How to Send Money to Nigeria from Brazil in 2024

Alright fam, listen up! Whether you’re a student balling on a budget in Rio or a businessman closing deals in São Paulo, chances are you’ll need to send some cash back home to Nigeria at some point. Now, navigating the world of money transfers can feel like deciphering ancient Yoruba proverbs – confusing and full of hidden meanings. But fret not, my people, because January is here to be your financial wingman. Today, we’re diving deep into sending that hard-earned Brazilian Real (BRL) straight to your mama’s waiting arms (in Naira, of course) – and we’re throwing in some bonus tips for good measure.

Understanding the Basics

First things first: why would you want to send money from Brazil to Nigeria? Well, there are numerous reasons. Maybe you’re supporting family back home, paying for services, or investing in a business. Regardless of the reason, understanding the basics is crucial.

How Much is 1,000 Reais in Naira? That All Depends, Oga

Hold your horses, because the exchange rate between BRL and NGN (Nigerian Naira) isn’t set in stone. As of now, 1,000 Brazilian Reals (BRL) is equivalent to around 278,811.78 Nigerian Naira (NGN). It fluctuates like the Lagos weather – one day it’s scorching hot, the next it’s a downpour. But fear not, there are ways to get a good idea of how much your Naira will be worth. Here are some handy tools:

• Currency Converter Apps: These are your digital besties. Download a reputable app like XE Currency or Google Finance and keep it on your phone. Pop in the amount of BRL you want to send, and voila! You’ll see the estimated Naira amount in real-time.
• Money Transfer Service Websites: Most money transfer service providers (we’ll get to those in a sec) have currency converter tools on their websites. This is a great way to compare rates between different companies before you commit.

Remember: The exchange rate you see isn’t the whole story. Most services charge fees for sending money internationally. So, the final amount your loved one receives might be slightly less than what the converter shows.

Choosing the Right Transfer Service

There are several ways to send money from Brazil to Nigeria. Here are some popular methods:

1. Banks
2. Online Money Transfer Services
3. Cryptocurrency
4. Gift Cards

Let’s dive into each method.

1. Banks

Banks are a traditional way to transfer money internationally. While they are reliable and secure, they often come with higher fees and less favorable exchange rates. If you decide to use a bank, make sure to ask about all the fees involved and compare their exchange rates with other options.

2. Online Money Transfer Services

Online money transfer services like Western Union, MoneyGram, TransferWise (now Wise), and Remitly have become popular due to their convenience and competitive rates. Here’s a quick overview:

• Western Union: Offers a wide network of agent locations in both Brazil and Nigeria. You can transfer money online or in person.
• MoneyGram: Similar to Western Union, with a large network and the ability to send money online or via agent locations.
• Wise: Known for its transparent fees and mid-market exchange rates, making it one of the cheapest options for international transfers.
• Remitly: Offers various delivery options, including bank deposit, cash pickup, and mobile money.

When using these services, you’ll need to create an account, provide the recipient’s details, and choose the amount to send. Transfers can take anywhere from a few minutes to a few days, depending on the service and delivery method.

3. Cryptocurrency

Cryptocurrency is becoming an increasingly popular option for international money transfers. If you and your recipient are comfortable using digital currencies, this can be a fast and cost-effective method. Here’s how it works:

• Choose a cryptocurrency: Bitcoin, Ethereum, and USDT (Tether) are popular choices.
• Buy the cryptocurrency: Purchase the desired amount of cryptocurrency on a platform like CoinCola or Coinbase.
• Send the cryptocurrency: Transfer the cryptocurrency to your recipient’s digital wallet.
• Exchange to Naira: The recipient can then exchange the cryptocurrency to Naira on a local P2P crypto trading exchange like CoinCola or KuCoin.

You may like: How to Sell Bitcoin in Nigeria on CoinCola App

4. Gift Cards

Another creative way to send money is through gift cards. While not a direct money transfer, gift cards can be sold for cash in Nigeria. Here’s what you need to do:

• Buy a gift card: Purchase a gift card from a store in Brazil. Amazon,Apple, and Google Play gift cards are popular choices.
• Send the gift card details: Send the gift card code to your recipient in Nigeria.
• Sell the gift card: The recipient can sell the gift card on local platforms like Paxful or Cardtonic for cash.

You may like: How to Buy Bitcoin and USDT with Gift Cards in Brazil

Where to Buy Gift Cards in Brazil

Finding a place to buy gift cards in Brazil is pretty straightforward. Here are some options:

• Supermarkets: Many supermarkets like Pão de Açúcar, Carrefour, and Extra sell a variety of gift cards.
• Electronics Stores: Stores like Fast Shop and FNAC also offer gift cards.
• Online Retailers: Websites like Americanas.com and Submarino.com.br have a selection of gift cards available for purchase.

Tips for a Smooth Money Transfer

To ensure your money transfer goes smoothly, keep these tips in mind:

1. Compare Rates and Fees: Don’t just go with the first service you find. Compare the exchange rates and fees of different providers to get the best deal.
2. Check Transfer Times: Some services offer instant transfers, while others may take a few days. Choose the one that suits your needs.
3. Verify Recipient Details: Make sure you have the correct details for your recipient to avoid any delays or issues.
4. Keep Records: Always keep a record of your transaction in case you need to follow up with the service provider.

Common Challenges and How to Overcome Them

Sending money internationally isn’t without its challenges. Here are some common issues you might face and how to overcome them:

• High Fees: To avoid high fees, compare different services and consider using cryptocurrency or gift cards as alternatives.
• Exchange Rate Fluctuations: Exchange rates can change rapidly. Lock in a rate if possible or transfer when rates are favorable.
• Transfer Delays: If your transfer is taking longer than expected, contact customer support for the service you’re using.

Final Thoughts

Sending money from Brazil to Nigeria doesn’t have to be complicated. By understanding the exchange rates, choosing the right transfer method, and following our tips, you can make the process as smooth as possible. Whether you opt for a traditional bank transfer, an online service, cryptocurrency, or even gift cards, the key is to find what works best for you and your recipient.

Remember, the best method depends on your specific needs and circumstances. So take your time to explore your options, compare rates, and make an informed decision. Happy transferring!

Related: How to Transfer Money from Ghana to Nigeria in 2024