In celebration of pride month this June, let’s deep dive into the trans community’s banking in Canada. Data shows that in Canada, there are about 100,815 people who consider themselves transgender or non-binary.
While Canada is a country that is very accepting and non-discriminating, especially to the LGBTIQ2S community, the banking system of the country undeniably still needs to improve, especially its services for the country’s transgender. But before we delve deep into the banking experience of transgender people in Canada, a look at their struggles will also show that transgender people in Canada, though welcomed, still experience different struggles in life because of their gender identity.
A TransPULSE survey shows that 13 percent of transgender people who responded in the Canada survey are getting fired from their jobs for being transgender. 37 percent say they have full-time jobs, and 50 percent earned $15,000 or less between 2009 and 2010. In 2015, this amount rose only to $18,142.24.
It is sobering to see that despite Canada’s embrace of people of any race, nationality, age, and gender, transgender people can still be part of the most vulnerable members of the population.
Trans, their names, and the banks
Coming out who you are is a good feeling because you can finally be proud of who you are without any pretense. Sadly, some transgender people in Canada experience negative changes in their lives once they come out as trans, and often it starts with the name. Changing one’s name is especially important for transgender people and non-binary people because the identity printed on their cards may not reflect who they indeed are.
Did you know that Canada requires a $137 fee to make a legal change to display your actual name on your bank cards? Based on the reality of trans in the workplace, it shows that paying for this excessive amount is a burden for trans and non-binary people who may be living paycheck to paycheck. Moreover, changing one’s name in Canada poses a risk of losing the credit history they’ve worked hard to set up over the years. Or, they may be required to give every creditor access to private information about their identity.
Aside from the heavy cost of legally changing one’s name and losing the credit credibility that you built, trans in Canada experience another problem. Most landlords in Canada require their tenants to pay rent through physical cheques. Since the name they gave their landlord does not match their lease, miscommunication is not impossible. If only landlords are willing to allow their tenants to pay them through e-Transfer, but not everyone is ready to do so due to security.
Neo banks: Offering a glimmer of hope to Canada’s transgender community
Because of these difficulties in banking, many transgender people opt for neo-banks specializing in marginalized groups, offering lower fees and other benefits. Daylight is a mobile-first banking account which made it a priority to call their people based on their chosen name even if it is different from what is indicated on their IDs. Their clients’ names are displayed on their debit cards and customer support channels.
On the other hand, the Bank of Montreal (BMO) is the first financial institution in Canada to implement Mastercard’s True Name™. With this, transgenders and non-binary individuals may use their chosen name on all BMO consumer and small business credit cards even if they don’t legally change their name. The implementation of True Name has brought a lot of joy to the LGBTIQ2S community. It is hoped that other banks in Canada will follow what Mastercard and BMO did so that trans and non-binary people can be less marginalized, even in their banking experience.
If you are looking for non-discriminating money remittance and currency exchange service provider in Canada, RemitBee should be your choice. We give nothing but the best currency rates for everyone so that you can make the most out of your money. We will waive your transfer fee when you send at least $500. Become one of our highly esteemed customers now.
