The Bank of Montreal is launching a set of banking products, especially for immigrants, to assist them with easier financial adjustment in Canada. The package, ‘Newcomers to Canada Program’ comprises services like,
- Free banking for new entrants for their very first year in Canada;
- Free safety deposit box for them for 1 year; and
- Benefits on interest rate for newcomers on their Guaranteed Investment Certificates.
The Bank of Montreal has launched the program on May 19, Wednesday. The products are available to all new immigrants. New immigrants in this context refer to those people who have lived in Canada for up to 3 years. As far as GIC interest rate bonus is concerned, BMO offers a 0.5 per cent on GIC’s of 1-5 years.
Besides, the banking products package also includes a Mastercard. An official at BMO said they understand the significance of a credit card to a person who is new to a country. That’s why the step that ensures credit policies for the newcomers, which would assist them to get a card.
The best part about BMO’s product package is that they are offering the service in a number of languages at its various divisions across Canada. The bank will also make sure that their staff is skilled enough to cater to the newcomers needs.
The step taken by the Bank of Montreal is appreciable. Canada is one of the most popular immigration destinations, which receives a huge number of immigrants every year. BMO’s initiative towards assisting newcomers in their financial decisions will provide relief to the latter. With such facilities, there is no doubt that more and more migrants will consider Canada as their new home.
