Scotiabank helps provide newcomers with vital resources and credible financial information

TORONTO, May 1, 2023 /CNW/ - Scotiabank continues to support the dream of millions of people around the world who are looking to call Canada home through a new partnership with Moving2Canada, an organization dedicated to empowering newcomers to create their new life in Canada.

Moving2Canada's digital platform provides prospective and recent newcomers with essential information to help them successfully transition to a life in Canada. With more than four million visitors a year, Moving2Canada offers information about visa programs, entry requirements, work permits, and banking and financial resources among other offerings. It also provides access to a community of newcomers and professional services who understand the unique challenges of successfully settling in Canada.

"Our vision is to empower a million-plus newcomers to settle successfully in Canada over the coming years by helping them to achieve this milestone on our unique platform using our free account," said Ruairi Spillane, CEO & Founder, Moving2Canada. "With the support of partners like Scotiabank, we will continue to help people to build better lives in a country that celebrates diversity and offers safety, opportunity, and quality of life."

Scotiabank is committed to being a partner for newcomers by offering the right solutions and advice to help them achieve their financial goals and overcome common pain points like gaining access to credit and opening accounts.

"Canada is getting ready to welcome nearly 1.5 million permanent residents over the next three years, and our future success depends on our ability to keep Canada as an attractive destination for newcomers and create smoother conditions for them to succeed once they arrive," said Tracy Gomes, Senior Vice President of Customer Value at Scotiabank. "Having access to credible information, a supportive community, and financial professionals throughout this transition empowers newcomers and their families for generations. Partnering with Moving2Canada allows us to continue to support newcomers from around the world who want to call Canada home."

A recent Scotiabank survey of 400 newcomers revealed that they most commonly experience feeling worried, overwhelmed, and confused by their finances and navigating the Canadian banking system.

The Scotiabank StartRight® Program provides personalized support to newcomers, helping them apply for a credit card and build their Canadian credit score with an unsecured credit card, with limits up to $15,000. It also offers unlimited no-fee international money transfers and a no-fee chequing account for the first year, to qualified and tailored advice from welcoming advisors across the country.

To help newcomers navigate through the Canadian financial system, Scotiabank offers a host of online tools to help manage their daily finances. Scotiabank's Advice+ Centre serves as a trusted source of information about Canadian banking products, services, common banking topics, and a range of new options to seek financial advice.

In addition, newcomers have access to digital tools like Scotia Smart Money powered by Advice+, a digital budgeting app, and hybrid platforms like Scotia Smart Investor that empowers newcomers to take more control over their investments.

Scotiabank has made the newcomer experience a significant area of focus, from talent recruitment efforts to its solutions for customers, and offers support in more than 55 languages in total at branches and contact centres across Canada.

Supporting newcomers is a primary focus of ScotiaRISE, a 10-year, $500 million initiative to promote economic resilience among disadvantaged groups including helping newcomers feel at home faster. By partnering with organizations that help build financial literacy, gain access to credit, and overcome employment barriers, Scotiabank further advances its goal of creating a more inclusive and resilient world for everyone.

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as of January 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.

As Canada ramps up immigration, all too often newcomers end up underemployed and not achieving their potential in Canada. In turn, Canada has a problem with newcomer retention.

Moving2Canada is a digital platform that empowers recent and prospective newcomers to achieve success in Canada through expert information and access to job opportunities. Founded in 2012, Moving2Canada's mission is to empower newcomers to create their dream life in Canada. More than a decade later, and with the support of federal government grant funding, Moving2Canada relaunched its website with unique technology that gives people around the world an even better platform to make their move affordably and with confidence.

The Moving2Canada team reflects its community, living and breathing the newcomer experience on a personal level. The team includes first- and second-generation immigrants from around the world. This diversity gives the team an extraordinary perspective on the newcomer experience — past, present, and future.

SOURCE Scotiabank