Sending Money to Germany
As program participants, AYF students on the year-long program have a no-cost bank account with Volksbank Freiburg eG. Students may choose to deposit large sums into this account via check or wire transfer. A wire transfer generally has a higher fee (varies by bank) and is suitable for larger transfers covering a budget for several months. The required routing form and instructions can be found on the Guides & Information page.
AYF students can deposit a personal check drawn on their own personal U.S. account into their Volksbank account at a very reasonable cost. AYF has negotiated on behalf of its students that such checks are generally credited to the student’s Volksbank account in about a week; while still requiring some advance planning, this is much faster than the standard waiting period of five to six weeks for U.S. checks.
Additionally, many students have found it even faster and much easier to transfer cash directly at an ATM. This is done by 1) withdrawing a sum of money via ATM with a student’s American debit or credit card and 2) immediately placing the money into an ATM connected to their Volksbank account that allows for deposits. Oftentimes, this can be done at the same ATM. The total process takes only a few minutes.
Before deciding which system works best for you and your student, you may wish to research the foreign transaction fees associated with your student’s credit or debit cards and or U.S. bank account.