diff --git a/src/policy/fees.h b/src/policy/fees.h
index 2029ce3744..8a98e55520 100644
--- a/src/policy/fees.h
+++ b/src/policy/fees.h
@@ -90,6 +90,13 @@ enum class FeeReason {
 
 std::string StringForFeeReason(FeeReason reason);
 
+/* Used to determine type of fee estimation requested */
+enum class FeeEstimateMode {
+    UNSET,        //! Use default settings based on other criteria
+    ECONOMICAL,   //! Force estimateSmartFee to use non-conservative estimates
+    CONSERVATIVE, //! Force estimateSmartFee to use conservative estimates
+};
+
 /* Used to return detailed information about a feerate bucket */
 struct EstimatorBucket
 {
diff --git a/src/qt/coincontroldialog.cpp b/src/qt/coincontroldialog.cpp
index 10a8d6b887..477cee1c04 100644
--- a/src/qt/coincontroldialog.cpp
+++ b/src/qt/coincontroldialog.cpp
@@ -490,6 +490,8 @@ void CoinControlDialog::updateLabels(WalletModel *model, QDialog* dialog)
         else nBytesInputs += 148;
     }
 
+    bool conservative_estimate = CalculateEstimateType(FeeEstimateMode::UNSET);
+
     // calculation
     if (nQuantity > 0)
     {
@@ -510,7 +512,7 @@ void CoinControlDialog::updateLabels(WalletModel *model, QDialog* dialog)
                 nBytes -= 34;
 
         // Fee
-        nPayFee = CWallet::GetMinimumFee(nBytes, coinControl->nConfirmTarget, ::mempool, ::feeEstimator, nullptr /* FeeCalculation */, false /* ignoreGlobalPayTxFee */);
+        nPayFee = CWallet::GetMinimumFee(nBytes, coinControl->nConfirmTarget, ::mempool, ::feeEstimator, nullptr /* FeeCalculation */, false /* ignoreGlobalPayTxFee */, conservative_estimate);
 
         if (nPayAmount > 0)
         {
@@ -585,7 +587,7 @@ void CoinControlDialog::updateLabels(WalletModel *model, QDialog* dialog)
     if (payTxFee.GetFeePerK() > 0)
         dFeeVary = (double)std::max(CWallet::GetRequiredFee(1000), payTxFee.GetFeePerK()) / 1000;
     else {
-        dFeeVary = (double)std::max(CWallet::GetRequiredFee(1000), ::feeEstimator.estimateSmartFee(coinControl->nConfirmTarget, NULL, ::mempool).GetFeePerK()) / 1000;
+        dFeeVary = (double)std::max(CWallet::GetRequiredFee(1000), ::feeEstimator.estimateSmartFee(coinControl->nConfirmTarget, NULL, ::mempool, conservative_estimate).GetFeePerK()) / 1000;
     }
     QString toolTip4 = tr("Can vary +/- %1 satoshi(s) per input.").arg(dFeeVary);
 
diff --git a/src/qt/sendcoinsdialog.cpp b/src/qt/sendcoinsdialog.cpp
index 12d2d0f31c..d9439fe248 100644
--- a/src/qt/sendcoinsdialog.cpp
+++ b/src/qt/sendcoinsdialog.cpp
@@ -652,7 +652,8 @@ void SendCoinsDialog::updateSmartFeeLabel()
 
     int nBlocksToConfirm = ui->sliderSmartFee->maximum() - ui->sliderSmartFee->value() + 2;
     FeeCalculation feeCalc;
-    CFeeRate feeRate = ::feeEstimator.estimateSmartFee(nBlocksToConfirm, &feeCalc, ::mempool);
+    bool conservative_estimate = CalculateEstimateType(FeeEstimateMode::UNSET);
+    CFeeRate feeRate = ::feeEstimator.estimateSmartFee(nBlocksToConfirm, &feeCalc, ::mempool, conservative_estimate);
     if (feeRate <= CFeeRate(0)) // not enough data => minfee
     {
         ui->labelSmartFee->setText(BitcoinUnits::formatWithUnit(model->getOptionsModel()->getDisplayUnit(),
diff --git a/src/qt/walletmodel.cpp b/src/qt/walletmodel.cpp
index 7eff783fe8..354225090f 100644
--- a/src/qt/walletmodel.cpp
+++ b/src/qt/walletmodel.cpp
@@ -19,6 +19,7 @@
 #include "keystore.h"
 #include "validation.h"
 #include "net.h" // for g_connman
+#include "policy/fees.h"
 #include "policy/rbf.h"
 #include "sync.h"
 #include "ui_interface.h"
diff --git a/src/wallet/coincontrol.h b/src/wallet/coincontrol.h
index cb4719ae90..bdd01bec12 100644
--- a/src/wallet/coincontrol.h
+++ b/src/wallet/coincontrol.h
@@ -6,6 +6,7 @@
 #define BITCOIN_WALLET_COINCONTROL_H
 
 #include "policy/feerate.h"
+#include "policy/fees.h"
 #include "primitives/transaction.h"
 #include "wallet/wallet.h"
 
@@ -26,6 +27,8 @@ public:
     int nConfirmTarget;
     //! Signal BIP-125 replace by fee.
     bool signalRbf;
+    //! Fee estimation mode to control arguments to estimateSmartFee
+    FeeEstimateMode m_fee_mode;
 
     CCoinControl()
     {
@@ -42,6 +45,7 @@ public:
         fOverrideFeeRate = false;
         nConfirmTarget = 0;
         signalRbf = fWalletRbf;
+        m_fee_mode = FeeEstimateMode::UNSET;
     }
 
     bool HasSelected() const
diff --git a/src/wallet/feebumper.cpp b/src/wallet/feebumper.cpp
index 6a9e6cf9ff..a36f6798f0 100644
--- a/src/wallet/feebumper.cpp
+++ b/src/wallet/feebumper.cpp
@@ -165,7 +165,8 @@ CFeeBumper::CFeeBumper(const CWallet *pWallet, const uint256 txidIn, int newConf
         nNewFee = totalFee;
         nNewFeeRate = CFeeRate(totalFee, maxNewTxSize);
     } else {
-        nNewFee = CWallet::GetMinimumFee(maxNewTxSize, newConfirmTarget, mempool, ::feeEstimator, nullptr, ignoreGlobalPayTxFee);
+        bool conservative_estimate = CalculateEstimateType(FeeEstimateMode::UNSET);
+        nNewFee = CWallet::GetMinimumFee(maxNewTxSize, newConfirmTarget, mempool, ::feeEstimator, nullptr /* FeeCalculation */, ignoreGlobalPayTxFee, conservative_estimate);
         nNewFeeRate = CFeeRate(nNewFee, maxNewTxSize);
 
         // New fee rate must be at least old rate + minimum incremental relay rate
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index 4b00404d2a..a43b5398e0 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -2724,7 +2724,10 @@ bool CWallet::CreateTransaction(const std::vector<CRecipient>& vecSend, CWalletT
                 if (coinControl && coinControl->nConfirmTarget > 0)
                     currentConfirmationTarget = coinControl->nConfirmTarget;
 
-                CAmount nFeeNeeded = GetMinimumFee(nBytes, currentConfirmationTarget, ::mempool, ::feeEstimator, &feeCalc, false /* ignoreGlobalPayTxFee */);
+                // Allow to override the default fee estimate mode over the CoinControl instance
+                bool conservative_estimate = CalculateEstimateType(coinControl ? coinControl->m_fee_mode : FeeEstimateMode::UNSET);
+
+                CAmount nFeeNeeded = GetMinimumFee(nBytes, currentConfirmationTarget, ::mempool, ::feeEstimator, &feeCalc, false /* ignoreGlobalPayTxFee */, conservative_estimate);
                 if (coinControl && coinControl->fOverrideFeeRate)
                     nFeeNeeded = coinControl->nFeeRate.GetFee(nBytes);
 
@@ -2905,13 +2908,13 @@ CAmount CWallet::GetRequiredFee(unsigned int nTxBytes)
     return std::max(minTxFee.GetFee(nTxBytes), ::minRelayTxFee.GetFee(nTxBytes));
 }
 
-CAmount CWallet::GetMinimumFee(unsigned int nTxBytes, unsigned int nConfirmTarget, const CTxMemPool& pool, const CBlockPolicyEstimator& estimator, FeeCalculation *feeCalc, bool ignoreGlobalPayTxFee)
+CAmount CWallet::GetMinimumFee(unsigned int nTxBytes, unsigned int nConfirmTarget, const CTxMemPool& pool, const CBlockPolicyEstimator& estimator, FeeCalculation *feeCalc, bool ignoreGlobalPayTxFee, bool conservative_estimate)
 {
     // payTxFee is the user-set global for desired feerate
     CAmount nFeeNeeded = payTxFee.GetFee(nTxBytes);
     // User didn't set: use -txconfirmtarget to estimate...
     if (nFeeNeeded == 0 || ignoreGlobalPayTxFee) {
-        nFeeNeeded = estimator.estimateSmartFee(nConfirmTarget, feeCalc, pool, true).GetFee(nTxBytes);
+        nFeeNeeded = estimator.estimateSmartFee(nConfirmTarget, feeCalc, pool, conservative_estimate).GetFee(nTxBytes);
         // ... unless we don't have enough mempool data for estimatefee, then use fallbackFee
         if (nFeeNeeded == 0) {
             nFeeNeeded = fallbackFee.GetFee(nTxBytes);
@@ -4154,3 +4157,14 @@ bool CMerkleTx::AcceptToMemoryPool(const CAmount& nAbsurdFee, CValidationState&
 {
     return ::AcceptToMemoryPool(mempool, state, tx, true, NULL, NULL, false, nAbsurdFee);
 }
+
+bool CalculateEstimateType(FeeEstimateMode mode) {
+    switch (mode) {
+    case FeeEstimateMode::UNSET:
+    case FeeEstimateMode::CONSERVATIVE:
+        return true;
+    case FeeEstimateMode::ECONOMICAL:
+        return false;
+    }
+    return true;
+}
diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
index 232673a2f7..813bf530ac 100644
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -80,6 +80,7 @@ class CTxMemPool;
 class CBlockPolicyEstimator;
 class CWalletTx;
 struct FeeCalculation;
+enum class FeeEstimateMode;
 
 /** (client) version numbers for particular wallet features */
 enum WalletFeature
@@ -963,7 +964,7 @@ public:
      * Estimate the minimum fee considering user set parameters
      * and the required fee
      */
-    static CAmount GetMinimumFee(unsigned int nTxBytes, unsigned int nConfirmTarget, const CTxMemPool& pool, const CBlockPolicyEstimator& estimator, FeeCalculation *feeCalc, bool ignoreGlobalPayTxFee);
+    static CAmount GetMinimumFee(unsigned int nTxBytes, unsigned int nConfirmTarget, const CTxMemPool& pool, const CBlockPolicyEstimator& estimator, FeeCalculation *feeCalc, bool ignoreGlobalPayTxFee, bool conservative_estimate);
     /**
      * Return the minimum required fee taking into account the
      * floating relay fee and user set minimum transaction fee
@@ -1211,4 +1212,7 @@ bool CWallet::DummySignTx(CMutableTransaction &txNew, const ContainerType &coins
     }
     return true;
 }
+
+bool CalculateEstimateType(FeeEstimateMode mode);
+
 #endif // BITCOIN_WALLET_WALLET_H