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
- 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.
Products and Services
- 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
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.
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For more information, please contact:
Linda Sadlowski, RBC, 416-974-1754
Jackie Braden, RBC, 416-974-2124