How to Receive Two-Factor Authentication Codes from U.S. Banks While Living in Panama

If you’re planning to move to Panama or are already living there, one of the challenges you might face is receiving two-factor authentication (2FA) codes from your U.S. bank. Many banks require a U.S.-based phone number to send SMS verification codes when you log in or make transactions, which can be problematic if you’ve switched to a Panamanian phone number. Fortunately, there are several reliable solutions to keep your U.S. phone number so you can ensure you continue receiving these essential security codes.

1. Google Voice

Best for: People who still have access to a U.S. phone number to set up the account before moving

Google Voice is one of the most popular solutions for receiving 2FA codes abroad. It provides a free U.S. phone number that works over the internet, allowing you to receive text messages and voicemails anywhere in the world.

How to Set Up Google Voice for 2FA

1. Sign up: Before leaving the U.S., sign up for a Google Voice account at voice.google.com. You’ll need a U.S. phone number to verify the account initially.
2. Choose a U.S. number: Select a free U.S. phone number.
3. Link to your bank account: Log into your U.S. bank account and update your contact information to use the Google Voice number for verification codes.
4. Access messages: Once in Panama, you can access your Google Voice messages via the Google Voice app, the website, or email notifications.

Limitations:

• Some banks may not accept Google Voice numbers for 2FA.
• It’s best to set it up before leaving the U.S.
• Requires an internet connection to receive messages.

2. Park My Phone

Best for: Those who want to retain their U.S. number without keeping an active phone plan

Park My Phone is a service that allows you to “park” or retain your U.S. phone number without maintaining an active phone line. This can be particularly useful for expatriates or frequent travelers who need to keep their U.S. number for authentication purposes.

Key Features of Park My Phone:

• Number Parking: Store your U.S. phone number for as low as $3 per month, eliminating the need for an active mobile plan.
• Call Forwarding: Forward incoming calls to another number, such as your Panamanian phone.
• Voicemail to Email: Receive voicemail messages as email attachments.
• Wi-Fi Calling: Use their mobile app to send and receive calls over the internet.
• Text Messaging: Incoming text messages can be forwarded to your email, ensuring access to 2FA codes.

Considerations for Using Park My Phone for 2FA:
While Park My Phone offers features that can facilitate receiving 2FA codes, some U.S. banks may not accept virtual or VoIP numbers for authentication. Before porting your number, verify with your bank if they allow 2FA codes to be sent to Park My Phone numbers.

3. U.S. Phone Number with an International Plan

Best for: Those who want to keep their U.S. phone number active

If you already have a U.S. phone number, consider keeping it active with an international roaming plan. Many carriers offer options to use your number abroad, allowing you to receive SMS messages, including 2FA codes.

Recommended Carriers & Plans

• T-Mobile Magenta or Magenta Max: Includes free roaming and SMS in Panama.
• AT&T International Day Pass: Pay per day when you use your phone abroad.
• Verizon TravelPass: Similar to AT&T, charging per day for use.
• Google Fi: Works in Panama with no extra charge for SMS.

4. VoIP Services Like TextNow

Best for: Those who need a U.S. number but don’t want a traditional phone plan

Several VoIP (Voice over Internet Protocol) services offer U.S. numbers that can receive text messages, including 2FA codes. These are useful alternatives if Google Voice doesn’t work for your bank.

Options to Consider

• TextNow: Provides free U.S. numbers and SMS reception through an app.
• Hushed: A paid VoIP service that allows you to receive texts from banks.

5. Additional Considerations for 2FA in Panama

VPN Considerations

Some U.S. banks block logins from foreign IP addresses. If you are using a service like Google Voice or VoIP but still experience login issues, a VPN (Virtual Private Network) with a U.S.-based server can help bypass these restrictions. Recommended VPNs include:

• NordVPN
• ExpressVPN
• ProtonVPN

Dual-SIM Phones

Using a dual-SIM phone (or an eSIM-compatible phone) allows you to:

• Keep both a U.S. number and a Panamanian number active.
• Reduce roaming costs while still receiving 2FA texts.

6. Yubikey for the Tech Savvy

A YubiKey from Yubico is a powerful hardware security key that enhances your online security by providing two-factor authentication (2FA) and even passwordless login options. Instead of relying on SMS-based codes, which can be intercepted, or app-based codes, which require a mobile device, a YubiKey offers a more secure and convenient way to authenticate your identity.

How a YubiKey Generates Two-Factor Authentication Codes

One of the most common ways to use a YubiKey for 2FA is by generating one-time passcodes (OTP). Many online services, such as Google, Microsoft, Facebook, GitHub, and banking apps, allow users to enable Time-Based One-Time Passwords (TOTP) using an authenticator app. Instead of storing these codes on a mobile app like Google Authenticator, you can store them securely on your YubiKey. By using the Yubico Authenticator app, you simply plug in your YubiKey (or tap it if using NFC on mobile devices), and it will generate the 2FA code that you need to log in.

Checking YubiKey Compatibility with Your Bank or Financial Institution

Before purchasing and setting up a YubiKey for 2FA, it’s important to verify whether your bank or financial institution supports it. Not all banks allow hardware security keys as a method for two-factor authentication, and some may only support SMS or app-based authentication.

To determine compatibility:

1. Check your bank’s security settings – Log into your online banking portal and navigate to the security or login settings section to see if hardware security keys like YubiKey are listed as a 2FA option.
2. Visit Yubico’s compatibility list – Yubico provides a compatibility page that lists supported websites, including financial institutions.
3. Contact customer support – If you don’t find clear information online, reach out to your bank’s customer support and ask if YubiKey is supported for two-factor authentication.
4. Test with a backup method – If your bank allows multiple 2FA methods, you can set up a YubiKey while keeping an alternative like an authenticator app or SMS as a backup in case you run into issues.

Using YubiKey for Login Authentication

In addition to OTPs, YubiKeys support FIDO2/WebAuthn authentication, which eliminates the need for passwords altogether. Many services allow users to log in by inserting the YubiKey and tapping it, making it even more secure than traditional TOTP-based 2FA. Since a YubiKey requires physical access, it is immune to phishing attacks where hackers try to steal your authentication codes remotely.

Yubikey is sold on Amazon for about $50, or you can purchase it directly from their website at Yubico.

Why Use a YubiKey for 2FA?

Compared to SMS-based 2FA, which can be hijacked through SIM-swapping attacks, and mobile authenticator apps, which can be lost if your phone is stolen, a YubiKey is a more robust and reliable solution. Even if someone has your username and password, they cannot access your account without physically having your YubiKey. This makes it an ideal solution for securing important accounts, including work-related logins, financial institutions, and personal services.

A YubiKey is a simple yet highly effective way to strengthen your digital security. Whether you use it for OTP-based authentication or passwordless logins, it significantly reduces the risk of unauthorized access and makes logging in both secure and convenient. However, before relying on it for banking or financial transactions, confirm that your institution supports it to ensure a smooth setup process.

Digital Banking Alternatives (READ THIS)

Some digital banks and fintech companies do not require SMS 2FA and instead use app-based verification or email authentication:

• Wise (you can receive a 2FA on their app)
• Charles Schwab Bank
• Revolut
• PayPal

Setting Up 2FA Before Moving

Before leaving the U.S., ensure you:

• Add email verification as a backup.
• Register an authenticator app like Google Authenticator or Authy.
• Have a secondary U.S. phone number (trusted friend/family member).

Emergency Access Plan

If your primary 2FA method stops working in Panama:

• Keep an emergency U.S. SIM card active. (Mint Mobile is $15 a month)
• Have a trusted contact in the U.S. who can relay codes.
• Ensure your bank offers customer service verification options beyond SMS.

Final Thoughts: Which Option is Best?

For most people moving to Panama, Google Voice is a great starting point if their bank accepts it. If your bank requires a traditional U.S. phone number, Park My Phone or keeping a U.S. SIM card with an international plan can be viable alternatives. Authenticator apps provide a secure and convenient alternative when available.

Before moving, test your preferred method to ensure you won’t be locked out of your accounts. By planning ahead, you can stay connected to your U.S. banking services hassle-free while enjoying life in Panama!

Google Voice is a great starting point for most people moving to Panama if their bank accepts it.

Canadian Solutions!

To keep your Canada phone number when moving to Panama, register with a cloud phone system like KrispCall. Request for Porting by filling out the form with the required information and documents.

Another option is to register for Fongo or a similar VoIP service with a mobile app, get a Canadian number in the app and forward your phone number to it for calls, transfer your current number to Fongo, or update all your contacts and services to use the new number so you can get texts as well.