If Payoneer is linked to my bank, are received funds automatically transferred?

Partially Correct.

Payoneer has multiple arrangements in almost every country they operate in, i.e. they have pre-funding arrangements with local banks and money transfer companies.

When a payment is received to your Payoneer account, it is held by Payoneer and not your bank.

You have to do a ‘pay-out’ to your bank in order for the money to move from Payoneer to your local bank account and be credited. This local credit is assisted by the pre-funding arrangements that Payoneer has in the local institutions.