diff --git a/wormhole-connect/src/components/TokensModal.tsx b/wormhole-connect/src/components/TokensModal.tsx
index d64fb838d..6cdfb3c9a 100644
--- a/wormhole-connect/src/components/TokensModal.tsx
+++ b/wormhole-connect/src/components/TokensModal.tsx
@@ -15,7 +15,7 @@ import { BigNumber } from 'ethers';
 import { RootState } from 'store';
 import { CHAINS } from 'config';
 import { TokenConfig } from 'config/types';
-import { setBalance, formatBalance, clearBalances } from 'store/transferInput';
+import { setBalances, formatBalance, ChainBalances } from 'store/transferInput';
 import { displayAddress } from 'utils';
 import { wh } from 'utils/sdk';
 import { CENTER, NO_INPUT } from 'utils/style';
@@ -266,13 +266,8 @@ function TokensModal(props: Props) {
   const [tokens, setTokens] = useState<TokenConfig[]>([]);
   const [search, setSearch] = useState('');
 
-  const {
-    sourceBalances,
-    destBalances,
-    supportedSourceTokens,
-    supportedDestTokens,
-    route,
-  } = useSelector((state: RootState) => state.transferInput);
+  const { balances, supportedSourceTokens, supportedDestTokens, route } =
+    useSelector((state: RootState) => state.transferInput);
 
   const supportedTokens = useMemo(() => {
     const supported =
@@ -280,10 +275,10 @@ function TokensModal(props: Props) {
     return supported.filter((t) => !isCosmosNativeToken(t));
   }, [type, supportedSourceTokens, supportedDestTokens]);
 
-  const tokenBalances = useMemo(
-    () => (type === 'source' ? sourceBalances : destBalances),
-    [type, sourceBalances, destBalances],
-  );
+  const chainBalancesCache: ChainBalances | undefined = useMemo(() => {
+    if (!chain || !balances[chain]) return undefined;
+    return balances[chain];
+  }, [chain, balances]);
 
   // search tokens
   const handleSearch = (
@@ -329,6 +324,15 @@ function TokensModal(props: Props) {
 
   const getBalances = useCallback(async () => {
     if (!walletAddress || !chain) return;
+    const fiveMinutesAgo = Date.now() - 60 * 1000 * 5;
+    if (
+      chainBalancesCache &&
+      chainBalancesCache.balances &&
+      chainBalancesCache.lastUpdated! > fiveMinutesAgo
+    ) {
+      setBalancesLoaded(true);
+      return;
+    }
     // fetch all N tokens and trigger a single update action
     const balancesArr = await Promise.all(
       supportedTokens.map(async (t) => {
@@ -371,12 +375,12 @@ function TokensModal(props: Props) {
     }, {});
 
     dispatch(
-      setBalance({
-        type,
+      setBalances({
+        chain,
         balances,
       }),
     );
-  }, [walletAddress, chain, dispatch, type, supportedTokens, route]);
+  }, [walletAddress, chain, dispatch, type, supportedTokens, route, open]);
 
   // fetch token balances and set in store
   useEffect(() => {
@@ -387,7 +391,6 @@ function TokensModal(props: Props) {
     }
 
     if (!balancesLoaded) {
-      dispatch(clearBalances(type));
       setLoading(true);
       getBalances().finally(() => {
         if (active) {
@@ -417,12 +420,13 @@ function TokensModal(props: Props) {
       if (!t.tokenId && t.nativeChain !== chain) return false;
       if (t.symbol === 'USDC' && t.nativeChain !== chain) return false;
       if (type === 'dest') return true;
-      const b = tokenBalances[t.key];
+      if (!chainBalancesCache) return true;
+      const b = chainBalancesCache.balances[t.key];
       const isNullBalance = b !== null && b !== '0';
       return isNullBalance;
     });
     setTokens(filtered);
-  }, [tokenBalances, chain, supportedTokens, type]);
+  }, [chainBalancesCache, chain, supportedTokens, type]);
 
   const tabs = [
     {
@@ -430,7 +434,7 @@ function TokensModal(props: Props) {
       panel: (
         <DisplayTokens
           tokens={displayedTokens}
-          balances={tokenBalances}
+          balances={chainBalancesCache?.balances}
           walletAddress={walletAddress}
           chain={chain}
           selectToken={selectToken}
@@ -444,7 +448,7 @@ function TokensModal(props: Props) {
       panel: (
         <DisplayTokens
           tokens={supportedTokens}
-          balances={tokenBalances}
+          balances={chainBalancesCache?.balances}
           walletAddress={walletAddress}
           chain={chain}
           selectToken={selectToken}
diff --git a/wormhole-connect/src/store/transferInput.ts b/wormhole-connect/src/store/transferInput.ts
index 3e9736ab7..3547c4e71 100644
--- a/wormhole-connect/src/store/transferInput.ts
+++ b/wormhole-connect/src/store/transferInput.ts
@@ -10,6 +10,11 @@ import { TransferWallet, walletAcceptedChains } from 'utils/wallet';
 import { clearWallet, setWalletError, WalletData } from './wallet';
 
 export type Balances = { [key: string]: string | null };
+export type ChainBalances = {
+  lastUpdated: number | undefined;
+  balances: Balances;
+};
+export type BalancesCache = { [key in ChainName]?: ChainBalances };
 
 export const formatBalance = (
   chain: ChainName,
@@ -22,6 +27,17 @@ export const formatBalance = (
   return { [token.key]: formattedBalance };
 };
 
+export const accessBalance = (
+  balances: BalancesCache | undefined,
+  chain: ChainName | undefined,
+  token: string,
+): string | null => {
+  if (!chain || !balances) return null;
+  const chainBalances = balances[chain];
+  if (!chainBalances) return null;
+  return chainBalances.balances[token];
+};
+
 export type ValidationErr = string;
 
 export type TransferValidations = {
@@ -49,8 +65,7 @@ export interface TransferInputState {
   amount: string;
   receiveAmount: string;
   route: Route | undefined;
-  sourceBalances: Balances;
-  destBalances: Balances;
+  balances: BalancesCache;
   foreignAsset: string;
   associatedTokenAddress: string;
   gasEst: {
@@ -86,8 +101,7 @@ const initialState: TransferInputState = {
   amount: '',
   receiveAmount: '',
   route: undefined,
-  sourceBalances: {},
-  destBalances: {},
+  balances: {},
   foreignAsset: '',
   associatedTokenAddress: '',
   gasEst: {
@@ -141,8 +155,6 @@ export const transferInputSlice = createSlice({
       { payload }: PayloadAction<ChainName>,
     ) => {
       state.fromChain = payload;
-      // clear balances if the chain changes;
-      state.sourceBalances = {};
 
       const { fromChain, token } = state;
 
@@ -173,18 +185,20 @@ export const transferInputSlice = createSlice({
     ) => {
       state.receiveAmount = payload;
     },
-    setBalance: (
+    setBalances: (
       state: TransferInputState,
-      {
-        payload,
-      }: PayloadAction<{ type: 'source' | 'dest'; balances: Balances }>,
+      { payload }: PayloadAction<{ chain: ChainName; balances: Balances }>,
     ) => {
-      const { type, balances } = payload;
-      if (type === 'source') {
-        state.sourceBalances = { ...state.sourceBalances, ...balances };
-      } else {
-        state.destBalances = { ...state.destBalances, ...balances };
-      }
+      const { chain, balances } = payload;
+      state.balances = {
+        ...state.balances,
+        ...{
+          [chain]: {
+            lastUpdated: Date.now(),
+            balances: { ...state.balances[chain], ...balances },
+          },
+        },
+      };
     },
     setReceiverNativeBalance: (
       state: TransferInputState,
@@ -192,18 +206,6 @@ export const transferInputSlice = createSlice({
     ) => {
       state.receiverNativeBalance = payload;
     },
-    clearBalances: (
-      state: TransferInputState,
-      { payload }: PayloadAction<'source' | 'dest' | 'all'>,
-    ) => {
-      if (payload === 'source' || payload === 'all') {
-        state.sourceBalances = {};
-      }
-
-      if (payload === 'dest' || payload === 'all') {
-        state.destBalances = {};
-      }
-    },
     setForeignAsset: (
       state: TransferInputState,
       { payload }: PayloadAction<string>,
@@ -323,13 +325,12 @@ export const {
   setToChain,
   setAmount,
   setReceiveAmount,
-  setBalance,
-  clearBalances,
   setForeignAsset,
   setAssociatedTokenAddress,
   setTransferRoute,
   setSendingGasEst,
   setClaimGasEst,
+  setBalances,
   clearTransfer,
   setIsTransactionInProgress,
   setReceiverNativeBalance,
diff --git a/wormhole-connect/src/utils/transferValidation.ts b/wormhole-connect/src/utils/transferValidation.ts
index fca7085fc..fd7507267 100644
--- a/wormhole-connect/src/utils/transferValidation.ts
+++ b/wormhole-connect/src/utils/transferValidation.ts
@@ -12,6 +12,7 @@ import {
   touchValidations,
   ValidationErr,
   TransferValidations,
+  accessBalance,
 } from '../store/transferInput';
 import { WalletData, WalletState } from '../store/wallet';
 import { walletAcceptedChains } from './wallet';
@@ -191,7 +192,7 @@ export const validateAll = async (
     token,
     destToken,
     amount,
-    sourceBalances: balances,
+    balances,
     foreignAsset,
     associatedTokenAddress,
     route,
@@ -201,6 +202,7 @@ export const validateAll = async (
   const { sending, receiving } = walletData;
   const isAutomatic = getIsAutomatic(route);
   const minAmt = getMinAmt(route, relayData);
+  const sendingTokenBalance = accessBalance(balances, fromChain, token);
 
   const baseValidations = {
     sendingWallet: await validateWallet(sending, fromChain),
@@ -209,7 +211,7 @@ export const validateAll = async (
     toChain: validateToChain(toChain, fromChain),
     token: validateToken(token, fromChain),
     destToken: validateDestToken(destToken, toChain),
-    amount: validateAmount(amount, balances[token], minAmt),
+    amount: validateAmount(amount, sendingTokenBalance, minAmt),
     route: validateRoute(route, availableRoutes),
     toNativeToken: '',
     foreignAsset: validateForeignAsset(foreignAsset),
@@ -222,7 +224,7 @@ export const validateAll = async (
   if (!isAutomatic) return baseValidations;
   return {
     ...baseValidations,
-    amount: validateAmount(amount, balances[token], minAmt),
+    amount: validateAmount(amount, sendingTokenBalance, minAmt),
     toNativeToken: validateToNativeAmt(toNativeToken, maxSwapAmt),
   };
 };
diff --git a/wormhole-connect/src/views/Bridge/Inputs/From.tsx b/wormhole-connect/src/views/Bridge/Inputs/From.tsx
index 72c0099fe..5cc669904 100644
--- a/wormhole-connect/src/views/Bridge/Inputs/From.tsx
+++ b/wormhole-connect/src/views/Bridge/Inputs/From.tsx
@@ -8,6 +8,7 @@ import {
   selectFromChain,
   setAmount,
   setReceiveAmount,
+  accessBalance,
 } from 'store/transferInput';
 import { CHAINS, CHAINS_ARR, TOKENS } from 'config';
 import { TransferWallet, walletAcceptedChains } from 'utils/wallet';
@@ -34,13 +35,13 @@ function FromInputs() {
     route,
     fromChain,
     toChain,
-    sourceBalances: balances,
+    balances,
     token,
     amount,
     isTransactionInProgress,
   } = useSelector((state: RootState) => state.transferInput);
   const tokenConfig = token && TOKENS[token];
-  const balance = balances[token] || undefined;
+  const balance = accessBalance(balances, fromChain, token) || undefined;
 
   const isDisabled = (chain: ChainName) => {
     // Check if the wallet type (i.e. Metamask, Phantom...) is supported for the given chain
diff --git a/wormhole-connect/src/views/Bridge/Inputs/To.tsx b/wormhole-connect/src/views/Bridge/Inputs/To.tsx
index fa48f5141..6c2b33c0c 100644
--- a/wormhole-connect/src/views/Bridge/Inputs/To.tsx
+++ b/wormhole-connect/src/views/Bridge/Inputs/To.tsx
@@ -3,7 +3,11 @@ import { useDispatch, useSelector } from 'react-redux';
 import { ChainName } from '@wormhole-foundation/wormhole-connect-sdk';
 
 import { RootState } from 'store';
-import { selectToChain, setDestToken } from 'store/transferInput';
+import {
+  accessBalance,
+  selectToChain,
+  setDestToken,
+} from 'store/transferInput';
 import { TransferWallet, walletAcceptedChains } from 'utils/wallet';
 import { getWrappedToken } from 'utils';
 import { CHAINS, CHAINS_ARR, TOKENS } from 'config';
@@ -23,16 +27,15 @@ function ToInputs() {
   const {
     validate: showErrors,
     validations,
-    // route,
     fromChain,
     toChain,
-    destBalances,
+    balances,
     destToken,
     receiveAmount,
     isTransactionInProgress,
   } = useSelector((state: RootState) => state.transferInput);
   const { receiving } = useSelector((state: RootState) => state.wallet);
-  const balance = destBalances[destToken] || undefined;
+  const balance = accessBalance(balances, toChain, destToken) || undefined;
 
   const tokenConfig = TOKENS[destToken];
 
diff --git a/wormhole-connect/src/views/Bridge/SwapChains.tsx b/wormhole-connect/src/views/Bridge/SwapChains.tsx
index a3eb89f77..920e4e85e 100644
--- a/wormhole-connect/src/views/Bridge/SwapChains.tsx
+++ b/wormhole-connect/src/views/Bridge/SwapChains.tsx
@@ -3,7 +3,7 @@ import { useDispatch } from 'react-redux';
 import { makeStyles } from 'tss-react/mui';
 
 import { swapWallets } from 'store/wallet';
-import { swapChains, clearBalances } from 'store/transferInput';
+import { swapChains } from 'store/transferInput';
 
 const useStyles = makeStyles()((theme: any) => ({
   button: {
@@ -28,7 +28,6 @@ function SwapChains() {
   const swap = () => {
     dispatch(swapChains());
     dispatch(swapWallets());
-    dispatch(clearBalances('all'));
   };
 
   return (