The Personal account works best for individuals who occasionally buy online. Like any other account, holders can receive, send or withdraw money. No fees are assessed during these withdrawals, though holders will encounter fees when sending or receiving money. The only exception is if the transfers are initiated through existing PayPal funds. Premier and Business accounts offer more flexibility, as there are no holding limits. Business accounts work best for established enterprises, as they allow entrepreneurs to operate under their company’s name. For all other situations, Personal accounts are recommended, as they do not have the complexities associated with Premier or Business accounts. So, what is PayPal? Ultimately, it is a payment processor that makes online buying and selling much easier.