All PayPal accounts allow you to send and receive payments.
Personal: Recommended for individuals who shop and pay online, or wish to send or receive personal payments for shared expenses such as splitting of dinner bills or rental charges.
Premier: Recommended for casual sellers or non-businesses who wish to get paid online, and who also make online purchases.
Business: Recommended for merchants who operate under a company/group name. It offers additional features such as allowing up to 200 employees limited access to your account and customer service email alias for customer issues to be routed for faster follow-ups.
Here is a breakdown a fees:
Personal vs. premier
Opening the account 0 vs. 0
Send $ (ex. to pay someone) 0 vs. 0
Get $ from paypal balance. 0 vs. 2.9% + $.30
Get $ from Credit Card 4.9% + $.30 vs. 2.9% + $.30
Get $ from bank account 4.9% + $.30 vs. 2.9% + $.30