In the next three years, Canada will welcome 1.2M immigrants from all over the world. The first thing on a newcomer’s checklist is to open an account with a Canadian bank. The sooner they start a relationship with the bank, the better. According to settlement organizations, opening a Canadian bank account should be done within the first two weeks of arrival. It’s necessary for managing money, building a credit history, and paying bills.
A recent study by ETHNIHUBTM, the diverse audience intelligence platform, shows us what newcomers want from their first Canadian bank.
Let’s dive in!
32% OF NEWCOMERS WANT ‘NO BANKING FEES’
17% wish for additional incentives
16% care about security and fraud protection
Newcomers are just starting to build their financial future in Canada. What they can save from not paying extra fees could be used for buying their basic needs. That’s why Canadian banks that offer a reprieve from paying bank fees are one of the things that newcomers seriously consider when choosing a bank.
39% SAYS ‘UNREASONABLE BANKING FEES’ TRIGGERED THEM TO SWITCH BANKS
22% Bad Customer Service
21% Complicated Banking Requirements
How they are treated by their banks and complex processes are factors that make newcomers think of going to another Canadian bank. But unreasonable banking fees are the deal breaker.
87% OF NEWCOMERS ARE SAVING MONEY
Only 13% do not set aside money for savings.
Did you know? 39% of newcomers that were polled say that they’ve become thriftier and budget-conscious when they moved to Canada. Lack of employment opportunities, the large expense of settling in that includes paying for a home, buying furniture, etc., and managing a household with extended family members living under one roof, affect the financial well-being of newcomers.
With limited income and slowly dwindling savings, it’s no surprise that newcomers are tightening their belts. But it’s also worth noting that they still make savings a priority.
3 MOST POPULAR BANKS AMONG NEWCOMERS
1 TD Bank (Toronto-Dominion Bank)
2 RBC (Royal Bank of Canada)
3 CIBC (Canadian Imperial Bank of Commerce)
Among the Big 5, TD Bank comes out on top as the bank preferred by newcomers.