As a newcomer, the financial decisions you make during your initial months and years in Canada can impact your long-term financial success - whether it’s choosing the right banking and investment products or learning how to use credit appropriately.

In this episode, Clem speaks to Wanzi Silva from the Newcomer and Cultural Segment at Royal Bank to Canada (RBC) on how banking works in Canada, financial products for newcomers and tips on building your credit history from scratch in Canada.

Here’s what you’ll learn:

• Types of financial institutions in Canada

  
  



• Tips to choose the right bank as a newcomer

  
  



• Chequing vs. savings accounts

  
  



• How to open a Canadian bank account before you arrive

  
  



• Why your credit history is your financial reputation

  
  



• Tips to build your credit score in Canada

  
  



• Investment products to grow your savings 

  
  

Links to free resources:

Speak to an RBC Newcomer Advisor to open a bank account

Financial Guide for Newcomer to Canada