KARFA

Two examples of hotel refunds on my BAPP (EDIT: the last one for CX is on the amex chargecard). The non-sterling fees are included in the refund amount - if you click on the transaction online it does show it in the breakdown. However, currency moves can easily result in changes of 5% or more, and it will be purely luck whether that is a gain or loss for you. It is really just the risk when dealing with foreign spend.

Hilton Dublin
Paid - 3 December
Foreign spend amount 253,50 eur
Non-sterling transaction fee £6.46
Exchange rate 1.1724
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Charged £222.68

Refunded - 27 March
Foreign spend amount 253,50 eur
Non-sterling transaction fee £6.88
Exchange rate 1.1016
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Refund £236.99

Gain - £14.31 (about 6%)

Hilton Sofia
Paid - 4 July
Oreign Spend Amount 194.88 BGN
Non-Sterling Transaction Fee £2.68
Exchange Rate 2.1776
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Charged £92.17

Refunded - 8 April
Foreign spend amount 194.88 BGN
Non-sterling transaction fee £2.64
Exchange rate 2.2062
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Refund £90.97

Loss - £1.20 (about 1.5%)

Cathay Pacific
Paid - 20 January
Foreign Spend Amount 8,425.00 THB
Non-Sterling Transaction Fee £6.40
Exchange Rate 39.3342
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Charged £220.59

Refunded - 24 March
Foreign Spend Amount 8,425.00 THB
Non-Sterling Transaction Fee £6.58
Exchange Rate 38.2641
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Refund £226.76

Gain - £6.17 (about 3%)