Mistaken Bank Transfers? Monzo Now Lets You Reverse Them

Monzo’s new payment undo feature is an overdue change to the way we bank.

From now on, Monzo customers will have a small but powerful window of time to reverse a bank transfer before the money leaves their account. By default, you’ll have 15 seconds to undo a payment—but you can tailor that window to 10, 30, or even 60 seconds if you prefer. If you don't want any delay at all, you can switch the feature off entirely under Settings > Privacy & Security.

It might sound like a small update, but it solves a huge problem.

According to research from Moneyhub, one in ten people in the UK have accidentally sent money to the wrong person. And unlike ordering the wrong pair of socks or picking up sparkling instead of still, misdirecting a payment can have far-reaching consequences. Depending on the amount, it could mean unpaid bills, missed rent, or falling into debt. Even if the sum is relatively minor, the anxiety of trying to claw the money back, often through unfamiliar processes, can be overwhelming.

It works like this: after you hit ‘Pay someone,’ a countdown timer appears on the confirmation screen. If you spot an error—wrong person, wrong amount, or simply a change of heart—you can tap ‘Undo payment’ then and there. You’ll also find the option on your Home screen or the payment detail screen (as long as your timer hasn’t expired).

One in ten people in the UK have accidentally sent money to the wrong person

The moment you tap that button, the payment is stopped. It’s as if it never happened. The money never leaves your account, and the person you almost sent it to will be none the wiser.

Simple. Subtle. Sanity-saving.

To be clear, this isn’t a delayed payment, it’s a short grace period. Monzo is rolling the feature out gradually, not because it’s restricted to certain users, but because they want to get it right. That means fine-tuning it based on real usage and feedback. So if you don’t see the option just yet, it’s coming.

Personally, I think it’s a brilliant addition, and one that reflects the way we actually use money today. Mistakes happen. Fast decisions sometimes come with second thoughts. Giving people the ability to correct an error? Brilliant.

You’ll need a Monzo current account to use the undo feature (UK residents only, Ts&Cs apply). But if you're eligible and it's available on your app, I recommend turning it on. Hopefully you’ll never need it. But if you do, it’ll be a relief to know it’s there.