Yacht charter payments: 50% deposit on signing, 50% balance + APA paid 4–6 weeks before departure. All payments go to the central agent's MYBA escrow — not directly to the owner. Wire transfer is standard; credit cards incur a 2–3.5% surcharge.
Yacht Charter Deposits and Payments — How It Works
Moving significant sums of money for a yacht charter raises legitimate questions about security, timing, and method. This guide covers exactly how the MYBA payment process works, where your money goes, how it's protected, and what to watch for.
Standard MYBA payment timeline
Contract signed
Day 050% of base charter rate
Due within 48–72 hours of both parties signing the MYBA agreement. Paid to the central agent's client escrow. The vessel is now contracted to you for the agreed dates.
Charter insurance arranged
Within 14 days of signing4–6% of charter value
Not a payment to the broker — a separate insurance premium. Strongly recommended for any charter above €30,000. Covers cancellation, curtailment, and some damage scenarios.
Balance + APA payment
4–6 weeks before departure50% base rate + full APA + security deposit
The largest single payment. Includes the charter balance, the full APA amount (held by the captain), and the security deposit (held by the central agent). Total payment at this stage is typically 80–90% of your total charter budget.
Charter takes place
Charter periodAPA depleted by captain
The captain spends APA on fuel, provisions, port fees, and other running costs. A daily ledger is maintained. If APA runs low, a top-up is requested. Any surplus is refunded.
Security deposit returned
14–28 days after charterFull security deposit
Returned after the captain confirms no damage. If damage occurred, repair costs are deducted from the security deposit. The balance is returned.
APA reconciliation
Within 14 days of charter endAPA surplus (if any)
Unused APA is returned within 14 days. The captain provides a full itemised statement with receipts. If APA was insufficient, the shortfall is due.
Example payment breakdown — €80,000/week charter
| Payment | When | Amount |
|---|---|---|
| Deposit (50% of base rate) | On signing | €40,000 |
| Charter insurance | Within 14 days | ~€5,500 |
| Balance (50% of base rate) | 4–6 wks before | €40,000 |
| APA (30%) | 4–6 wks before | €24,000 |
| Security deposit | 4–6 wks before | €15,000 |
| Crew gratuity (est. 12%) | End of charter — cash | €9,600 |
| Total outlay | €134,100 | |
| Security deposit returned | 14–28 days after | −€15,000 |
| APA surplus (if any) | 14 days after | Variable |
| Net total | ~€119,100+ |
Payments — FAQ
How does yacht charter payment work?
Standard MYBA payment schedule: 50% of the base charter rate is due within 48–72 hours of signing the charter contract. The remaining 50% plus the full APA (typically 30–35% of the base rate) is due 4–6 weeks before the charter start date. Payments are made to the central agent's client escrow account, not directly to the owner. The central agent disburses funds according to the contract terms.
What payment methods are accepted for yacht charters?
Bank wire transfer (SWIFT/SEPA) is the standard and preferred method. Most central agents accept: international wire transfer in EUR or USD, and some accept British pounds or other major currencies. Credit card payments are possible on some bookings but typically incur a 2–3.5% processing surcharge. Cryptocurrency is not standard in the MYBA framework, though individual brokers may accommodate it by arrangement.
Is my deposit safe if the owner cancels?
Yes — funds paid to a MYBA-registered central agent are held in a client escrow account separate from the agent's operating funds. If the owner cancels, you are entitled to a full refund of all payments made. For non-MYBA brokers, protection varies. Always use a MYBA-registered broker for any charter above €20,000.
What currency should I pay in?
Mediterranean charters are typically contracted and paid in Euros. Caribbean and US-based charters are in US Dollars. The contract specifies the payment currency — any foreign exchange conversion is at the charterer's cost. For large payments, consider a specialist FX provider (Wise, OFX, HSBC FX) rather than your bank's retail rate — the difference on a €100,000 transfer can be €1,500–€4,000.
When is the security deposit paid?
A security deposit (typically €5,000–€30,000 depending on vessel size, held against damage caused by the charter party) is usually paid at the same time as the balance payment, 4–6 weeks before departure. It is refunded within 14–28 days of charter completion, after the captain confirms no damage claims. Credit card pre-authorisation is sometimes accepted in lieu of a cash security deposit.
What happens if the exchange rate moves between signing and balance payment?
The charter contract fixes the payment currency and amount. If you're paying in a different currency (e.g. USD for a EUR contract), the exchange rate at the time of each transfer applies. You bear the currency risk. For large charters, consider fixing the exchange rate using a forward contract through an FX specialist at the time of signing — this eliminates uncertainty on the balance payment.