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How long should a refund take?

I made a reservation with Holiday Inn and they messed up and overcharged me a significant amount (£640!). I called them up on Tuesday (11 feb) and sorted this out with them and they promised to refund the amount straight away.

The refund still hasn't shown on my statement and I spoke with the bank this morning and they have no sign of the refund either. Holiday Inn are adamant that they've processed it, so I'm wondering - am I being impatient or should the refund have arrived by now?

Does anyone have any ideas how long a refund like this should take to appear on my credit card? The overcharge is pushing me up to my limit and I need to use my card on Saturday!

Thanks in advance :)

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