Sorry, not sure what you are asking here? Or for which Teensy?
If you are simply wanting to do some Serial communications, you are probably always better off using a hardware serial port (UART) if one is available.
If you are using a Teensy 2.x - and need an additional Serial port, you should look up libraries like SoftwareSerial. There are a few different varieties out there. Most of them are setup mainly to work with AVR8 processors like which are used in the Teensy 2, or Arduino UNO...
If you are using any of the Teensy 3 or LC boards, they have a minimum of 3 hardware serial ports. These hardware Serial ports are fixed to specific pins on the boards, which you can see on the documentation for the specific board you are considering. Many of these have alternative pins that can also be used. On the documentation card that ships with the boards these are typically marked in a lighter colored font...
I believe the default SoftwareSerial library for the Teensy3s/lC - are setup to only work with the hardware Serial pins. Not sure if there are any alternative libraries setup to do bit banging over random IO pins for this. I have done it in the past for output only, but can be problematic.