diff --git a/src/qt/forms/sendcoinsdialog.ui b/src/qt/forms/sendcoinsdialog.ui
--- a/src/qt/forms/sendcoinsdialog.ui
+++ b/src/qt/forms/sendcoinsdialog.ui
@@ -1138,7 +1138,7 @@
         <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
--- a/src/qt/sendcoinsdialog.cpp
+++ b/src/qt/sendcoinsdialog.cpp
@@ -660,8 +660,13 @@
 
 void SendCoinsDialog::setBalance(const interfaces::WalletBalances &balances) {
     if (model && model->getOptionsModel()) {
+        Amount balance = balances.balance;
+        if (model->wallet().privateKeysDisabled()) {
+            balance = balances.watch_only_balance;
+            ui->labelBalanceName->setText(tr("Watch-only balance:"));
+        }
         ui->labelBalance->setText(BitcoinUnits::formatWithUnit(
-            model->getOptionsModel()->getDisplayUnit(), balances.balance));
+            model->getOptionsModel()->getDisplayUnit(), balance));
     }
 }
 
diff --git a/src/qt/test/wallettests.cpp b/src/qt/test/wallettests.cpp
--- a/src/qt/test/wallettests.cpp
+++ b/src/qt/test/wallettests.cpp
@@ -151,9 +151,21 @@
     WalletModel walletModel(interfaces::MakeWallet(wallet), node,
                             platformStyle.get(), &optionsModel);
     RemoveWallet(wallet);
+    SendCoinsDialog sendCoinsDialog(platformStyle.get(), &walletModel);
+
+    {
+        // Check balance in send dialog
+        QLabel *balanceLabel =
+            sendCoinsDialog.findChild<QLabel *>("labelBalance");
+        QString balanceText = balanceLabel->text();
+        int unit = walletModel.getOptionsModel()->getDisplayUnit();
+        Amount 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.
-    SendCoinsDialog sendCoinsDialog(platformStyle.get(), &walletModel);
     TransactionTableModel *transactionTableModel =
         walletModel.getTransactionTableModel();
     QCOMPARE(transactionTableModel->rowCount({}), 105);