Immigrants granted support by the Banks
When you immigrate to a new nation, the first and foremost thing which concerns you is the “finances”. Not all the immigrants may be well prepared to bear the entire set of expenditure on their own. There are very who would know any of the relatives or old friends from the home country.
In this case, the only financial entity which can be sought for support is the “bank”. As a new immigrant you might not be confident about receiving the support you expect from bank. However, in Canada, the banks are more than supportive towards the immigrants.
There are large financial bodies like banks, who are ready to provide unsecured credit cards, banking services in more than one language, there are period suffered when no banking fee Is charged for service provided and they also help you sending money across to your relatives in home country.
However the base limit on the card is $1000 and the interest rate is 19.99%.
In the present scenario, the population of native Canadians is slowing down; hence banks need to look for other potential customers who will give a boom to their business. They find the immigrants to have huge potential and refer them as “key category”.
Director of Multicultural markets at Royal Bank of Canada says, “The forecast are quite clear that Canada is an aging population. Moving forward, new comers are really the key source of growth and will be fuelling the growth of the Canadian economy for years to come. It is really somewhat of a clear cut business case.”
According to a report majority of the population growth in the nation comes from immigration. In fact in another two decades almost 70% of the growth will be due to Immigrants.
There are other banks like Bank of Nova Scotia who started the marketing of unsecured credit cads to the immigrants.
The initiative from the banks make things easier for immigrants, as the credit cards usage makes them build up a credit history. There are cases when people save huge amount of money but they are not able to buy an asset because they do no not have any credit history to show.
Hence the approach of the banks has helped immigrants and it is giving a new avenue to the banks for generating and growing their business.