AI Summary
Riyadh, Saudi Arabia – September XX, 2025: Visa, a global leader in digital payments, today announced a new multi-year strategic partnership with alrajhi bank to expand Visa Direct services to the bank’s customers in Saudi Arabia. Building on the successful 2023 collaboration that enabled near real-time cross-border transfers to Visa cards, the partnership will now allow alrajhi bank customers to send money directly to bank accounts in more than 30 countries through Visa Direct – Visa’s real-time money movement network.
Key remittance corridors in this roll-out include India, Pakistan, Egypt, Bangladesh, the Philippines, Indonesia, and Nepal. The service offers real-time, secure, and convenient cross-border transfers, empowering individuals to send funds seamlessly for family support, personal needs, and other purposes.
“Saudi Arabia remains one of the world’s largest sources of personal remittances, with outbound flows reaching a near nine-year high of US $4.13 billion in March 2025,” said Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman.
“Consumers increasingly expect their money to move as quickly and securely as their messages – and Visa Direct is making that possible. By expanding our partnership with alrajhi bank, we’re extending the reach of Visa Direct’s multi-rail capabilities, enabling people and businesses in Saudi Arabia to move money globally in real time with the security and reliability they trust.”
Majed Al Rajhi, General Manager of Retail Banking at alrajhi bank, added: “Our customers send billions of riyals home each year, and they expect a seamless, secure, and competitively priced experience. Partnering with Visa allows us to leverage best-in-class technology and the world’s leading payment network to deliver faster, simpler, and more flexible international transfers – whether to a card, a digital wallet, or now directly to a bank account. This marks another milestone in our digital transformation journey and reflects our commitment to meeting the evolving needs of our diverse customer base.”
The launch comes amid growing demand for faster, more transparent cross-border payments in Saudi Arabia. According to recent Visa research, 93% of surveyed consumers in the Kingdom send money abroad at least once a year, with digital channels being the preferred method due to ease of use, privacy, security, and the ability to “make life easier for friends and family.” Around 60% expect to increase their use of digital money transfers in the future.
Visa Direct enables real-time, secure transfers to cards, wallets, and accounts worldwide. One of its solutions, Visa+, allows businesses and financial institutions to send funds using only a recipient’s mobile number or email address – eliminating the need for full account details. Already active across key GCC corridors, including the UAE, Qatar, and Bahrain, Visa+ supports a range of use cases, from peer-to-peer payments to business disbursements and cross-border remittances.
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