Mr. Jay Acharya reports

DIGITAL DOORWAY OPENS FINANCIAL FUTURE FOR NEWCOMERS TO CANADA: RBC LAUNCHES 15-MINUTE SELF-SERVE PRE-ARRIVAL ACCOUNT OPEN CAPABILITY

One crucial first step for newcomers wanting to make Canada their home has just become much more convenient with the launch of Royal Bank of Canada's (RBC) new self-serve prearrival account open capability.

This user-friendly digital experience takes 15 minutes or less to complete, allowing newcomers to open an RBC Advantage Banking account before they come to Canada and transfer up to $75,000 (Canadian) in one to three instalments. Upon their arrival in Canada, they can activate their accounts to immediately gain access to their funds.

Having a Canadian bank account set up before newcomers arrive means they can hit the ground running. They will be better able to pay for what they need from day one and get their new lives off to a strong start.

"Beginning life in a new country is challenging enough; setting up a bank account to access your money shouldn't be," said Jay Acharya, senior vice-president, everyday banking, RBC. "By making it easy for newcomers to take care of this important first step before leaving their home country, we're helping them be financially ready when they arrive, ensuring they have one less thing to think about as they begin building their future in Canada."

Why bank with RBC

Beyond the new self-serve prearrival account open capability, AMr. charya notes that RBC has a long record and extensive expertise in working with newcomers, having helped over one million newcomers build their financial future in Canada.

"Our support is based on a deep understanding of the newcomer experience as many of our newcomer specialists were once new to Canada themselves," added Mr. Acharya. "Providing assistance designed for newcomers by newcomers makes such a difference to everyone we welcome through our doors -- digitally or in-branch."

There are many other reasons for newcomers to make RBC their bank of choice to help them establish themselves in Canada, including:

• Support in more than 200 languages: Newcomers can speak with someone in their preferred language, by phone, video chat or in person at any RBC bank branch.
• Extensive banking network: RBC has the largest combined bank branch and ATM (automated teller machine) network in Canada, with more than 1,100 branches and 4,000 ATMs across the country.
• Convenient and secure digital access: Bank safely any time through RBC Online Banking and through the RBC Mobile app.
• Savings and rewards: RBC helps newcomers unlock immediate savings and value through unique offers -- more details are available on RBC's website.

Questions about RBC's new self-serve prearrival account open capability? RBC has answers:

• Can I transfer money to Canada before I arrive?
  • Yes. If you currently live in one of the nine international countries listed below, you can digitally set up an RBC Advantage Banking account up to 12 months before you arrive in Canada. Transfer in up to $75,000 (Canadian) -- in one to three instalments -- and then you can activate your account when you arrive in Canada, ensuring you have ready access to your funds.
• Newcomers in which home countries are eligible for RBC's new self-serve prearrival account open capability?
  • Newcomers who currently live in Hong Kong, China, India, Philippines, Vietnam, Antigua and Barbuda, Costa Rica, Saint Vincent and the Grenadines, and Trinidad and Tobago are eligible to use this new self-serve capability.
• How do I activate my RBC personal banking account?
  • Upon your arrival in Canada, you can activate your account by visiting any RBC branch.
• How can I begin building my credit history in Canada?
  • After activating your account, you can qualify for a credit card with a limit of up to $15,000 (Canadian) -- with no Canadian credit history required -- and begin building your credit history here by using your credit card and making on-time payments. Note: Eligibility and other terms and conditions apply.
• Does it cost money to open my bank account?
  • No -- and the RBC Advantage Banking account waives its monthly fee for the first year after your arrival in Canada.
• Why is setting up a Canadian bank account an important first step for temporary foreign workers and international students before they arrive in Canada?
  • By opening a Canadian bank account before they arrive here and transferring in up to $75,000 (Canadian), temporary foreign workers and international students can obtain the proof-of-funds document they need for their visa requirements. For temporary foreign workers, employers in Canada typically pay wages through direct deposit, which requires a Canadian bank account. Having this account set up early can make it easier to receive wages without delays.
• Where can I find out all the details about RBC's self-serve prearrival account open capability?
  • This could not be easier -- simply visit RBC's website.

About Royal Bank of Canada

RBC is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. The bank's success comes from the more than 105,000 employees who leverage their imaginations and insights to bring RBC's vision, values and strategy to life so the bank can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, RBC has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 19 million clients in Canada, the United States and 27 other countries.