diff --git a/src/qt/forms/sendcoinsdialog.ui b/src/qt/forms/sendcoinsdialog.ui
index 7190d592402..cfd4bf33d46 100644
--- a/src/qt/forms/sendcoinsdialog.ui
+++ b/src/qt/forms/sendcoinsdialog.ui
@@ -1190,7 +1190,7 @@ Note:  Since the fee is calculated on a per-byte basis, a fee of "100 satoshis p
         <number>3</number>
        </property>
        <item>
-        <widget class="QLabel" name="label">
+        <widget class="QLabel" name="labelBalanceName">
          <property name="sizePolicy">
           <sizepolicy hsizetype="Preferred" vsizetype="Fixed">
            <horstretch>0</horstretch>
diff --git a/src/qt/sendcoinsdialog.cpp b/src/qt/sendcoinsdialog.cpp
index 9c4c9dbb172..f1ea3e23e5d 100644
--- a/src/qt/sendcoinsdialog.cpp
+++ b/src/qt/sendcoinsdialog.cpp
@@ -562,7 +562,12 @@ void SendCoinsDialog::setBalance(const interfaces::WalletBalances& balances)
 {
     if(model && model->getOptionsModel())
     {
-        ui->labelBalance->setText(BitcoinUnits::formatWithUnit(model->getOptionsModel()->getDisplayUnit(), balances.balance));
+        CAmount balance = balances.balance;
+        if (model->privateKeysDisabled()) {
+            balance = balances.watch_only_balance;
+            ui->labelBalanceName->setText(tr("Watch-only balance:"));
+        }
+        ui->labelBalance->setText(BitcoinUnits::formatWithUnit(model->getOptionsModel()->getDisplayUnit(), balance));
     }
 }
 
diff --git a/src/qt/test/wallettests.cpp b/src/qt/test/wallettests.cpp
index 980de711dbb..dfd56511ea4 100644
--- a/src/qt/test/wallettests.cpp
+++ b/src/qt/test/wallettests.cpp
@@ -170,6 +170,16 @@ void TestGUI(interfaces::Node& node)
     sendCoinsDialog.setModel(&walletModel);
     transactionView.setModel(&walletModel);
 
+    {
+        // Check balance in send dialog
+        QLabel* balanceLabel = sendCoinsDialog.findChild<QLabel*>("labelBalance");
+        QString balanceText = balanceLabel->text();
+        int unit = walletModel.getOptionsModel()->getDisplayUnit();
+        CAmount balance = walletModel.wallet().getBalance();
+        QString balanceComparison = BitcoinUnits::formatWithUnit(unit, balance, false, BitcoinUnits::separatorAlways);
+        QCOMPARE(balanceText, balanceComparison);
+    }
+
     // Send two transactions, and verify they are added to transaction list.
     TransactionTableModel* transactionTableModel = walletModel.getTransactionTableModel();
     QCOMPARE(transactionTableModel->rowCount({}), 105);