This new bank account offers no monthly fees for newcomers to Canada
As fun and exciting as moving to a new country is, it can also be pretty overwhelming — especially when it comes to finances.
According to research conducted by Scotiabank, some of the greatest financial challenges facing newcomers to Canada are financial literacy, understanding how credit works and how to build it, online banking, credit cards and their best practices, and fraud issues. It’s a lot to learn when first getting to Canada. But Ramy Rezkallah, a financial advisor at Scotiabank who immigrated to Canada in 2005, says there’s a program that offers the financial help that his family would’ve greatly appreciated back when they first arrived.
Cue the StartRight program by Scotiabank, which is easing some of the financial stress for newcomers when they need it most by waiving monthly bank account fees for the first year and offering a variety of products, services, and advice to mitigate these challenges. Sounds pretty ideal, doesn’t it?
“My family’s experience when we immigrated to Canada in 2005 was very exciting and fortunate, but at the same time, very overwhelming,” Rezkallah tells Daily Hive. “It’s a big sacrifice when you leave family members to come to a new country.”
“We faced many challenges in the beginning finding work and having a steady income. We felt like all our savings from back home were depleting quickly. My experience allows me to relate to my clients when they come in to open their accounts,” says Rezkallah.
And that’s exactly what the StartRight program was made for, helping the stress faced by newcomers. The program offers ongoing rewards and discounted products and services, such as no monthly account fees on a bank account, unlimited no-fee international money transfers, a free small safety box for one year, specially designed credit cards, specialized mortgages for newcomers, and vehicle loans for only 10% down. Basically, it helps remove many of those pesky added costs out of the equation upon your arrival.
Ramy Rezkallah and his family (Scotiabank)
Along with StartRight program benefits, Scotiabank has also added heaps of useful information to the StartRight website, including articles and tips to assist new customers in getting up to speed on online banking practices, terminology, how to recognize, reject, and report fraud and scams, and how credit works.
According to Scotiabank, foreign workers are often required to show a pay stub before being approved for a credit card. Scotiabank’s StartRight program allows eligibility for your first credit card with a limit of up to $15,000 without providing a credit history beforehand — helping you get started on building your credit score right away.
Plus, Scotiabank advisors like Rezkallah are always on hand to answer any questions you may have or provide further explanations of banking terminology in a variety of languages. “My role is to provide high-quality advice that will accommodate my client’s needs and help them achieve their financial goals,” says Rezkallah.
“From opening a bank account before arrival to helping them get access to banking, credit, and savings, our StartRight program ensures we are providing the right solutions for our new-to-Canada customer’s unique needs and providing them knowledgeable financial advice every step of the way to foster their long-term growth with Scotiabank,” says Rezkallah.
As for advice to get you started, Rezkallah suggests setting aside your nerves and visiting a Scotiabank branch to ask any and all questions you may have. “A lot of newcomers may fear coming to the bank because it is not easy to discuss your finances with a stranger in a new country, but we are here to help and want to give you the boost and support you need,” says Rezkallah. At his Scotiabank branch in Saddle Ridge, they speak 12 different languages — helping you to feel a little more at home.
On top of helping newcomers to Canada on a personal basis, Scotiabank also makes it a point to give back to its communities through ScotiaRISE, the bank’s 10-year $500 million initiative that has worked with nearly 200 charities to promote economic resilience among disadvantaged groups.
They’ve partnered with organizations like Pathways to Education, the Afghan Women’s Organization, TalentLift Canada, Windmill Microlending, and Jumpstart Refugee Talent, all of whom are working towards a collective goal to help newcomers navigate their new social and financial circumstances.
“This branch and meeting with clients from all different cultures has taught me a lot and made me love what I do,” says Rezkallah. “Many of our customers are newcomers with young kids, and it reminds me of my parents who sacrificed their whole life to move to Canada for my brothers and my well-being. It pushes me to make sure that I am doing my due diligence and providing the best service I can — like I would with my family.”
To learn more about Scotiabank’s StartRight program and to apply now, visit startright.scotiabank.com.
Scotiabank StartRightProgram, created for Canadian Permanent residents from 0–3 years in Canada, International Students and Foreign Workers.
The One-Year No Monthly Account Fee Offer (the “Offer”) is available to eligible clients who open a new Preferred Package account under the StartRight® Program (the “Account”). Employees of The Bank of Nova Scotia (“Scotiabank”) and individuals who are currently or were previously holders/ joint holders of a Scotiabank chequing account within the last 2 years are not eligible for this Offer. If you are eligible for the Offer, during the first 12 months, your monthly Account fee will be waived and will not appear as a charge on your Account. The Account must be open and in good standing at the time of the waiver. All applicable service charges on the Account will continue to be applied monthly. After the first 12 months, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000, in which case the monthly Account fee will be waived per the Account terms and conditions. This Offer is non-transferable and cannot be combined with any other offers. Maximum one Offer per customer. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice.Foreign currency exchange rates apply. A transfer needs to be made from an eligible Scotiabank Chequing or Savings account.
Subject to availability and signing the Safety Deposit Box lease.
Subject to credit approval. To be eligible, you must be a participant in the Scotiabank StartRight 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’s credit criteria, including your verifiable income and credit history (if available). The credit limit amount of up to $15,000 under the Scotiabank StartRight 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 StartRight Program.
Subject to Scotiabank credit approval and financing terms and conditions. Maximum 60 month term. Minimum 10% down payment is only applicable to qualifying Permanent Residents. Qualifying Foreign Workers under the Scotiabank StartRight®program are required to make a minimum 25% down payment.
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