Yes, with the personal account you can send and receive money, but you can only receive money if they have money already in their account. And you don't get charged for receiving the money.
With the premier account you can send and receive money, like debit and credit cards. Yet, to be able to receive the debit and credit card money you get charged a small fee, usually under a dollar per transaction.
A paypal account is a must, if your going to buy stuff more than sell stuff then get the personal account, if you going to sell a couple things, then its easier to receive your money!
Hope this helps!!