Pre-pandemic I was able to take out a VAT refund in Euro cash, after all from the refund processor e.g. Global Blue has been leeched (e.g. https://www.hongkongcard.com/forum/show/6982?page=1 #17)

Just been back from Spain where applying for a cash refund, I was informed by Global Blue AGP that I am not eligible for EUR cash refund "as a foreigner", and must choose a foreign currency to receive VAT refunds on. Having chosen USD, I was given USD 10 for my EUR 11.78 (my total refund was EUR 12.20) - only in Global Blue's universe can you get USDs that are worth more than EURs. Morgan Stanley Ireland must be doing their (magical fantasyland) currency conversion: