Helping newcomers make real financial progress with an innovative credit program

Among the clients at BMO’s bustling Square One branch in Mississauga are several newcomers to Canada. Banking in a new country can be stressful – systems differ, financial histories are hard to transfer, and there are new rules to understand. Not to mention the expense of building a life in a new country. BMO’s new strategic partnership with Nova Credit, the leading cross-border credit bureau, aims to make the transition easier.  

By integrating Credit Passport® into the credit application process, BMO is helping our clients leverage their international credit history to gain greater access to credit products in Canada. This in turn will help newcomers access trusted financial advice, tools and resources, so they can more easily plan their journey and transition to their new lives in Canada.  

“We know that when people come to our country, there’s a lot of stress surrounding finances – and having access to a reasonable credit card limit is a key ingredient to providing peace of mind. My team and I understand that this capability allows us to help our customers meet their financial goals and heightens our presence in the community as the bank that supports newcomers, making them feel welcome and financially sound.”

– Danielle Zeran
Senior Branch Manager, Square One Shopping Centre 

This program will make it easier for eligible newcomers from nine countries – Australia, India, Kenya, Mexico, Philippines, Spain, South Korea, Switzerland and the United Kingdom –  to seamlessly establish credit in a new country. Credit Passport® securely integrates into a financial institution’s credit application process, enabling foreign credit records and scores to be instantly accessed and translated in just a few clicks. 

“Understanding that building a life in a new country can be an exciting but complex emotional and financial journey, BMO’s partnership with Nova Credit builds on our ongoing commitment to helping customers make real financial progress wherever they are. By providing convenient, personalized tools from pre-arrival and onwards, newcomers to Canada will be empowered to embark on their new journey with confidence and ready to pursue their goals in their new home.”

– Sumit Sarkar
Head, Customer Growth & Segments, BMO 

The program will be introduced in select branches throughout British Columbia and the Greater Toronto Area, with plans to make the program available nationwide.  

From supporting research into workforce strategies for integrating newcomers to our own Newcomer Talent Program, BMO continues to be a trailblazer in providing innovative support for newcomers to Canada.