G20 Report 2025: Saudi Arabia (Wise)

Summary

• As of August 2025, SAMA has granted a total of 27 E-Money Institution and Payment Institution licences to non-banks.p.15
• Saudi Arabia's Sarie instant payment system allows transfers of up to SAR 20,000 in real-time.p.15
• All 11 current participants in the Sarie instant payment system are traditional banking institutions.p.15
• Al Rajhi Bank recorded a foreign exchange markup of 0.21% over the mid-market rate.p.16
• National Commercial Bank (Saudi National Bank) recorded a foreign exchange markup of 0.48% over the mid-market rate.p.16

Key insights

1. Non-bank payment service providers in Saudi Arabia remain restricted to indirect participation models for payment settlement.p.14
2. Regulatory frameworks in Saudi Arabia require fee schedule disclosures but lack specific requirements regarding foreign exchange markups.p.16
3. The Saudi Central Bank plans to expand direct Sarie participation to non-banks subject to an ongoing regulatory review.p.15
4. Many major Saudi retail banks maintain foreign exchange markups of less than 50 basis points over the mid-market rate.p.16
5. A total of 8 G20 members achieved the maximum 5/5 direct access score in 2025.p.10
6. US consumers are projected to lose an estimated $19 billion in obscured FX markups in 2025.p.11