diff --git a/monero-harness/src/rpc/wallet.rs b/monero-harness/src/rpc/wallet.rs
index c3063e80..8445572a 100644
--- a/monero-harness/src/rpc/wallet.rs
+++ b/monero-harness/src/rpc/wallet.rs
@@ -6,7 +6,7 @@ use serde::{Deserialize, Serialize};
 use tracing::debug;
 
 /// JSON RPC client for monero-wallet-rpc.
-#[derive(Debug)]
+#[derive(Debug, Clone)]
 pub struct Client {
     pub inner: reqwest::Client,
     pub url: Url,
diff --git a/swap/src/monero/wallet.rs b/swap/src/monero/wallet.rs
index 00a53238..cf504edb 100644
--- a/swap/src/monero/wallet.rs
+++ b/swap/src/monero/wallet.rs
@@ -4,12 +4,15 @@ use async_trait::async_trait;
 use backoff::{backoff::Constant as ConstantBackoff, future::FutureOperation as _};
 use monero_harness::rpc::wallet;
 use std::{str::FromStr, time::Duration};
+use tracing::info;
 use url::Url;
 
 use crate::monero::{
     Amount, CreateWalletForOutput, InsufficientFunds, PrivateViewKey, PublicViewKey, Transfer,
     TransferProof, TxHash, WatchForTransfer,
 };
+use bitcoin::hashes::core::sync::atomic::AtomicU32;
+use std::sync::{atomic::Ordering, Arc};
 
 #[derive(Debug)]
 pub struct Wallet {
@@ -109,33 +112,47 @@ impl WatchForTransfer for Wallet {
         }
 
         let address = Address::standard(self.network, public_spend_key, public_view_key.into());
+        let wallet = self.inner.clone();
 
-        let res = (|| async {
-            // NOTE: Currently, this is conflating IO errors with the transaction not being
-            // in the blockchain yet, or not having enough confirmations on it. All these
-            // errors warrant a retry, but the strategy should probably differ per case
-            let proof = self
-                .inner
-                .check_tx_key(
-                    &String::from(transfer_proof.tx_hash()),
-                    &transfer_proof.tx_key().to_string(),
-                    &address.to_string(),
-                )
-                .await
-                .map_err(|_| backoff::Error::Transient(Error::TxNotFound))?;
+        let confirmations = Arc::new(AtomicU32::new(0u32));
+        let res = (move || {
+            let confirmations = confirmations.clone();
+            let transfer_proof = transfer_proof.clone();
+            let wallet = wallet.clone();
+            async move {
+                // NOTE: Currently, this is conflating IO errors with the transaction not being
+                // in the blockchain yet, or not having enough confirmations on it. All these
+                // errors warrant a retry, but the strategy should probably differ per case
+                let proof = wallet
+                    .check_tx_key(
+                        &String::from(transfer_proof.tx_hash()),
+                        &transfer_proof.tx_key().to_string(),
+                        &address.to_string(),
+                    )
+                    .await
+                    .map_err(|_| backoff::Error::Transient(Error::TxNotFound))?;
 
-            if proof.received != expected_amount.as_piconero() {
-                return Err(backoff::Error::Permanent(Error::InsufficientFunds {
-                    expected: expected_amount,
-                    actual: Amount::from_piconero(proof.received),
-                }));
+                if proof.received != expected_amount.as_piconero() {
+                    return Err(backoff::Error::Permanent(Error::InsufficientFunds {
+                        expected: expected_amount,
+                        actual: Amount::from_piconero(proof.received),
+                    }));
+                }
+
+                if proof.confirmations > confirmations.load(Ordering::SeqCst) {
+                    confirmations.store(proof.confirmations, Ordering::SeqCst);
+                    info!(
+                        "Monero lock tx received {} out of {} confirmations",
+                        proof.confirmations, expected_confirmations
+                    );
+                }
+
+                if proof.confirmations < expected_confirmations {
+                    return Err(backoff::Error::Transient(Error::InsufficientConfirmations));
+                }
+
+                Ok(proof)
             }
-
-            if proof.confirmations < expected_confirmations {
-                return Err(backoff::Error::Transient(Error::InsufficientConfirmations));
-            }
-
-            Ok(proof)
         })
         .retry(ConstantBackoff::new(Duration::from_secs(1)))
         .await;