Lump sum is a large, one-time deposit of money into a bank account, which is way above previous balance and transaction history. You should bear in mind that the embassy is interested mostly in your account balance, transaction history and age of bank statement.
An account with a transaction history of N50M, will not raise concern when a new transaction of another N50M is received as an inflow 2 or 3 months before visa application, whereas a transaction history with a highest balance of N5M would raise eyebrows when a N50M inflow occurs few days to your visa application.
This guide is aim at ensuring you prepare your bank statement in order to avoid the lump sum pitfalls.
Timing and Preparation.
If you visa application requires a 6 months bank statement. Your large sum can flow in between the first month, this increases your opening balance strength and gives room for more deposits which will not be red flagged. In the remaining 4 months, while still having your lump sum untouched, you are to perform basic transactions, bear in mind this is your account you use for /day-to-day activities, include narrations that involve your daily expenses when utilizing your personal funds to meet your needs. Doing this tell the embassy you’re financial buoyant enough to finance your travel
Source of fund is important.
Funds don’t just crawl into an account overnight, its either payment from service rendered, income from existing investment, final proceed after saving. Your funds source cannot be backed up by word of mouth alone; it must be backed by solid evidence. If You sold a land, liquidated your investment, got profit from investment geta suitable document that states the purpose and origin of the funds.
Avoid depositing lump sum close to end date of bank statement
Lump sum deposit in the space of few weeks or days before your visa application, would get you nowhere. It convinces the embassy that not only is it a lump sum, it’s also an emergency fund borrowed solely to deceive the embassy of your financial capacity
The following the steps outlined above would help you align your proof of funds documents to meet visa requirements and stand any scrutiny.