Do I need to convert funds between currencies before I can make an offshore payments?

You can, but you don't have to. If you approve an offshore payment you can choose to use existing offshore funds to pay, let us automatically do the exchange for you in the back ground or use our RateLock product to secure your foreign exchange conversion rate today, for use in future. Under RateLock you only need to give us a 5% deposit of your total payment amount until the payment becomes due.