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X days to review refund request (usually within 24hours )+up to 7 days to issue refund+ Y days it takes your payment method provider to credit your account= Time it takes to get a usable refund.
X is usually 1. Y is usually within 5 days but as said at the top can vary. If you refunded to your Steam wallet the pending balance will convert to usable funds within 7 days.
Also remember not all payment providers support merchant credits/refunds so if your's does not, you will have to wait for them to bounce it back to Steam, Steam to verify it, the Steam to add it to your wallet, which could take a couple of weeks
One more thing to check for you: