If you have paid via PayPal with a credit or debit card the refund will be applied to your bank account. This may take up to 3 working days to appear.
If you paid via PayPal with a bank account or PayPal balance the refund goes into your PayPal account. This is instant. If you paid with a bank account and want this returned to your bank account you will need to request that PayPal transfer this money back to your bank account.