All PayPal accounts allow you to send and receive payments. Accounts can be classified as:
- Personal accounts: These are mostly used for buying.
- Premier accounts: These are used for buying and selling using your personal name.
- Business accounts: These are for buying and selling using a business or corporate name. Hence it's advised to have a Business account for all transactions that take place due to exchange of goods and services & to receive money.
There's no charge to open a PayPal account and to transfer money from your bank account to your PayPal account. There are no fees charged for upgrading your account from one type to another.