Camera calibration via bundle adjustment is a well-established standard procedure in single-medium photogrammetry. When using standard software and applying the collinearity equations in multimedia photogrammetry, the effects of refractive interfaces are compensated in an implicit form, hence by the usual parameters of interior orientation. This contribution analyses different calibration strategies for planar bundle-invariant interfaces. To evaluate the effects of implicitly modelling the refractive effects within bundle adjustment, synthetic error-free datasets are simulated. The behaviour of interior, exterior, and relative orientation parameters is analysed using synthetic datasets free of underwater imaging effects. A shift of the camera positions of 0.2% of the acquisition distance along the optical axis can be observed. The relative orientation of a stereo camera shows systematic effects when the angle of convergence varies. The stereo baseline increases by 1% at 25° convergence. Furthermore, the interface is set up at different distances to the camera. When the interface is at 50% distance assuming a parallel camera setup, the stereo baseline also increases by 1%. It becomes clear that in most cases the implicit modelling is not suitable for multimedia photogrammetry due to geometrical errors (scaling) and absolute positioning errors. Explicit modelling of the refractive interfaces is implemented into a bundle adjustment and is also used to analyse calibration parameters and deviations in object space. Real experiments show that it is difficult to separate the effects of implicit modelling, since other effects, such as poor image measurements, affect the final result. However, trends can be seen, and deviations are quantified.