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When you buy something with a debit card, in spite of the way things appear, the money is NOT transfered instantly. In fact, it can take quite some time for the money to be transfered, usually a few days. Instead what happens is the funds are put on hold. The system is designed to make it look like the funds are gone because that is easier for people to understand. If you request a refund and the funds have not yet been transfered, what happens is the hold on those funds is actually just removed. This is a very simple process. If the funds have already been removed from your account, they need to actually do a transfer of funds back to your account. Remember how I said the money is NOT transfered instantly and may take some time to transfer? That applies here. When Valve sends the email to you saying your refund has been issued, what they are really saying is they approved the refund and have set the process in motion to return the money. This may mean, in some cases, that they need to issue a money transfer rather than removing the hold on your funds. In those cases, you don't see the funds appear right away because the transfer has to go through and has to be processed by the banks.
A visa gift card is no different. It's still a debit card, and it's still processed by a bank.
Are you asking if you can get a refund on that?