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Email this2:44 pm
June 24, 2014
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As new immigrants come to Canada, they may do internet research on what are best savings accounts/ credit cards available here. I have written some articles in both Chinese and English (same idea in two languages). Do you think if it is good to write in their languages?
12:55 am
October 21, 2013
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Yes, in principle. There are still lots of people who immigrate here who are not fully comfortable in English, and the language of investment has some very specific vocabulary and concepts. Dealing with money is scary when you're in an unfamiliar situation. Many new immigrants gravitate towards their own ethnic communities when they arrive, so that they can deal with people they are more familiar with. There are various banks and credit unions that cater specifically to particular communities, e.g. HSBC, Korea Exchange Bk, ICICI, I am less familiar with the credit unions but I know there are many that cater to particular ethnic communities. I have noticed, particularly with TD bank, that they have a lot of material in Chinese on their website. If you live in a big city, you might ask one of the Settlement Houses that assists new immigrants as to whether they think there is a need.
That said, I am a native English-speaker, as were my parents, although one was an immigrant, so I have no personal experience except what I have observed in others.
10:46 am
June 24, 2014
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Thanks Loonie, I put my link here: http://jamesfinancial.weebly.c.....blog/cards. If the admin or any person feels uncomfortable to put a link in this forum, just let me know, or delete it right away. By the way, my first language is Chinese.
1:10 pm
May 15, 2007
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Thanks for sharing. I am OK with the link, and I think such articles could be helpful to newcomers to Canada, especially if they are also translated into English.
8:51 pm
February 22, 2013
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Today I heard my first radio commercial for CIBC inviting new immigrants to Canada to sign up for CIBC banking services. "Feature" included "no credit history needed" and "free credit card" and "no fee banking for first year".
In April I saw a press release (linked here) from RBC "making it easier for newcomers to settle in Canada".
I hate to be skeptical but this seems like Proverbs 22:6
Train up a child in the way he should go: and when he is old, he will not depart from it.
I like james1988's idea of really imparting knowledge to the newcomers.
GS
8:39 am
June 24, 2014
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Thanks, GS,
From a newcomer's perspective, he/she just needs a banking account and a credit card. Whether the credit card offers most cash back, or the account has the best interest rate, is not that appealing. On the contrary, free or not free makes difference.
I am skeptical to Canadian banks limiting the number of transactions of chequing accounts. It is reasonable to require an account balance above $1000 to waive fees. After that, the number of debits does not make differences. If the customer does debit card purchase, withdraw cash at ATM, how much cost will the bank have to bear? All are electronic information only.
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