A lot of people here clearly don't understand what anti-static bags do.
The important thing about anti-static bags is that they are conductive. It is their conductive nature that stops the static charge from building up in one place. That's what does the damage - if one bit of circuit builds up static, the static will conduct through the circuit, destroying it.
Anti-static bags are made from plastic which has been made conductive. This allows charge to dissipate. Higher end anti-static bags are aluminium sandwitched between 2 layers of conductive plastic. The aluminium enhances the conductivity providing better protection than the plain condutive plastic (which only gives minimal protection).
Al foil is excellent as protection from static - the only catch is, that you have a static charge when you drop the board onto the foil - it will dissipate instantly (potentially causing damage) - whereas if you had a proper anti-static bag it would discharge slowly over several seconds or minutes.
Wrapping in newspaper or wood or bubble wrap would not allow any static to dissipate.
In fact, as long as you ground the board, foil and yourself before you wrap up - the foil will provide better protection than anti-static bags.
You just need to make sure that you use several layers - so sticky-up bits don't puncture the foil.
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If you are looking for more details, kindly visit esd aluminum foil zip-lock bag.
Even 'conductive' ESD packaging materials have significantly higher resistivity than aluminum, so the way that discharges occur through these materials will differ. A more resistive material will allow a slower discharge, resulting in lower currents, which may be beneficial. On the other hand, a more conductive material maintains a lower potential difference across it when a given current flows. Hypothetically, if all pins of a device are in contact with something really conductive, like aluminum foil, then probably won't be much of an issue. But if some pins are NOT in contact, and a discharge is applied, then it's possible that the higher conductivity will allow a more rapid discharge through the device than an otherwise equivalent 'conductive' ESD material would and therefore more likely to result in damage to the device. In practice the details probably matter quite a bit. Since aluminum foil does pierce easily and also has no elasticity it seems very easy to end up losing contact between the foil and the device with vibration/jostling, it certainly seems like a poor substitute for a proper ESD shielding bag. But it's also probably better than nothing as long as you're careful about wrapping it.
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