If the refund is pending, the money is being transferred from the seller's bank account. This usually takes about 3-4 business days. If the seller uses an eCheque, it may take 4-6 business days. (An eCheque is a way to send funds directly from a US bank account to a PayPal account.)
If it has been more than 5 business days, you might want to contact the sender to make sure that the refund has cleared on their end.
You can always keep track of your refund status on your Activity page.
Why is my refund in a "Pending" status in my PayPal account? (Buyer)
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