Mastercard and STC Bank Partner to Revolutionise Saudi Cross-Border Payments

Editorial Team

Last updated 13-01-2026

3 min

Mastercard and STC Bank partner to simplify international money transfers in Saudi Arabia.

The collaboration supports Vision 2030 by modernising the financial sector through digital adoption.

Customers can send money to 120 countries with transparent fees and estimated delivery times.

Mastercard Move provides multiple payout options, ensuring fast and secure transfers.

The partnership could drive innovation in the Gulf's competitive fintech remittance market.

Mastercard has teamed up with STC Bank in Saudi Arabia, aiming to give both consumers and businesses in the Kingdom a smoother way to send money abroad. The partnership leans heavily on Mastercard Move, the company’s suite of cross‑border payment tools, which already stretches across more than 200 countries and supports over 150 currencies. I’ve seen plenty of remittance services come and go around the region, and honestly, anything that cuts through the usual faff of slow transfers feels spot on.

The move sits neatly within the broader Vision 2030 push to modernise Saudi Arabia’s financial sector. With digital adoption rising fast, STC Bank is clearly trying to cement its place as one of the country’s forward‑thinking players. Mohammad Refaie, the bank’s acting chief commercial officer, said the goal is to help reshape the Kingdom’s economic landscape by offering more innovative ways to send money across borders.

On Mastercard’s side, Onur Kursun, who oversees commercial and new payment flows across several regions, highlighted what many families in the region already know too well: people want their international transfers to be fast, secure and transparent. And believe it or not, Mastercard’s own research backs this up, showing that many senders feel their relatives abroad lack enough options to actually receive funds easily. That’s where the added payout choices—bank accounts, cards, mobile wallets and even cash—come into play.

When I think of the founders and young entrepreneurs we often come across at Arageek, especially those juggling suppliers or contractors overseas, it’s clear why these kinds of upgrades matter. A delayed payment can be a real pain in the neck, and I reckon anything that reduces uncertainty is a win, even if the tech behind it sometimes feels a bit overwhelming… you know?

The companies say the collaboration will allow STC Bank customers to move money quickly and cost‑effectively to 120 countries. Transfers will be trackable, with visibility on fees and estimated delivery times—features that can make users chuffed to bits compared to the vague processes many grew up with. One tiny detail that stood out to me was the emphasis on giving customers clarity on the exact amount the recipient will get. Sounds simple, but it’s definately one of those things people complain about all the time.

On the flip side, competition in fintech‑driven remittances is heating up across the Gulf, so it’ll be interesting to see whether this partnership pushes others to step up their game. Still, for now, STC Bank customers look set to benefit from a more flexible, more transparent system—something that could ripple out well beyond individual transfers as the Kingdom continues its digital transformation journey.

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