Scotiabank Partners with Nova Credit for Immigrant Support

Scotiabank aids newcomers to Canada by leveraging international credit histories for higher limits, easing their transition into Canadian life.

Scotiabank has embarked on a commendable initiative aimed at facilitating the integration of recent immigrants into the Canadian socio-economic fabric, particularly through an expanded collaboration with Nova Credit, a prominent cross-border credit bureau. This strategic partnership is designed to mitigate the challenges posed by credit invisibility—a phenomenon that significantly hampers the financial mobility of newcomers who often lack a local credit history.

In a landscape where access to credit is often predicated on an established local credit record, Scotiabank's innovative approach allows immigrants from select countries to leverage their credit histories from their countries of origin. This not only enhances their chances of securing higher credit limits but also expedites their acclimatization to the Canadian financial system. A report from Statistics Canada, which scrutinized data spanning from 2015 to 2019, revealed that approximately 26% of credit-invisible economic families in Canada were immigrants. Alarmingly, those who had recently arrived—specifically, those who had been in the country for less than two years—were nearly twice as likely to be credit-invisible compared to their Canadian-born counterparts.

Since the inception of the Nova Credit partnership in 2023, Scotiabank has successfully enabled newcomer clients to access their foreign credit reports, thereby allowing them to request credit or higher credit limits that could be as much as double what they would have otherwise qualified for. This innovative capability is not merely a financial boon; it represents a significant step towards fostering inclusivity within the Canadian banking sector.

Moreover, Scotiabank's Additional Support for Newcomers encompasses a suite of resources designed to ease the transition for immigrants. The Scotiabank StartRight® Program offers personalized assistance, granting newcomers access to a no-fee chequing account for one year, as well as credit and savings accounts, no-fee international money transfers, and expert guidance from Scotia Advisors.

In addition, the Advice+ Centre serves as a navigational tool for newcomers, providing reliable information on Canadian banking products and services, alongside a plethora of options for seeking financial advice. The Scotia Smart Money app, powered by Advice+, along with hybrid platforms like Scotia Smart Investor, empowers clients to take charge of their financial destinies with newfound confidence.

Lastly, Scotiabank's ambitious ScotiaRISE initiative, a decade-long commitment backed by a $500 million investment, aims to bolster economic resilience among disadvantaged groups, with a particular focus on assisting newcomers as they establish social and financial stability in Canada. This multifaceted approach not only underscores Scotiabank's dedication to fostering diversity and inclusion but also highlights the bank's role as a catalyst for positive change in the lives of those embarking on new beginnings in Canada.