Scotiabank is Canada’s most international bank, with operations in more than 55 countries (including India). We have been servicing customers for 180 years. At Scotiabank, they know that planning and the right advice can build a strong foundation for your immigration journey and that is why they applaud your efforts to participate in the Know Before You Go pre-arrival webinar.
While it can be fun to think about our dreams for the future, especially when moving to a new country, it’s also wise to keep in mind the practical, day-to-day considerations about money. This is particularly important for newcomers to Canada who face questions such as, “How can I protect my money?” and “Where and how can I access my funds easily?”
It is a lesson that many immigrants learn once they arrive in Canada: they need credit – to pay large expenses, buy a car or purchase a home – but they usually can’t borrow without a Canadian credit history.
Canadian lenders typically check each applicant’s credit files at one of the main credit reporting agencies (Equifax Canada and TransUnion). This file is like a financial report card that tracks how much you borrow and how quickly you pay it back, to calculate your credit rating and credit score.
Canadian immigration authorities require proof of funds at the time of landing, this can be a bit of a stumbling block for most newcomers. One of the easiest methods for proving that you have the funds available to Canadian immigration officials is to open a bank account in Canada before you arrive.