diff --git a/x/bank/keeper/migrations.go b/x/bank/keeper/migrations.go
index 8feda69a2a50..9ab026250c97 100644
--- a/x/bank/keeper/migrations.go
+++ b/x/bank/keeper/migrations.go
@@ -32,6 +32,12 @@ func (m Migrator) Migrate2to3(ctx sdk.Context) error {
 
 // Migrate3to4 migrates x/bank storage from version 3 to 4.
 func (m Migrator) Migrate3to4(ctx sdk.Context) error {
+	return v4.MigrateStore(ctx, m.keeper.storeKey, m.legacySubspace, m.keeper.cdc)
+}
+
+// Migrate3to4WithSendEnabledParams migrates x/bank storage from version 3 to 4 with
+// the send enabled params get from x/params and update the bank params.
+func (m Migrator) Migrate3to4WithSendEnabledParams(ctx sdk.Context) error {
 	sendEnabled := types.GetSendEnabledParams(ctx, m.legacySubspace)
 	m.keeper.SetAllSendEnabled(ctx, sendEnabled)
 	return v4.MigrateStore(ctx, m.keeper.storeKey, m.legacySubspace, m.keeper.cdc)
diff --git a/x/bank/module.go b/x/bank/module.go
index 45ff753f2545..e8c7cdbf2932 100644
--- a/x/bank/module.go
+++ b/x/bank/module.go
@@ -127,7 +127,7 @@ func (am AppModule) RegisterServices(cfg module.Configurator) {
 		panic(fmt.Sprintf("failed to migrate x/bank from version 2 to 3: %v", err))
 	}
 
-	if err := cfg.RegisterMigration(types.ModuleName, 3, m.Migrate3to4); err != nil {
+	if err := cfg.RegisterMigration(types.ModuleName, 3, m.Migrate3to4WithSendEnabledParams); err != nil {
 		panic(fmt.Sprintf("failed to migrate x/bank from version 3 to 4: %v", err))
 	}
 }
@@ -197,6 +197,12 @@ func (am AppModule) WeightedOperations(simState module.SimulationState) []simtyp
 	)
 }
 
+// MigrateSubspaceParams get send enabled params from x/params and update the bank params.
+func (am AppModule) MigrateSubspaceParams(ctx sdk.Context) {
+	sendEnabled := types.GetSendEnabledParams(ctx, am.legacySubspace)
+	am.keeper.SetAllSendEnabled(ctx, sendEnabled)
+}
+
 // App Wiring Setup
 
 func init() {