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On all (three?) games I've requested refunds for, my request was accepted within about 30 minutes. After that it took 3 bank days to get into my Steam Wallet. When I requested the refund back to PayPal instead of Steam Wallet, it was instant.
"Once a refund has been processed it cannot be reversed, so be careful!
If your refund is approved, please note:
*If your refund request is approved within 24 hours of the purchase, the original transaction will be cancelled and your bank will remove the charge from your billing statement within 10 days. If the charge is not removed, you need to contact your bank for further assistance.
*Otherwise, approved funds or wallet credit will take about 7 days to appear in your account. International payment methods often take longer."