diff --git a/CHANGELOG.md b/CHANGELOG.md
index f815f19956b1..cba41d9fd6d4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 0.34.4
+
+### Bug Fixes
+
+* [#4234](https://github.com/cosmos/cosmos-sdk/pull/4234) Allow `tx send --generate-only` to
+actually work offline. 
+
 ## 0.34.3
 
 ### Bug Fixes
diff --git a/x/bank/client/cli/sendtx.go b/x/bank/client/cli/sendtx.go
index 2f1d45b95a6a..e3c845afbfb2 100644
--- a/x/bank/client/cli/sendtx.go
+++ b/x/bank/client/cli/sendtx.go
@@ -31,11 +31,7 @@ func SendTxCmd(cdc *codec.Codec) *cobra.Command {
 				WithCodec(cdc).
 				WithAccountDecoder(cdc)
 
-			if err := cliCtx.EnsureAccountExists(); err != nil {
-				return err
-			}
-
-			to, err := sdk.AccAddressFromBech32(args[0])
+			to, err := sdk.AccAddressFromBech32(args[1])
 			if err != nil {
 				return err
 			}