diff --git a/src/pages/iou/request/step/IOURequestStepParticipants.tsx b/src/pages/iou/request/step/IOURequestStepParticipants.tsx
index 34e77b19d078..65e041180408 100644
--- a/src/pages/iou/request/step/IOURequestStepParticipants.tsx
+++ b/src/pages/iou/request/step/IOURequestStepParticipants.tsx
@@ -1,7 +1,6 @@
 import {useIsFocused} from '@react-navigation/core';
 import React, {useCallback, useEffect, useMemo, useRef} from 'react';
-import type {OnyxEntry} from 'react-native-onyx';
-import {withOnyx} from 'react-native-onyx';
+import {useOnyx} from 'react-native-onyx';
 import FormHelpMessage from '@components/FormHelpMessage';
 import useLocalize from '@hooks/useLocalize';
 import usePermissions from '@hooks/usePermissions';
@@ -26,13 +25,7 @@ import withFullTransactionOrNotFound from './withFullTransactionOrNotFound';
 import type {WithWritableReportOrNotFoundProps} from './withWritableReportOrNotFound';
 import withWritableReportOrNotFound from './withWritableReportOrNotFound';
 
-type IOURequestStepParticipantsOnyxProps = {
-    /** Whether the confirmation step should be skipped */
-    skipConfirmation: OnyxEntry<boolean>;
-};
-
-type IOURequestStepParticipantsProps = IOURequestStepParticipantsOnyxProps &
-    WithWritableReportOrNotFoundProps<typeof SCREENS.MONEY_REQUEST.STEP_PARTICIPANTS> &
+type IOURequestStepParticipantsProps = WithWritableReportOrNotFoundProps<typeof SCREENS.MONEY_REQUEST.STEP_PARTICIPANTS> &
     WithFullTransactionOrNotFoundProps<typeof SCREENS.MONEY_REQUEST.STEP_PARTICIPANTS>;
 
 function IOURequestStepParticipants({
@@ -40,13 +33,13 @@ function IOURequestStepParticipants({
         params: {iouType, reportID, transactionID, action},
     },
     transaction,
-    skipConfirmation,
 }: IOURequestStepParticipantsProps) {
     const participants = transaction?.participants;
     const {translate} = useLocalize();
     const styles = useThemeStyles();
     const isFocused = useIsFocused();
     const {canUseP2PDistanceRequests} = usePermissions(iouType);
+    const [skipConfirmation] = useOnyx(`${ONYXKEYS.COLLECTION.SKIP_CONFIRMATION}${transactionID ?? -1}`);
 
     // We need to set selectedReportID if user has navigated back from confirmation page and navigates to confirmation page with already selected participant
     const selectedReportID = useRef<string>(participants?.length === 1 ? participants.at(0)?.reportID ?? reportID : reportID);
@@ -161,6 +154,8 @@ function IOURequestStepParticipants({
             return;
         }
 
+        const rateID = DistanceRequestUtils.getCustomUnitRateID(selfDMReportID, !canUseP2PDistanceRequests);
+        IOU.setCustomUnitRateID(transactionID, rateID);
         IOU.setMoneyRequestParticipantsFromReport(transactionID, ReportUtils.getReport(selfDMReportID));
         const iouConfirmationPageRoute = ROUTES.MONEY_REQUEST_STEP_CONFIRMATION.getRoute(action, CONST.IOU.TYPE.TRACK, transactionID, selfDMReportID);
         Navigation.navigate(iouConfirmationPageRoute);
@@ -207,13 +202,4 @@ function IOURequestStepParticipants({
 
 IOURequestStepParticipants.displayName = 'IOURequestStepParticipants';
 
-const IOURequestStepParticipantsWithOnyx = withOnyx<IOURequestStepParticipantsProps, IOURequestStepParticipantsOnyxProps>({
-    skipConfirmation: {
-        key: ({route}) => {
-            const transactionID = route.params.transactionID ?? -1;
-            return `${ONYXKEYS.COLLECTION.SKIP_CONFIRMATION}${transactionID}`;
-        },
-    },
-})(IOURequestStepParticipants);
-
-export default withWritableReportOrNotFound(withFullTransactionOrNotFound(IOURequestStepParticipantsWithOnyx));
+export default withWritableReportOrNotFound(withFullTransactionOrNotFound(IOURequestStepParticipants));