diff --git a/src/qt/sendcoinsdialog.cpp b/src/qt/sendcoinsdialog.cpp
index bd44d12781..b9623d2041 100644
--- a/src/qt/sendcoinsdialog.cpp
+++ b/src/qt/sendcoinsdialog.cpp
@@ -703,7 +703,7 @@ void SendCoinsDialog::setBalance(const interfaces::WalletBalances& balances)
         CAmount balance = balances.balance;
         if (model->wallet().hasExternalSigner()) {
             ui->labelBalanceName->setText(tr("External balance:"));
-        } else if (model->wallet().privateKeysDisabled()) {
+        } else if (model->wallet().isLegacy() && model->wallet().privateKeysDisabled()) {
             balance = balances.watch_only_balance;
             ui->labelBalanceName->setText(tr("Watch-only balance:"));
         }