Monzo has reversed £323million of payments people sent by accident, it has revealed, including one butter-fingered customer who sent £2.5million by mistake.
The online bank has reversed more than 1.6million payments since it introduced its ‘undo payments’ feature in May 2025, designed to halt payments sent in error.
The £2.5million sum is the highest-value payment prevented by the tool so far, Monzo said.
It can reverse a transaction where the wrong amount is being sent, or the money has been transferred to the wrong person.
This only works within a 10 to 60 second window after the payment is made.
The average time it takes for customers to realise they have sent the wrong amount or sent a payment to someone they didn’t intend to is 9 seconds, according to Monzo.
‘Uno reverse’: Monzo customers can reverse payment sent in error up to a minute after it has been made in the app
It said its tool, the first of its kind among UK banks, prevents 6,389 accidental payments every day, almost 45,000 a week and more than 194,000 a month.
The average cancelled transfer is worth £202.
When Monzo customers are making a payment, a timer will appear on the payment confirmation screen with an option to undo the payment.
Customers can set how long the undo payments timer lasts for, choosing a timer of 10 seconds, 15 seconds, 30 seconds or 60 seconds, or they can turn the timer off all together.
The customer can tap the ‘undo payment’ button in that window, or from the home screen or payment detail screen before the timer runs out.
As soon as the user hits the button, Monzo will stop the payment from being sent. The money never leaves the account.
Andy Sacre, head of payments at Monzo said: ‘We built undo payments to give people a few seconds to catch those ‘oh no’ moments and put things right.’
Monzo personal and business current account customers are able to use the feature.
If your bank does not have a similar tool, trying to retrieve a mistakenly sent payment can be a long process.
There’s no guarantee that a customer will get anything back. Almost a third of people have been left out of pocket due to a wrongly sent payment, research has found.
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