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I think you have to "upgrade your account" to be able to receive payments (it's been a while since I did it).
The money is stored "in" paypal when someone pays you via paypal. These days, you can set up a bank account so that money can be "withdrawn" from paypal into your bank account, and also the bank account can be used as a source of funds when making a payment of your own.
I've done that, and it works well. No fees etc.
Just remember that when you receive a payment via paypal, you are hit with a 2.5% surchage. So if someone pays you $100, you get $97.50 of it. The percentage goes down the more money you transact through paypal, but that really only affects businesses.
These days it seems common to pass the paypal surcharge to the buyer, which I guess is fair. It's like a shop who increases their prices because their merchant charges have gone up.
Hope that helps.
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