Citibank Japan has expanded its foreign currency transfer service to provide simplified procedures through tie-ups with online brokerages in Japan.

The bank said that the new procedure will enable individual investors who are Citibank Japan account holders to facilitate foreign currency brokerage transactions via their on-line brokerage.

The new service will allow the Citibank Japan customers with an on-line brokerage account to complete foreign currency transfers by telephone, at any time or day of the year, without visiting the branch.

Citibank is also planning to introduce domestic foreign currency transfer functions into its online banking platform.

According to the Citibank Japan, as a first step, it has concluded a tie-up with Rakuten Securities and it will start providing a foreign currency transfer service at Rakuten Securities starting 3 December 2010.