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I've refunded a few games, but only to my Steam wallet, and it's usually taken less than a day.
Does it say a status for the game (like 'refund pending' or similar), or is it still available? Also remember to uninstall the game. Or I'm not sure if that matters, but I've always uninstalled before refunding.
People should try to refund via Steam before going to their credit card company or bank... generally a merchant will blacklist the card if you do that. But sometimes, that's the best move, especially if you aren't planning to do business with them again.
Also I have once refunded a software I bought with my steam wallet, it takes like 4 or 5 hours to get a refund. Do you have any idea what is going on?
It doesn't seem like it has been registered then. Try to refund it again, if the option is still available. I suspect refunds to your wallet is pretty much automated, if the criteria for a refund checks out, so not sure what has happened.
When I've refunded, I'm pretty sure the games have changed status to 'Refund pending' almost instantly, then the amount is in my Steam wallet the next day.
The last refund for me took maybe week to completely process or something like that. The money was stuck pending for like 2-3 days. It might take a while so just be patient ^_^