diff --git a/doc/release-notes.md b/doc/release-notes.md
--- a/doc/release-notes.md
+++ b/doc/release-notes.md
@@ -8,4 +8,7 @@
 
 RPC changes
 -----------
-The `gettransaction` RPC now accepts a third (boolean) argument `decode`. If set to `true`, a new `decoded` field will be added to the response containing the decoded transaction.
+The `gettransaction` RPC now accepts a third (boolean) argument `verbose`. If
+set to `true`, a new `decoded` field will be added to the response containing
+the decoded transaction. This field is equivalent to RPC `decoderawtransaction`,
+or RPC `getrawtransaction` when `verbose` is passed.
diff --git a/src/rpc/client.cpp b/src/rpc/client.cpp
--- a/src/rpc/client.cpp
+++ b/src/rpc/client.cpp
@@ -79,7 +79,7 @@
     {"getblockheader", 1, "verbose"},
     {"getchaintxstats", 0, "nblocks"},
     {"gettransaction", 1, "include_watchonly"},
-    {"gettransaction", 2, "decode"},
+    {"gettransaction", 2, "verbose"},
     {"getrawtransaction", 1, "verbose"},
     {"createrawtransaction", 0, "inputs"},
     {"createrawtransaction", 1, "outputs"},
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -1929,8 +1929,9 @@
              /* default */ "true for watch-only wallets, otherwise false",
              "Whether to include watch-only addresses in balance calculation "
              "and details[]"},
-            {"decode", RPCArg::Type::BOOL, /* default */ "false",
-             "Whether to add a field with the decoded transaction"},
+            {"verbose", RPCArg::Type::BOOL, /* default */ "false",
+             "Whether to include a `decoded` field containing the decoded "
+             "transaction (equivalent to RPC decoderawtransaction)"},
         },
         RPCResult{
             "{\n"
@@ -1993,7 +1994,11 @@
             "  ],\n"
             "  \"hex\" : \"data\"         (string) Raw data for transaction\n"
             "  \"decoded\" : transaction         (json object) Optional, the "
-            "decoded transaction\n"
+            "decoded transaction (only present when `verbose` is passed), "
+            "equivalent to the\n"
+            "                                                RPC "
+            "decoderawtransaction method, or the RPC getrawtransaction method "
+            "when `verbose` is passed.\n"
             "}\n"},
         RPCExamples{HelpExampleCli("gettransaction",
                                    "\"1075db55d416d3ca199f55b6084e2115b9345e16c"
@@ -2024,7 +2029,7 @@
         filter |= ISMINE_WATCH_ONLY;
     }
 
-    bool decode_tx =
+    bool verbose =
         request.params[2].isNull() ? false : request.params[2].get_bool();
 
     UniValue entry(UniValue::VOBJ);
@@ -2057,7 +2062,7 @@
         EncodeHexTx(*wtx.tx, pwallet->chain().rpcSerializationFlags());
     entry.pushKV("hex", strHex);
 
-    if (decode_tx) {
+    if (verbose) {
         UniValue decoded(UniValue::VOBJ);
         TxToUniv(*wtx.tx, uint256(), decoded, false);
         entry.pushKV("decoded", decoded);
@@ -4751,7 +4756,7 @@
     { "wallet",             "getrawchangeaddress",          getrawchangeaddress,          {"address_type"} },
     { "wallet",             "getreceivedbyaddress",         getreceivedbyaddress,         {"address","minconf"} },
     { "wallet",             "getreceivedbylabel",           getreceivedbylabel,           {"label","minconf"} },
-    { "wallet",             "gettransaction",               gettransaction,               {"txid","include_watchonly","decode"} },
+    { "wallet",             "gettransaction",               gettransaction,               {"txid","include_watchonly","verbose"} },
     { "wallet",             "getunconfirmedbalance",        getunconfirmedbalance,        {} },
     { "wallet",             "getbalances",                  getbalances,                  {} },
     { "wallet",             "getwalletinfo",                getwalletinfo,                {} },
diff --git a/test/functional/wallet_basic.py b/test/functional/wallet_basic.py
--- a/test/functional/wallet_basic.py
+++ b/test/functional/wallet_basic.py
@@ -539,11 +539,53 @@
         self.nodes[0].setlabel(change, 'foobar')
         assert_equal(self.nodes[0].getaddressinfo(change)['ischange'], False)
 
-        # Test "decoded" field value in gettransaction response
-        self.log.info("Testing gettransaction decoding...")
-        tx = self.nodes[0].gettransaction(txid=txid, decode=True)
+        # Test gettransaction response with different arguments.
+        self.log.info(
+            "Testing gettransaction response with different arguments...")
+        self.nodes[0].setlabel(change, 'baz')
+        baz = self.nodes[0].listtransactions(label="baz", count=1)[0]
+        expected_receive_vout = {"label": "baz",
+                                 "address": baz["address"],
+                                 "amount": baz["amount"],
+                                 "category": baz["category"],
+                                 "vout": baz["vout"]}
+        expected_fields = frozenset({'amount',
+                                     'confirmations',
+                                     'details',
+                                     'fee',
+                                     'hex',
+                                     'time',
+                                     'timereceived',
+                                     'trusted',
+                                     'txid',
+                                     'walletconflicts'})
+        verbose_field = "decoded"
+        expected_verbose_fields = expected_fields | {verbose_field}
+
+        self.log.debug("Testing gettransaction response without verbose")
+        tx = self.nodes[0].gettransaction(txid=txid)
+        assert_equal(set([*tx]), expected_fields)
+        assert_array_result(
+            tx["details"], {
+                "category": "receive"}, expected_receive_vout)
+
+        self.log.debug(
+            "Testing gettransaction response with verbose set to False")
+        tx = self.nodes[0].gettransaction(txid=txid, verbose=False)
+        assert_equal(set([*tx]), expected_fields)
+        assert_array_result(
+            tx["details"], {
+                "category": "receive"}, expected_receive_vout)
+
+        self.log.debug(
+            "Testing gettransaction response with verbose set to True")
+        tx = self.nodes[0].gettransaction(txid=txid, verbose=True)
+        assert_equal(set([*tx]), expected_verbose_fields)
+        assert_array_result(
+            tx["details"], {
+                "category": "receive"}, expected_receive_vout)
         assert_equal(
-            tx["decoded"],
+            tx[verbose_field],
             self.nodes[0].decoderawtransaction(
                 tx["hex"]))