diff --git a/core/src/main/java/bisq/core/user/Preferences.java b/core/src/main/java/bisq/core/user/Preferences.java
index 4dd43b85d2a..c07a912cb5b 100644
--- a/core/src/main/java/bisq/core/user/Preferences.java
+++ b/core/src/main/java/bisq/core/user/Preferences.java
@@ -487,6 +487,11 @@ public void setAutoConfTradeLimit(String currencyCode, long tradeLimit) {
         });
     }
 
+    public void setHideNonAccountPaymentMethods(boolean hideNonAccountPaymentMethods) {
+        prefPayload.setHideNonAccountPaymentMethods(hideNonAccountPaymentMethods);
+        requestPersistence();
+    }
+
     private void requestPersistence() {
         if (initialReadDone)
             persistenceManager.requestPersistence();
@@ -1074,5 +1079,7 @@ private interface ExcludesDelegateMethods {
         void setBsqAverageTrimThreshold(double bsqAverageTrimThreshold);
 
         void setAutoConfirmSettings(AutoConfirmSettings autoConfirmSettings);
+
+        void setHideNonAccountPaymentMethods(boolean hideNonAccountPaymentMethods);
     }
 }
diff --git a/core/src/main/java/bisq/core/user/PreferencesPayload.java b/core/src/main/java/bisq/core/user/PreferencesPayload.java
index 0a7aede7e36..82b800f13eb 100644
--- a/core/src/main/java/bisq/core/user/PreferencesPayload.java
+++ b/core/src/main/java/bisq/core/user/PreferencesPayload.java
@@ -129,6 +129,8 @@ public final class PreferencesPayload implements PersistableEnvelope {
     // Added at 1.3.8
     private List<AutoConfirmSettings> autoConfirmSettingsList = new ArrayList<>();
 
+    // Added in 1.5.5
+    private boolean hideNonAccountPaymentMethods;
 
     ///////////////////////////////////////////////////////////////////////////////////////////
     // Constructor
@@ -192,7 +194,8 @@ public Message toProtoMessage() {
                 .setBsqAverageTrimThreshold(bsqAverageTrimThreshold)
                 .addAllAutoConfirmSettings(autoConfirmSettingsList.stream()
                         .map(autoConfirmSettings -> ((protobuf.AutoConfirmSettings) autoConfirmSettings.toProtoMessage()))
-                        .collect(Collectors.toList()));
+                        .collect(Collectors.toList()))
+                .setHideNonAccountPaymentMethods(hideNonAccountPaymentMethods);
 
         Optional.ofNullable(backupDirectory).ifPresent(builder::setBackupDirectory);
         Optional.ofNullable(preferredTradeCurrency).ifPresent(e -> builder.setPreferredTradeCurrency((protobuf.TradeCurrency) e.toProtoMessage()));
@@ -286,7 +289,8 @@ public static PreferencesPayload fromProto(protobuf.PreferencesPayload proto, Co
                 proto.getAutoConfirmSettingsList().isEmpty() ? new ArrayList<>() :
                         new ArrayList<>(proto.getAutoConfirmSettingsList().stream()
                                 .map(AutoConfirmSettings::fromProto)
-                                .collect(Collectors.toList()))
+                                .collect(Collectors.toList())),
+                proto.getHideNonAccountPaymentMethods()
         );
     }
 }
diff --git a/core/src/main/resources/i18n/displayStrings.properties b/core/src/main/resources/i18n/displayStrings.properties
index 4a3f82283c4..71044b09ab1 100644
--- a/core/src/main/resources/i18n/displayStrings.properties
+++ b/core/src/main/resources/i18n/displayStrings.properties
@@ -1219,6 +1219,7 @@ setting.preferences.showOwnOffers=Show my own offers in offer book
 setting.preferences.useAnimations=Use animations
 setting.preferences.useDarkMode=Use dark mode
 setting.preferences.sortWithNumOffers=Sort market lists with no. of offers/trades
+setting.preferences.onlyShowPaymentMethodsFromAccount=Hide non-supported payment methods
 setting.preferences.resetAllFlags=Reset all \"Don't show again\" flags
 settings.preferences.languageChange=To apply the language change to all screens requires a restart.
 settings.preferences.supportLanguageWarning=In case of a dispute, please note that mediation is handled in {0} and arbitration in {1}.
diff --git a/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookView.java b/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookView.java
index e1133a16b24..417fe20730d 100644
--- a/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookView.java
+++ b/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookView.java
@@ -324,11 +324,8 @@ protected void activate() {
                 currencyComboBox.getSelectionModel().select(SHOW_ALL);
             model.onSetTradeCurrency(currencyComboBox.getSelectionModel().getSelectedItem());
         });
+        updateCurrencyComboBoxFromModel();
 
-        if (model.showAllTradeCurrenciesProperty.get())
-            currencyComboBox.getSelectionModel().select(SHOW_ALL);
-        else
-            currencyComboBox.getSelectionModel().select(model.getSelectedTradeCurrency());
         currencyComboBox.getEditor().setText(new CurrencyStringConverter(currencyComboBox).toString(currencyComboBox.getSelectionModel().getSelectedItem()));
 
         volumeColumn.sortableProperty().bind(model.showAllTradeCurrenciesProperty.not());
@@ -359,6 +356,7 @@ protected void activate() {
             if (paymentMethodComboBox.getEditor().getText().isEmpty())
                 paymentMethodComboBox.getSelectionModel().select(SHOW_ALL);
             model.onSetPaymentMethod(paymentMethodComboBox.getSelectionModel().getSelectedItem());
+            updateCurrencyComboBoxFromModel();
             updateSigningStateColumn();
         });
 
@@ -405,6 +403,14 @@ protected void activate() {
         model.priceFeedService.updateCounterProperty().addListener(priceFeedUpdateCounterListener);
     }
 
+    private void updateCurrencyComboBoxFromModel() {
+        if (model.showAllTradeCurrenciesProperty.get()) {
+            currencyComboBox.getSelectionModel().select(SHOW_ALL);
+        } else {
+            currencyComboBox.getSelectionModel().select(model.getSelectedTradeCurrency());
+        }
+    }
+
     private void updateSigningStateColumn() {
         if (model.hasSelectionAccountSigning()) {
             if (!tableView.getColumns().contains(signingStateColumn)) {
diff --git a/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookViewModel.java b/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookViewModel.java
index 98737f4036c..92b97e1e29b 100644
--- a/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookViewModel.java
+++ b/desktop/src/main/java/bisq/desktop/main/offer/offerbook/OfferBookViewModel.java
@@ -87,6 +87,7 @@
 import java.util.List;
 import java.util.Map;
 import java.util.Optional;
+import java.util.Set;
 import java.util.stream.Collectors;
 
 import lombok.extern.slf4j.Slf4j;
@@ -281,10 +282,17 @@ void onSetPaymentMethod(PaymentMethod paymentMethod) {
             return;
 
         showAllPaymentMethods = isShowAllEntry(paymentMethod.getId());
-        if (!showAllPaymentMethods)
+        if (!showAllPaymentMethods) {
             this.selectedPaymentMethod = paymentMethod;
-        else
+
+            // If we select TransferWise we switch to show all currencies as TransferWise supports
+            // sending to most currencies.
+            if (paymentMethod.getId().equals(PaymentMethod.TRANSFERWISE_ID)) {
+                onSetTradeCurrency(new CryptoCurrency(GUIUtil.SHOW_ALL_FLAG, ""));
+            }
+        } else {
             this.selectedPaymentMethod = PaymentMethod.getDummyPaymentMethod(GUIUtil.SHOW_ALL_FLAG);
+        }
 
         applyFilterPredicate();
     }
@@ -331,6 +339,14 @@ TradeCurrency getSelectedTradeCurrency() {
 
     ObservableList<PaymentMethod> getPaymentMethods() {
         ObservableList<PaymentMethod> list = FXCollections.observableArrayList(PaymentMethod.getPaymentMethods());
+        if (preferences.isHideNonAccountPaymentMethods() && user.getPaymentAccounts() != null) {
+            Set<PaymentMethod> supportedPaymentMethods = user.getPaymentAccounts().stream()
+                    .map(PaymentAccount::getPaymentMethod).collect(Collectors.toSet());
+            if (!supportedPaymentMethods.isEmpty()) {
+                list = FXCollections.observableArrayList(supportedPaymentMethods);
+            }
+        }
+
         list.sort(Comparator.naturalOrder());
         list.add(0, PaymentMethod.getDummyPaymentMethod(GUIUtil.SHOW_ALL_FLAG));
         return list;
diff --git a/desktop/src/main/java/bisq/desktop/main/settings/preferences/PreferencesView.java b/desktop/src/main/java/bisq/desktop/main/settings/preferences/PreferencesView.java
index 8d000b3139b..79870291161 100644
--- a/desktop/src/main/java/bisq/desktop/main/settings/preferences/PreferencesView.java
+++ b/desktop/src/main/java/bisq/desktop/main/settings/preferences/PreferencesView.java
@@ -45,8 +45,11 @@
 import bisq.core.locale.LanguageUtil;
 import bisq.core.locale.Res;
 import bisq.core.locale.TradeCurrency;
+import bisq.core.payment.PaymentAccount;
+import bisq.core.payment.payload.PaymentMethod;
 import bisq.core.provider.fee.FeeService;
 import bisq.core.user.Preferences;
+import bisq.core.user.User;
 import bisq.core.util.FormattingUtils;
 import bisq.core.util.ParsingUtils;
 import bisq.core.util.coin.CoinFormatter;
@@ -100,13 +103,16 @@
 import java.util.ArrayList;
 import java.util.Arrays;
 import java.util.List;
+import java.util.Set;
 import java.util.concurrent.TimeUnit;
+import java.util.stream.Collectors;
 
 import static bisq.desktop.util.FormBuilder.*;
 import static com.google.common.base.Preconditions.checkArgument;
 
 @FxmlView
 public class PreferencesView extends ActivatableViewAndModel<GridPane, PreferencesViewModel> {
+    private final User user;
     private final CoinFormatter formatter;
     private TextField btcExplorerTextField, bsqExplorerTextField;
     private ComboBox<String> userLanguageComboBox;
@@ -114,7 +120,7 @@ public class PreferencesView extends ActivatableViewAndModel<GridPane, Preferenc
     private ComboBox<TradeCurrency> preferredTradeCurrencyComboBox;
 
     private ToggleButton showOwnOffersInOfferBook, useAnimations, useDarkMode, sortMarketCurrenciesNumerically,
-            avoidStandbyMode, useCustomFee, autoConfirmXmrToggle;
+            avoidStandbyMode, useCustomFee, autoConfirmXmrToggle, hideNonAccountPaymentMethodsToggle;
     private int gridRow = 0;
     private int displayCurrenciesGridRowIndex = 0;
     private InputTextField transactionFeeInputTextField, ignoreTradersListInputTextField, ignoreDustThresholdInputTextField,
@@ -171,12 +177,14 @@ public PreferencesView(PreferencesViewModel model,
                            FilterManager filterManager,
                            DaoFacade daoFacade,
                            Config config,
+                           User user,
                            @Named(FormattingUtils.BTC_FORMATTER_KEY) CoinFormatter formatter,
                            @Named(Config.RPC_USER) String rpcUser,
                            @Named(Config.RPC_PASSWORD) String rpcPassword,
                            @Named(Config.RPC_BLOCK_NOTIFICATION_PORT) int rpcBlockNotificationPort,
                            @Named(Config.STORAGE_DIR) File storageDir) {
         super(model);
+        this.user = user;
         this.formatter = formatter;
         this.preferences = preferences;
         this.feeService = feeService;
@@ -595,14 +603,14 @@ public CryptoCurrency fromString(String s) {
     }
 
     private void initializeDisplayOptions() {
-        TitledGroupBg titledGroupBg = addTitledGroupBg(root, ++gridRow, 5, Res.get("setting.preferences.displayOptions"), Layout.GROUP_DISTANCE);
+        TitledGroupBg titledGroupBg = addTitledGroupBg(root, ++gridRow, 6, Res.get("setting.preferences.displayOptions"), Layout.GROUP_DISTANCE);
         GridPane.setColumnSpan(titledGroupBg, 1);
 
         showOwnOffersInOfferBook = addSlideToggleButton(root, gridRow, Res.get("setting.preferences.showOwnOffers"), Layout.FIRST_ROW_AND_GROUP_DISTANCE);
         useAnimations = addSlideToggleButton(root, ++gridRow, Res.get("setting.preferences.useAnimations"));
         useDarkMode = addSlideToggleButton(root, ++gridRow, Res.get("setting.preferences.useDarkMode"));
-        // useStickyMarketPriceCheckBox = addLabelCheckBox(root, ++gridRow, "Use sticky market price:", "").second;
         sortMarketCurrenciesNumerically = addSlideToggleButton(root, ++gridRow, Res.get("setting.preferences.sortWithNumOffers"));
+        hideNonAccountPaymentMethodsToggle = addSlideToggleButton(root, ++gridRow, Res.get("setting.preferences.onlyShowPaymentMethodsFromAccount"));
         resetDontShowAgainButton = addButton(root, ++gridRow, Res.get("setting.preferences.resetAllFlags"), 0);
         resetDontShowAgainButton.getStyleClass().add("compact-button");
         resetDontShowAgainButton.setMaxWidth(Double.MAX_VALUE);
@@ -932,6 +940,16 @@ private void activateDisplayPreferences() {
         sortMarketCurrenciesNumerically.setSelected(preferences.isSortMarketCurrenciesNumerically());
         sortMarketCurrenciesNumerically.setOnAction(e -> preferences.setSortMarketCurrenciesNumerically(sortMarketCurrenciesNumerically.isSelected()));
 
+        boolean disableToggle = false;
+        if (user.getPaymentAccounts() != null) {
+            Set<PaymentMethod> supportedPaymentMethods = user.getPaymentAccounts().stream()
+                    .map(PaymentAccount::getPaymentMethod).collect(Collectors.toSet());
+            disableToggle = supportedPaymentMethods.isEmpty();
+        }
+        hideNonAccountPaymentMethodsToggle.setSelected(preferences.isHideNonAccountPaymentMethods() && !disableToggle);
+        hideNonAccountPaymentMethodsToggle.setOnAction(e -> preferences.setHideNonAccountPaymentMethods(hideNonAccountPaymentMethodsToggle.isSelected()));
+        hideNonAccountPaymentMethodsToggle.setDisable(disableToggle);
+
         resetDontShowAgainButton.setOnAction(e -> preferences.resetDontShowAgain());
 
         editCustomBtcExplorer.setOnAction(e -> {
@@ -1108,8 +1126,8 @@ private void deactivateDisplayCurrencies() {
     private void deactivateDisplayPreferences() {
         useAnimations.setOnAction(null);
         useDarkMode.setOnAction(null);
-        // useStickyMarketPriceCheckBox.setOnAction(null);
         sortMarketCurrenciesNumerically.setOnAction(null);
+        hideNonAccountPaymentMethodsToggle.setOnAction(null);
         showOwnOffersInOfferBook.setOnAction(null);
         resetDontShowAgainButton.setOnAction(null);
         if (displayStandbyModeFeature) {
diff --git a/proto/src/main/proto/pb.proto b/proto/src/main/proto/pb.proto
index 66af295531f..06e431a0967 100644
--- a/proto/src/main/proto/pb.proto
+++ b/proto/src/main/proto/pb.proto
@@ -1613,6 +1613,7 @@ message PreferencesPayload {
     bool tac_accepted_v120 = 55;
     repeated AutoConfirmSettings auto_confirm_settings = 56;
     double bsq_average_trim_threshold = 57;
+    bool hide_non_account_payment_methods = 58;
 }
 
 message AutoConfirmSettings {