diff --git a/src/components/MoneyRequestConfirmationList.tsx b/src/components/MoneyRequestConfirmationList.tsx
index db653e9f73b9..db56320e98ff 100755
--- a/src/components/MoneyRequestConfirmationList.tsx
+++ b/src/components/MoneyRequestConfirmationList.tsx
@@ -2,7 +2,7 @@ import {useFocusEffect, useIsFocused} from '@react-navigation/native';
 import lodashIsEqual from 'lodash/isEqual';
 import React, {memo, useCallback, useEffect, useMemo, useRef, useState} from 'react';
 import {InteractionManager, View} from 'react-native';
-import {useOnyx} from 'react-native-onyx';
+import {withOnyx} from 'react-native-onyx';
 import type {OnyxEntry} from 'react-native-onyx';
 import useCurrentUserPersonalDetails from '@hooks/useCurrentUserPersonalDetails';
 import useDebouncedState from '@hooks/useDebouncedState';
@@ -14,6 +14,7 @@ import useThemeStyles from '@hooks/useThemeStyles';
 import blurActiveElement from '@libs/Accessibility/blurActiveElement';
 import * as CurrencyUtils from '@libs/CurrencyUtils';
 import DistanceRequestUtils from '@libs/DistanceRequestUtils';
+import type {MileageRate} from '@libs/DistanceRequestUtils';
 import * as IOUUtils from '@libs/IOUUtils';
 import Log from '@libs/Log';
 import * as MoneyRequestUtils from '@libs/MoneyRequestUtils';
@@ -48,7 +49,33 @@ import UserListItem from './SelectionList/UserListItem';
 import SettlementButton from './SettlementButton';
 import Text from './Text';
 
-type MoneyRequestConfirmationListProps = {
+type MoneyRequestConfirmationListOnyxProps = {
+    /** Collection of categories attached to a policy */
+    policyCategories: OnyxEntry<OnyxTypes.PolicyCategories>;
+
+    /** Collection of draft categories attached to a policy */
+    policyCategoriesDraft: OnyxEntry<OnyxTypes.PolicyCategories>;
+
+    /** Collection of tags attached to a policy */
+    policyTags: OnyxEntry<OnyxTypes.PolicyTagLists>;
+
+    /** The policy of the report */
+    policy: OnyxEntry<OnyxTypes.Policy>;
+
+    /** The draft policy of the report */
+    policyDraft: OnyxEntry<OnyxTypes.Policy>;
+
+    /** Mileage rate default for the policy */
+    defaultMileageRate: OnyxEntry<MileageRate>;
+
+    /** Last selected distance rates */
+    lastSelectedDistanceRates: OnyxEntry<Record<string, string>>;
+
+    /** List of currencies */
+    currencyList: OnyxEntry<OnyxTypes.CurrencyList>;
+};
+
+type MoneyRequestConfirmationListProps = MoneyRequestConfirmationListOnyxProps & {
     /** Callback to inform parent modal of success */
     onConfirm?: (selectedParticipants: Participant[]) => void;
 
@@ -148,11 +175,16 @@ function MoneyRequestConfirmationList({
     onConfirm,
     iouType = CONST.IOU.TYPE.SUBMIT,
     iouAmount,
+    policyCategories: policyCategoriesReal,
+    policyCategoriesDraft,
     isDistanceRequest = false,
+    policy: policyReal,
+    policyDraft,
     isPolicyExpenseChat = false,
     iouCategory = '',
     shouldShowSmartScanFields = true,
     isEditingSplitBill,
+    policyTags,
     iouCurrencyCode,
     iouMerchant,
     selectedParticipants: selectedParticipantsProp,
@@ -169,21 +201,14 @@ function MoneyRequestConfirmationList({
     onToggleBillable,
     hasSmartScanFailed,
     reportActionID,
+    defaultMileageRate,
+    lastSelectedDistanceRates,
     action = CONST.IOU.ACTION.CREATE,
+    currencyList,
     shouldDisplayReceipt = false,
     shouldPlaySound = true,
     isConfirmed,
 }: MoneyRequestConfirmationListProps) {
-    const [policyCategoriesReal] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY_CATEGORIES}${policyID}`);
-    const [policyTags] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY_TAGS}${policyID}`);
-    const [policyReal] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY}${policyID}`);
-    const [policyDraft] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY_DRAFTS}${policyID}`);
-    const [defaultMileageRate] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY_DRAFTS}${policyID}`, {
-        selector: (selectedPolicy) => DistanceRequestUtils.getDefaultMileageRate(selectedPolicy),
-    });
-    const [policyCategoriesDraft] = useOnyx(`${ONYXKEYS.COLLECTION.POLICY_CATEGORIES_DRAFT}${policyID}`);
-    const [lastSelectedDistanceRates] = useOnyx(ONYXKEYS.NVP_LAST_SELECTED_DISTANCE_RATES);
-    const [currencyList] = useOnyx(ONYXKEYS.CURRENCY_LIST);
     const policy = policyReal ?? policyDraft;
     const policyCategories = policyCategoriesReal ?? policyCategoriesDraft;
 
@@ -936,35 +961,66 @@ function MoneyRequestConfirmationList({
 
 MoneyRequestConfirmationList.displayName = 'MoneyRequestConfirmationList';
 
-export default memo(
-    MoneyRequestConfirmationList,
-    (prevProps, nextProps) =>
-        lodashIsEqual(prevProps.transaction, nextProps.transaction) &&
-        prevProps.onSendMoney === nextProps.onSendMoney &&
-        prevProps.onConfirm === nextProps.onConfirm &&
-        prevProps.iouType === nextProps.iouType &&
-        prevProps.iouAmount === nextProps.iouAmount &&
-        prevProps.isDistanceRequest === nextProps.isDistanceRequest &&
-        prevProps.isPolicyExpenseChat === nextProps.isPolicyExpenseChat &&
-        prevProps.iouCategory === nextProps.iouCategory &&
-        prevProps.shouldShowSmartScanFields === nextProps.shouldShowSmartScanFields &&
-        prevProps.isEditingSplitBill === nextProps.isEditingSplitBill &&
-        prevProps.iouCurrencyCode === nextProps.iouCurrencyCode &&
-        prevProps.iouMerchant === nextProps.iouMerchant &&
-        lodashIsEqual(prevProps.selectedParticipants, nextProps.selectedParticipants) &&
-        lodashIsEqual(prevProps.payeePersonalDetails, nextProps.payeePersonalDetails) &&
-        prevProps.isReadOnly === nextProps.isReadOnly &&
-        prevProps.bankAccountRoute === nextProps.bankAccountRoute &&
-        prevProps.policyID === nextProps.policyID &&
-        prevProps.reportID === nextProps.reportID &&
-        prevProps.receiptPath === nextProps.receiptPath &&
-        prevProps.iouComment === nextProps.iouComment &&
-        prevProps.receiptFilename === nextProps.receiptFilename &&
-        prevProps.iouCreated === nextProps.iouCreated &&
-        prevProps.iouIsBillable === nextProps.iouIsBillable &&
-        prevProps.onToggleBillable === nextProps.onToggleBillable &&
-        prevProps.hasSmartScanFailed === nextProps.hasSmartScanFailed &&
-        prevProps.reportActionID === nextProps.reportActionID &&
-        lodashIsEqual(prevProps.action, nextProps.action) &&
-        prevProps.shouldDisplayReceipt === nextProps.shouldDisplayReceipt,
+export default withOnyx<MoneyRequestConfirmationListProps, MoneyRequestConfirmationListOnyxProps>({
+    policyCategories: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY_CATEGORIES}${policyID}`,
+    },
+    policyCategoriesDraft: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY_CATEGORIES_DRAFT}${policyID}`,
+    },
+    policyTags: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY_TAGS}${policyID}`,
+    },
+    defaultMileageRate: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY}${policyID}`,
+        selector: DistanceRequestUtils.getDefaultMileageRate,
+    },
+    policy: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY}${policyID}`,
+    },
+    policyDraft: {
+        key: ({policyID}) => `${ONYXKEYS.COLLECTION.POLICY_DRAFTS}${policyID}`,
+    },
+    lastSelectedDistanceRates: {
+        key: ONYXKEYS.NVP_LAST_SELECTED_DISTANCE_RATES,
+    },
+    currencyList: {
+        key: ONYXKEYS.CURRENCY_LIST,
+    },
+})(
+    memo(
+        MoneyRequestConfirmationList,
+        (prevProps, nextProps) =>
+            lodashIsEqual(prevProps.transaction, nextProps.transaction) &&
+            prevProps.onSendMoney === nextProps.onSendMoney &&
+            prevProps.onConfirm === nextProps.onConfirm &&
+            prevProps.iouType === nextProps.iouType &&
+            prevProps.iouAmount === nextProps.iouAmount &&
+            prevProps.isDistanceRequest === nextProps.isDistanceRequest &&
+            prevProps.isPolicyExpenseChat === nextProps.isPolicyExpenseChat &&
+            prevProps.iouCategory === nextProps.iouCategory &&
+            prevProps.shouldShowSmartScanFields === nextProps.shouldShowSmartScanFields &&
+            prevProps.isEditingSplitBill === nextProps.isEditingSplitBill &&
+            prevProps.iouCurrencyCode === nextProps.iouCurrencyCode &&
+            prevProps.iouMerchant === nextProps.iouMerchant &&
+            lodashIsEqual(prevProps.selectedParticipants, nextProps.selectedParticipants) &&
+            lodashIsEqual(prevProps.payeePersonalDetails, nextProps.payeePersonalDetails) &&
+            prevProps.isReadOnly === nextProps.isReadOnly &&
+            prevProps.bankAccountRoute === nextProps.bankAccountRoute &&
+            prevProps.policyID === nextProps.policyID &&
+            prevProps.reportID === nextProps.reportID &&
+            prevProps.receiptPath === nextProps.receiptPath &&
+            prevProps.iouComment === nextProps.iouComment &&
+            prevProps.receiptFilename === nextProps.receiptFilename &&
+            prevProps.iouCreated === nextProps.iouCreated &&
+            prevProps.iouIsBillable === nextProps.iouIsBillable &&
+            prevProps.onToggleBillable === nextProps.onToggleBillable &&
+            prevProps.hasSmartScanFailed === nextProps.hasSmartScanFailed &&
+            prevProps.reportActionID === nextProps.reportActionID &&
+            lodashIsEqual(prevProps.defaultMileageRate, nextProps.defaultMileageRate) &&
+            lodashIsEqual(prevProps.lastSelectedDistanceRates, nextProps.lastSelectedDistanceRates) &&
+            lodashIsEqual(prevProps.action, nextProps.action) &&
+            lodashIsEqual(prevProps.currencyList, nextProps.currencyList) &&
+            prevProps.shouldDisplayReceipt === nextProps.shouldDisplayReceipt,
+    ),
 );
diff --git a/src/pages/iou/request/step/withFullTransactionOrNotFound.tsx b/src/pages/iou/request/step/withFullTransactionOrNotFound.tsx
index 0ddddf7ff878..66736dc80b52 100644
--- a/src/pages/iou/request/step/withFullTransactionOrNotFound.tsx
+++ b/src/pages/iou/request/step/withFullTransactionOrNotFound.tsx
@@ -2,8 +2,8 @@ import type {RouteProp} from '@react-navigation/native';
 import {useIsFocused} from '@react-navigation/native';
 import type {ComponentType, ForwardedRef, RefAttributes} from 'react';
 import React, {forwardRef} from 'react';
-import {useOnyx} from 'react-native-onyx';
 import type {OnyxEntry} from 'react-native-onyx';
+import {withOnyx} from 'react-native-onyx';
 import FullPageNotFoundView from '@components/BlockingViews/FullPageNotFoundView';
 import getComponentDisplayName from '@libs/getComponentDisplayName';
 import * as IOUUtils from '@libs/IOUUtils';
@@ -38,25 +38,14 @@ type MoneyRequestRouteName =
     | typeof SCREENS.MONEY_REQUEST.STEP_SEND_FROM
     | typeof SCREENS.MONEY_REQUEST.STEP_COMPANY_INFO;
 
-type Route<TRouteName extends MoneyRequestRouteName> = RouteProp<MoneyRequestNavigatorParamList, TRouteName>;
+type Route<T extends MoneyRequestRouteName> = RouteProp<MoneyRequestNavigatorParamList, T>;
 
-type WithFullTransactionOrNotFoundProps<TRouteName extends MoneyRequestRouteName> = WithFullTransactionOrNotFoundOnyxProps & {
-    route: Route<TRouteName>;
-};
+type WithFullTransactionOrNotFoundProps<T extends MoneyRequestRouteName> = WithFullTransactionOrNotFoundOnyxProps & {route: Route<T>};
 
-export default function <TProps extends WithFullTransactionOrNotFoundProps<MoneyRequestRouteName>, TRef>(
-    WrappedComponent: ComponentType<TProps & RefAttributes<TRef>>,
-): React.ComponentType<Omit<TProps, keyof WithFullTransactionOrNotFoundOnyxProps> & RefAttributes<TRef>> {
+export default function <TProps extends WithFullTransactionOrNotFoundProps<MoneyRequestRouteName>, TRef>(WrappedComponent: ComponentType<TProps & RefAttributes<TRef>>) {
     // eslint-disable-next-line rulesdir/no-negated-variables
-    function WithFullTransactionOrNotFound(props: Omit<TProps, keyof WithFullTransactionOrNotFoundOnyxProps>, ref: ForwardedRef<TRef>) {
-        const {route} = props;
-        const transactionID = route.params.transactionID ?? -1;
-        const userAction = 'action' in route.params && route.params.action ? route.params.action : CONST.IOU.ACTION.CREATE;
-
-        const shouldUseTransactionDraft = IOUUtils.shouldUseTransactionDraft(userAction);
-
-        const [transaction] = useOnyx(`${ONYXKEYS.COLLECTION.TRANSACTION}${transactionID}`);
-        const [transactionDraft] = useOnyx(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`);
+    function WithFullTransactionOrNotFound(props: TProps, ref: ForwardedRef<TRef>) {
+        const transactionID = props.transaction?.transactionID;
 
         const isFocused = useIsFocused();
 
@@ -70,16 +59,27 @@ export default function <TProps extends WithFullTransactionOrNotFoundProps<Money
         return (
             <WrappedComponent
                 // eslint-disable-next-line react/jsx-props-no-spreading
-                {...(props as TProps)}
-                transaction={shouldUseTransactionDraft ? transactionDraft : transaction}
+                {...props}
                 ref={ref}
             />
         );
     }
 
     WithFullTransactionOrNotFound.displayName = `withFullTransactionOrNotFound(${getComponentDisplayName(WrappedComponent)})`;
+    // eslint-disable-next-line deprecation/deprecation
+    return withOnyx<TProps & RefAttributes<TRef>, WithFullTransactionOrNotFoundOnyxProps>({
+        transaction: {
+            key: ({route}) => {
+                const transactionID = route.params.transactionID ?? -1;
+                const userAction = 'action' in route.params && route.params.action ? route.params.action : CONST.IOU.ACTION.CREATE;
 
-    return forwardRef(WithFullTransactionOrNotFound);
+                if (IOUUtils.shouldUseTransactionDraft(userAction)) {
+                    return `${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}` as `${typeof ONYXKEYS.COLLECTION.TRANSACTION}${string}`;
+                }
+                return `${ONYXKEYS.COLLECTION.TRANSACTION}${transactionID}`;
+            },
+        },
+    })(forwardRef(WithFullTransactionOrNotFound));
 }
 
 export type {WithFullTransactionOrNotFoundProps};