The McGill draft for the tuition,fees,etc. was new last year for American bank accounts and works very, very well. McGill gives a very good exchange rate, but RBC is not bad. I think the bank draft is definitely the way to proceed--otherwise we would have had to open up a corresponding account in the US and transfer the funds to a Canadian bank. It can take 10 days for your deposit to clear a Canadian bank. ( Of course, three years ago the US $ was 1.55 Canadian, it is now under $1.10, so McGill costs 30% more for American students). All the banks are near the McGill campus, we choose RBC because they had the most ATM's near my daughters dorm and on campus, but I think they are all fine.