Visa and Mastercard begin processing transactions in Syria after sanctions status change

Visa and Mastercard have completed their first international card transactions in Syria, following a decision by the US government to remove the country from its list of state sponsors of terrorism. For years, Syria was largely cut off from mainstream global payment networks because of sanctions tied to that designation, which restricted banks and payment processors from doing business there.

With the designation lifted, card networks and financial institutions have more legal room to re-establish or expand services in the country. This does not mean instant, full access for every business or consumer in Syria. Banks still need to rebuild correspondent banking relationships, put compliance checks in place, and assess ongoing risk before offering widespread services. But the completion of these first transactions is a concrete signal that the infrastructure is being reconnected, at least partially, after a long period of isolation.

For people who send money to family in Syria, run a business with Syrian suppliers or customers, or travel there, this development is worth watching. Historically, options for moving money in and out of the country have been limited to informal channels, cash carried across borders, or a small number of specialized transfer services willing to operate despite sanctions risk. Broader card network access could eventually mean more conventional ways to pay and be paid, though it will likely take time before this translates into everyday services like widely accepted debit cards or seamless online payments.

It is also a reminder of how much cross-border money movement depends on regulatory status, not just technology. A country can have functioning banks and willing payment processors, but if sanctions or terrorism designations are in place, most mainstream providers will avoid doing business there due to legal risk. When that status changes, it can open the door for competition among payment providers, which over time tends to bring lower costs and more choice for consumers and businesses.

For now, anyone comparing ways to send money internationally, including to countries that have faced sanctions or restricted banking access, should expect that coverage and pricing can vary significantly and change quickly as regulations shift. Checking whether a specific corridor is supported, what fees apply, and how long transfers take remains important, since not all providers will move at the same pace to re-enter a newly opened market. Readers researching these options can compare current providers and coverage on FairAscent's international transfers page, which tracks how services differ across corridors and regulatory environments.