Why Credit Unions Make Perfect Sense as a Ukrainian Newcomer

What are Credit Unions?

Credit Unions are cooperative financial institutions that provide banking services. Unlike traditional banks, they are created, owned, and operated by their members.

According to the Canadian Credit Union Association, credit unions in Canada are for-profit financial institutions, meaning that they have profit motives that are used to fund the business and benefit the cooperative. This can be profit-sharing among members, discounted fees, community investments, or surcharge-free ATMs.

They usually service a certain section of like-minded people with common interests, ranging from employees, families, people from a specific geographic location, or members of a Union or an association.

Are Credit Unions Legit?

Credit Unions are federally and provincially regulated. This includes deposit protection for members on par with the big banks.

Having members as customers also fosters more member-centric customer service, resulting in Canada’s credit unions collectively earning the overall award for Customer Service Excellence among all financial institutions in retail banking at the 2023 Ipsos Financial Service Excellence Awards. It was the 19th such consecutive award for Canada’s credit unions.

What Kind of Services Do Credit Unions Provide?

Credit unions provide all the banking services you get with traditional banks. This includes chequing and savings accounts, loans, mortgages, and investment advice.

Can You Join a Credit Union as a Newcomer?

Yes, many Canadian Credit Unions offer newcomer-specific banking packages catering to your needs.

Opening a banking account should be one of your main priorities as it enables you to work and earn, collect benefits, build a credit history, and for convenience when paying your bills.

Why Joining a Credit Union Benefits You as a Newcomer

When you join a Credit Union, you become part of a shared community that looks out for your interests. As a newcomer, you stand to benefit not just as a customer but also as a member of the cooperative. This translates to better customer service, assistance, profit sharing, security, and financial advice.

Can I Find Ukrainian Credit Unions in Canada?

You can find Ukrainian Credit Unions in Canada, one of the largest being the UCU (Ukrainian Credit Union Limited). They are one of the largest Ukrainian Credit Unions in Canada, which, despite the name, does not limit membership to Canadians of Ukrainian descent.

The UCU has over 16 branches and service points across Canada, allowing you to access its services nationwide.

The UCU, Ukrainian Credit Union

As a Ukrainian newcomer, you will find a familiar home that aims to support the maintenance and growth of Ukrainian culture and the community in Canada. Their vision statement reads:

“UCU will be the financial institution of choice for Ukrainian Canadians and others who share our values and aspirations.”

Their mission, as such, is:

• To provide exceptional member-driven financial services based on integrity and sound stewardship;
• To support the cultural, educational, religious, charitable, and recreational activities of the Ukrainian community as well as the broader communities of which we are a part;
• To be the employer of choice for those seeking a rewarding career helping others achieve financial well-being.

Reasons to Consider Credit Unions as a Ukrainian Newcomer in Canada

Community Connection

Credit unions often have a strong sense of community. Joining one can provide you with a network of people who share a common background and may be more attuned to the specific needs and challenges newcomers face. This sense of community can create a supportive environment as you navigate your new life in Canada.

Cultural Sensitivity

Ukrainian credit unions may offer services in both English and Ukrainian, making it more comfortable for you to communicate, especially if English is not your first language. The staff may also be more culturally sensitive and understand the challenges newcomers face.

Financial Services

Credit unions typically provide various financial services, including savings accounts, checking accounts, loans, and credit cards. They may also offer specific products tailored to newcomers, such as newcomer banking packages or credit-building programs.

Financial Education

Many credit unions place a strong emphasis on financial education. As a newcomer, you may benefit from workshops and resources provided by the credit union to help you understand the Canadian financial system, budgeting, and other important aspects of managing your finances.

Low Fees and Competitive Rates

Credit unions are known for offering competitive interest rates on loans and deposits and lower fees compared to traditional banks. This can be especially advantageous for newcomers who may be more sensitive to banking costs as they establish themselves in a new country.

Credit Building Opportunities

Establishing credit in a new country is crucial, and credit unions may offer programs to help newcomers build their credit history. This can be beneficial when applying for rental agreements, getting a mobile phone plan, or seeking other financial services that require a credit check.

Personalized Service

Credit unions, by nature, prioritize personalized service. As a member-owner, you are not just a customer but part of a community. This can translate into more personalized and understanding service, which is particularly beneficial when adapting to a new financial environment.

Fast Money Transfers to Ukraine with Remitbee

Remitbee is a fintech startup with an established presence in Canada, primarily known for affordable remittance services with unparalleled convenience.

Remitbee recently launched their money transfer services to Ukraine, adding it to a list that already includes India, Sri Lanka, the Philippines, Pakistan, the US, and the UK, to name a few.

Remitbee’s latest offerings are specially tailored for Ukrainians in Canada, allowing them access to versatile money transfers to Ukraine at minimal fees and competitive and transparent exchange rates.

Why Remitbee?

What sets Remitbee apart from conventional money transfers is its accessibility and fees. All you need to get started is a phone to access the platform, and a registration process is maximized for speed and convenience with all safety precautions in place to protect your money transfers.

The money transfer is completed in 5 easy steps:

Step 1

Sign up for free using the website or the app.

Step 2

Verify Your Identity.

Step 3

Add Your Recipient in Ukraine or other countries supported by Remitbee.

Step 4

Choose a Payment Method for your free money transfer from your bank account or a Visa Debit, Mastercard, or Interac E-transfer.

Step 5

Confirm the up-to-date exchange rate and fees.

So, the next time you’re contemplating money transfers, think Remitbee—a platform that prioritizes safety and speed to reach your loved ones in Ukraine and globally at just the press of a button.