{"id":75737,"date":"2023-04-28T16:08:59","date_gmt":"2023-04-28T16:08:59","guid":{"rendered":"https:\/\/moving2canada.com\/?page_id=75737"},"modified":"2024-06-13T19:03:42","modified_gmt":"2024-06-13T19:03:42","slug":"top-5-banking-challenges-for-newcomers","status":"publish","type":"page","link":"https:\/\/moving2canada.com\/living\/finances\/top-5-banking-challenges-for-newcomers\/","title":{"rendered":"The top 5 banking challenges for newcomers and how to overcome them"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":244682,"featured_media":75742,"parent":4052,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[213,28],"tags":[274,396],"country":[],"province":[],"city":[],"acf":{"hide_ads_on_page":false,"page_header":{"banner_size":"regular","breadcrumbs":"show","disable_overlap_header":false,"hide_banner_text":false,"hide_last_updated":false,"banner_style":"default","label":"Sponsor Content","heading_override":"","sub_heading":"Scotiabank asked newcomers about their biggest banking challenges when moving to Canada. From this survey, banking experts came up with five potential solutions to deal with the five biggest challenges.","button":"","background_image":false,"background_image_mobile":false},"blocks":[{"acf_fc_layout":"introduction","content":"Moving to a new country comes with unique financial challenges. Beyond the expenses of moving, newcomers also have to adjust to Canada\u2019s particular banking and financial systems.","text_color":"secondary","flourish_color":"accent","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"}},{"acf_fc_layout":"content","content":"<p>To help newcomers get settled in Canada, our experts at Scotiabank conducted a study to better understand the types of financial challenges newcomers face when they move to Canada. It is important for us to know what barriers foreigners face when they arrive in Canada, so that we can offer solutions.<\/p>\n<p>What we found likely won&#8217;t surprise anyone who&#8217;s moved to another country to build a new life. Most newcomers feel worried, overwhelmed, and confused by their finances and how to navigate the Canadian banking system.<\/p>\n<p>That makes sense. Financial rules, practices and products can be very different from one country to another. There&#8217;s a steep learning curve for everyone.<\/p>\n<p>In this article, we&#8217;ll walk you through our findings of what our study found were the top five banking challenges for newcomers \u2014 and give you tips for how to tackle them.<\/p>\n<p>And, if you learn better by watching a video, check out our interview with Ivy (Ang) Li, Financial Advisor of Scotiabank, who talks about everything from credit cards to budgeting, and a whole lot more in between.<\/p>\n<p><iframe loading=\"lazy\" title=\"Arriving in Canada Financially Prepared\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/CW3J90EHjR8?start=15&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h3>5 common banking challenges for newcomers<\/h3>\n<p>Our study found that, for many newcomers, issues around banking and finances added stress to the process of moving countries. The top five banking challenges survey respondents identified were:<\/p>\n<ul>\n<li><strong>High rental costs.<\/strong> Rent is a challenge for many Canadians \u2014 and newcomers are no different. Many newcomers who arrive from countries where rent is much more affordable are surprised at the high rental costs, especially those who land in Canada&#8217;s major cities. Recent studies show that rental demand surged in 2022, leading to average advertised rates of around $1,000 a month for a bedroom in a shared home, or closer to $2,000 for studio apartments and units with up to three bedrooms. But, these national averages are skewed by higher rates in Toronto and Vancouver.<\/li>\n<li><strong>Getting the right documentation and identification.<\/strong> Obtaining the <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381591267;dc_trk_aid=572341737;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">documents and identification<\/a> needed to set up a bank account or apply for a credit card in a new country can be stressful for newcomers.<\/li>\n<li><strong>Signing up for a mobile phone and credit card.<\/strong> Because <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381400255;dc_trk_aid=572341731;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">credit scores<\/a> don&#8217;t transfer between countries (and some countries don&#8217;t even have a credit scoring system), things that typically require a credit history, like getting a mobile phone plan or a credit card, can be especially difficult for newcomers.<\/li>\n<li><strong>Finding employment.<\/strong> A job search is usually difficult, but especially in a new country where you may not fully understand the cultural and work expectations.<\/li>\n<li><strong>Financial fraud from internet and phone scams.<\/strong> Due to a lack of knowledge about the Canadian banking system, newcomers are particularly vulnerable to <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401737;dc_trk_aid=572344287;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">financial fraud<\/a> \u2014 and are more likely to be targets of scammers.<\/li>\n<\/ul>\n<p>In response to these challenges, our banking experts at Scotiabank have come up with five recommendations to help newcomers cope.<\/p>\n<h3>5 recommendations to overcome banking challenges for newcomers<\/h3>\n<p>This list will give you a baseline to start your journey to financial freedom in Canada, even despite the challenges mentioned previously.<\/p>\n<h4>Build up your financial literacy<\/h4>\n<p>The Canadian financial and banking system is different from other countries. With new terminology to learn, it&#8217;s easy to get confused. The newcomers we interviewed wanted short explanations of Canadian banking terms that they could study to make sense of it all.<\/p>\n<p><a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381402196;dc_trk_aid=572397580;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Scotiabank&#8217;s <em>StartRight<sup>\u00ae<\/sup><\/em> Program\u00b9 website<\/a> has a selection of articles to help newcomers understand the Canadian banking landscape. You can also book a meeting with one of our <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241634;dc_trk_aid=572394982;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Scotiabank advisors<\/a> who are always willing to answer any questions and can even explain confusing banking terms in a variety of languages.<\/p>\n<h4>Start building credit in Canada<\/h4>\n<p>Credit scores were something newcomers, understandably, found frustrating. Without a Canadian credit score history, the approval process to get a <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401719;dc_trk_aid=572397571;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">credit card<\/a> is slow. Foreign workers are often required to have a pay stub before being approved.<\/p>\n<p>Scotiabank&#8217;s <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381591747;dc_trk_aid=572344008;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\"><em>StartRight<\/em><\/a><sup>\u00ae<\/sup> program helps solve that. Newcomers are eligible to apply for their first credit card with a limit of up to $15,000, \u00b3 without any Canadian credit history.\u00b2 This can help you get started building credit history as soon as you land in Canada.<\/p>\n<h3>Get help with online banking<\/h3>\n<p>The newcomers we interviewed said they needed help figuring out how to use online and mobile banking. They loved the idea of being able to bank online, make e-transfers and use online investing tools, but found it was difficult to figure out on their own. For those who are interested in online and mobile banking we offer <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381242630;dc_trk_aid=572394991;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">online tips<\/a> to help you get started.<\/p>\n<h3>Look at credit card options<\/h3>\n<p>Not being eligible for a premium credit card was a challenge for many newcomers. Even if they had savings to cover their spending on the card, they often lacked the documents needed to apply, or the card they wanted excluded people with their immigration status. That meant they were limited to entry-level credit cards with low credit \u2014 impractical when trying to pay for initial expenses, especially newcomers arriving with a family.<\/p>\n<p>Card choice is important. That&#8217;s why Scotiabank offers a <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241640;dc_trk_aid=572344281;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">wide range of card options for you<\/a>.\u00b2<\/p>\n<p>Scotiabank advisors can even help you decide which one is best for your needs and your goals.<\/p>\n<h3>Beware of fraud<\/h3>\n<p>Newcomers are targets of scammers because they often don&#8217;t know about Canada&#8217;s financial practices. Plus, they&#8217;re often looking for work or other ways to make money. It&#8217;s important newcomers learn how to <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241616;dc_trk_aid=572394979;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">recognize, reject, and report<\/a> the most common scams.<\/p>\n<p>For example, phishing scams often involve fraudsters impersonating government agencies, banks, communication providers, or other companies and sending text messages asking newcomers to provide personal or financial information. Mail and loan scams also typically target newcomers. They promise financial gain for an upfront fee but once that fee is paid, the scammer disappears.<\/p>\n<h3>Takeaways<\/h3>\n<p>Getting started in Canada may not always be easy, but figuring out your finances and navigating the Canadian banking system should be. Scotiabank is committed to easing the financial challenges newcomers face when they move to Canada.We do that by providing resources, advisors and financial products that make newcomers&#8217; first days and weeks in Canada that much easier.<\/p>\n<p>We offer advisors who speak your language, to credit products that don&#8217;t exclude you just because you don&#8217;t have a credit score yet, and we help you <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401743;dc_trk_aid=572397577;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">navigate the challenges<\/a> that are unique to your situation. While we can&#8217;t lower the price of moving, we can help you to be able to afford it.<\/p>\n<h3>Ready to get your finances on track for your future? <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381238382;dc_trk_aid=572344002;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Come in and speak to a Scotiabank advisor<\/a>.<\/h3>\n","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"},"content_alignment":{"mobile":"none","desktop":"none"},"width":{"mobile":"100","desktop":"100"}},{"acf_fc_layout":"accordion","block_title":"","block_style":"stacked","multiple_open":"single","introduction":"","items":[{"item_type":"manual","faqs":null,"accordion_item":{"heading":"Legal Disclaimer","body":"<p><sup>This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and\/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.<\/sup><\/p>\n","inner_accordion":false}}],"block_settings":{"margin_size_top":"default","margin_size_bottom":"default","theme":"default"}},{"acf_fc_layout":"content","content":"<p><sup>\u00b9 Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is available only for Canadian Permanent Residents from 0-5 years in Canada and Foreign Workers.<\/sup><\/p>\n<p><sup>\u00b2 Subject to credit approval. To be eligible, you must be a participant in the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province\/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank\u2019s credit criteria, including your verifiable income and credit history (If available). The credit limit amount of up to $15,000 under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program.\u00a0<a href=\"https:\/\/web.archive.org\/web\/20231020040903\/https:\/\/startright.scotiabank.com\/newcomer-offer?cid=ps_7b8e35e21ce318a8f835a79788060a348280b623&amp;gclid=CjwKCAjwjtOTBhAvEiwASG4bCMBjVzf2ZGeWXzT7XiKItCoMNeh00SzOxw7JIVlzCqrmul46BbIFghoC9oYQAvD_BwE&amp;gclsrc=aw.ds?cid=S1eCV1020-004\" target=\"_blank\" rel=\"noopener sponsored\">Read more terms and conditions<\/a>.<\/sup><\/p>\n<p><sup>\u00b3 Subject to credit approval. To be eligible, you must be a participant in the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province\/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank\u2019s credit criteria, including your verifiable income and credit history (if available). The credit limit amount of up to $15,000 under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program.<\/sup><\/p>\n<p><sup>\u00ae Registered trademarks of The Bank of Nova Scotia.<\/sup><\/p>\n","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"},"content_alignment":{"mobile":"none","desktop":"none"},"width":{"mobile":"100","desktop":"100"}}],"blocks_cf":{"blocks":[{"acf_fc_layout":"introduction","content":"Moving to a new country comes with unique financial challenges. Beyond the expenses of moving, newcomers also have to adjust to Canada\u2019s particular banking and financial systems.","text_color":"secondary","flourish_color":"accent","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"}},{"acf_fc_layout":"content","content":"<p>To help newcomers get settled in Canada, our experts at Scotiabank conducted a study to better understand the types of financial challenges newcomers face when they move to Canada. It is important for us to know what barriers foreigners face when they arrive in Canada, so that we can offer solutions.<\/p>\n<p>What we found likely won&#8217;t surprise anyone who&#8217;s moved to another country to build a new life. Most newcomers feel worried, overwhelmed, and confused by their finances and how to navigate the Canadian banking system.<\/p>\n<p>That makes sense. Financial rules, practices and products can be very different from one country to another. There&#8217;s a steep learning curve for everyone.<\/p>\n<p>In this article, we&#8217;ll walk you through our findings of what our study found were the top five banking challenges for newcomers \u2014 and give you tips for how to tackle them.<\/p>\n<p>And, if you learn better by watching a video, check out our interview with Ivy (Ang) Li, Financial Advisor of Scotiabank, who talks about everything from credit cards to budgeting, and a whole lot more in between.<\/p>\n<p><iframe loading=\"lazy\" title=\"Arriving in Canada Financially Prepared\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/CW3J90EHjR8?start=15&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h3>5 common banking challenges for newcomers<\/h3>\n<p>Our study found that, for many newcomers, issues around banking and finances added stress to the process of moving countries. The top five banking challenges survey respondents identified were:<\/p>\n<ul>\n<li><strong>High rental costs.<\/strong> Rent is a challenge for many Canadians \u2014 and newcomers are no different. Many newcomers who arrive from countries where rent is much more affordable are surprised at the high rental costs, especially those who land in Canada&#8217;s major cities. Recent studies show that rental demand surged in 2022, leading to average advertised rates of around $1,000 a month for a bedroom in a shared home, or closer to $2,000 for studio apartments and units with up to three bedrooms. But, these national averages are skewed by higher rates in Toronto and Vancouver.<\/li>\n<li><strong>Getting the right documentation and identification.<\/strong> Obtaining the <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381591267;dc_trk_aid=572341737;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">documents and identification<\/a> needed to set up a bank account or apply for a credit card in a new country can be stressful for newcomers.<\/li>\n<li><strong>Signing up for a mobile phone and credit card.<\/strong> Because <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381400255;dc_trk_aid=572341731;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">credit scores<\/a> don&#8217;t transfer between countries (and some countries don&#8217;t even have a credit scoring system), things that typically require a credit history, like getting a mobile phone plan or a credit card, can be especially difficult for newcomers.<\/li>\n<li><strong>Finding employment.<\/strong> A job search is usually difficult, but especially in a new country where you may not fully understand the cultural and work expectations.<\/li>\n<li><strong>Financial fraud from internet and phone scams.<\/strong> Due to a lack of knowledge about the Canadian banking system, newcomers are particularly vulnerable to <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401737;dc_trk_aid=572344287;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">financial fraud<\/a> \u2014 and are more likely to be targets of scammers.<\/li>\n<\/ul>\n<p>In response to these challenges, our banking experts at Scotiabank have come up with five recommendations to help newcomers cope.<\/p>\n<h3>5 recommendations to overcome banking challenges for newcomers<\/h3>\n<p>This list will give you a baseline to start your journey to financial freedom in Canada, even despite the challenges mentioned previously.<\/p>\n<h4>Build up your financial literacy<\/h4>\n<p>The Canadian financial and banking system is different from other countries. With new terminology to learn, it&#8217;s easy to get confused. The newcomers we interviewed wanted short explanations of Canadian banking terms that they could study to make sense of it all.<\/p>\n<p><a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381402196;dc_trk_aid=572397580;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Scotiabank&#8217;s <em>StartRight<sup>\u00ae<\/sup><\/em> Program\u00b9 website<\/a> has a selection of articles to help newcomers understand the Canadian banking landscape. You can also book a meeting with one of our <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241634;dc_trk_aid=572394982;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Scotiabank advisors<\/a> who are always willing to answer any questions and can even explain confusing banking terms in a variety of languages.<\/p>\n<h4>Start building credit in Canada<\/h4>\n<p>Credit scores were something newcomers, understandably, found frustrating. Without a Canadian credit score history, the approval process to get a <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401719;dc_trk_aid=572397571;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">credit card<\/a> is slow. Foreign workers are often required to have a pay stub before being approved.<\/p>\n<p>Scotiabank&#8217;s <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381591747;dc_trk_aid=572344008;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\"><em>StartRight<\/em><\/a><sup>\u00ae<\/sup> program helps solve that. Newcomers are eligible to apply for their first credit card with a limit of up to $15,000, \u00b3 without any Canadian credit history.\u00b2 This can help you get started building credit history as soon as you land in Canada.<\/p>\n<h3>Get help with online banking<\/h3>\n<p>The newcomers we interviewed said they needed help figuring out how to use online and mobile banking. They loved the idea of being able to bank online, make e-transfers and use online investing tools, but found it was difficult to figure out on their own. For those who are interested in online and mobile banking we offer <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381242630;dc_trk_aid=572394991;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">online tips<\/a> to help you get started.<\/p>\n<h3>Look at credit card options<\/h3>\n<p>Not being eligible for a premium credit card was a challenge for many newcomers. Even if they had savings to cover their spending on the card, they often lacked the documents needed to apply, or the card they wanted excluded people with their immigration status. That meant they were limited to entry-level credit cards with low credit \u2014 impractical when trying to pay for initial expenses, especially newcomers arriving with a family.<\/p>\n<p>Card choice is important. That&#8217;s why Scotiabank offers a <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241640;dc_trk_aid=572344281;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">wide range of card options for you<\/a>.\u00b2<\/p>\n<p>Scotiabank advisors can even help you decide which one is best for your needs and your goals.<\/p>\n<h3>Beware of fraud<\/h3>\n<p>Newcomers are targets of scammers because they often don&#8217;t know about Canada&#8217;s financial practices. Plus, they&#8217;re often looking for work or other ways to make money. It&#8217;s important newcomers learn how to <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381241616;dc_trk_aid=572394979;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">recognize, reject, and report<\/a> the most common scams.<\/p>\n<p>For example, phishing scams often involve fraudsters impersonating government agencies, banks, communication providers, or other companies and sending text messages asking newcomers to provide personal or financial information. Mail and loan scams also typically target newcomers. They promise financial gain for an upfront fee but once that fee is paid, the scammer disappears.<\/p>\n<h3>Takeaways<\/h3>\n<p>Getting started in Canada may not always be easy, but figuring out your finances and navigating the Canadian banking system should be. Scotiabank is committed to easing the financial challenges newcomers face when they move to Canada.We do that by providing resources, advisors and financial products that make newcomers&#8217; first days and weeks in Canada that much easier.<\/p>\n<p>We offer advisors who speak your language, to credit products that don&#8217;t exclude you just because you don&#8217;t have a credit score yet, and we help you <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381401743;dc_trk_aid=572397577;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">navigate the challenges<\/a> that are unique to your situation. While we can&#8217;t lower the price of moving, we can help you to be able to afford it.<\/p>\n<h3>Ready to get your finances on track for your future? <a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N438603.2712001MOVING2CANADA\/B30957174.381238382;dc_trk_aid=572344002;dc_trk_cid=203775439;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" target=\"_blank\" rel=\"noopener sponsored\">Come in and speak to a Scotiabank advisor<\/a>.<\/h3>\n","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"},"content_alignment":{"mobile":"none","desktop":"none"},"width":{"mobile":"100","desktop":"100"}},{"acf_fc_layout":"accordion","block_title":"","block_style":"stacked","multiple_open":"single","introduction":"","items":[{"item_type":"manual","faqs":null,"accordion_item":{"heading":"Legal Disclaimer","body":"<p><sup>This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and\/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.<\/sup><\/p>\n","inner_accordion":false}}],"block_settings":{"margin_size_top":"default","margin_size_bottom":"default","theme":"default"}},{"acf_fc_layout":"content","content":"<p><sup>\u00b9 Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is available only for Canadian Permanent Residents from 0-5 years in Canada and Foreign Workers.<\/sup><\/p>\n<p><sup>\u00b2 Subject to credit approval. To be eligible, you must be a participant in the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province\/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank\u2019s credit criteria, including your verifiable income and credit history (If available). The credit limit amount of up to $15,000 under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program.\u00a0<a href=\"https:\/\/web.archive.org\/web\/20231020040903\/https:\/\/startright.scotiabank.com\/newcomer-offer?cid=ps_7b8e35e21ce318a8f835a79788060a348280b623&amp;gclid=CjwKCAjwjtOTBhAvEiwASG4bCMBjVzf2ZGeWXzT7XiKItCoMNeh00SzOxw7JIVlzCqrmul46BbIFghoC9oYQAvD_BwE&amp;gclsrc=aw.ds?cid=S1eCV1020-004\" target=\"_blank\" rel=\"noopener sponsored\">Read more terms and conditions<\/a>.<\/sup><\/p>\n<p><sup>\u00b3 Subject to credit approval. To be eligible, you must be a participant in the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province\/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank\u2019s credit criteria, including your verifiable income and credit history (if available). The credit limit amount of up to $15,000 under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank\u00a0<em>StartRight<\/em>\u00ae Program.<\/sup><\/p>\n<p><sup>\u00ae Registered trademarks of The Bank of Nova Scotia.<\/sup><\/p>\n","block_settings":{"margin_size_top":"default","margin_size_bottom":"default"},"content_alignment":{"mobile":"none","desktop":"none"},"width":{"mobile":"100","desktop":"100"}}]},"show_sidebar":true,"show_sidebar_author":true,"background_color":"off-white","show_bottom_ad":false,"show_global_callout":false,"page_scripts":false,"hide_header":false,"hide_footer":false,"hide_popup_ctas":false,"disable_onesignal_notification":false,"page_settings":{"hide_popup_ctas":false,"disable_onesignal_notification":false,"hide_ratings":false,"enable_vwo":false,"coauthor":false,"partner":false},"hide_ratings":false,"enable_vwo":false},"_links":{"self":[{"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/pages\/75737"}],"collection":[{"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/users\/244682"}],"replies":[{"embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/comments?post=75737"}],"version-history":[{"count":0,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/pages\/75737\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/pages\/4052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/media\/75742"}],"wp:attachment":[{"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/media?parent=75737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/categories?post=75737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/tags?post=75737"},{"taxonomy":"country","embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/country?post=75737"},{"taxonomy":"province","embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/province?post=75737"},{"taxonomy":"city","embeddable":true,"href":"https:\/\/moving2canada.com\/wp-json\/wp\/v2\/city?post=75737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}