Hi there,
Research from Scotiabank highlighted that newcomers to Canada face 5 main financial challenges in Canada:
High rental costs.
Sourcing the documents and identification needed to set up a bank account or apply for a credit card in a new country.
Getting a mobile phone plan and credit card, without a credit score.
Finding employment.
Avoiding financial fraud from internet and phone scams.
Overcoming these financial challenges is no small feat.
You will need to build new skills, learn (a lot) about Canada’s financial landscape and banking system, and have your antennae up for potential scams. Here are 5 things that can help you overcome these banking challenges:
Get help building your financial literacy.
Reviewing resources from trusted sources, like Scotiabank’s Advice+ articles, is a good way to improve your financial literacy – without the overwhelm. Speaking with a Scotiabank advisor once you’re in Canada can also help. These are professionals who are available to answer your questions, often in a variety of languages.
Work on your credit score as soon as possible after you land.
With Scotiabank’s new partnership with Nova Credit, eligible clients can now use their foreign credit history reports to apply for a higher credit limit on their credit card. You can learn more about this exciting partnership and all things related to credit here.
Talk to a Scotiabank advisor — for free — and make your next money move with confidence.
You’ve already taken big steps towards your future by making your move to Canada. Now, it’s time to build your financial foundation with confidence.
Scotiabank advisors are ready to answer your questions and support you in making smart decisions for your future. Get started with a free 30-minute appointment to learn more about how Scotiabank can help you.
Get comfortable with Canada’s online banking system.
Most Canadians use online banking, but newcomers often need help figuring out how to use online and mobile banking. Scotiabank has a suite of user-friendly resources to make online banking simple.
Find a credit card that suits your needs.
Not all credit cards and banking products are created equal. Finding a program designed specifically for newcomers, like the Scotiabank StartRight® Program, can help make banking in Canada easier. The Scotiabank StartRight® Program is Ratehub’s 2025 winner for best newcomer banking offer.
Learn to recognize, reject, and report common scams in Canada. Check out our dedicated article on impersonation scams to learn how.
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This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
