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What does transferring a SIM card do?

Well, first, it tells your carrier how many minutes you are currently locked out of your account. If you are not locked out, your carrier will send you a text or call to let you know that you are in fact in range of one of your contacts, but you are not able to access any of your contacts.  Then, your phone number will be changed to that of a different number that you have linked to your SIM card, and you will be directed to the new number.
Since you have chosen a SIM card manufacturer, you will likely have several SIM cards to choose from. Depending on what kind of phone you are switching to, it could be as simple as swapping the card from one phone to another, or you could have to pay more for a SIM card from a different manufacturer.
Sharing a SIM card is not a very complicated process, and once you have it installed you will be able to use it with virtually any phone or mobile broadband package.

Well, it “swaps” the phone number, and other data that is stored on the SIM card with the new phone number. So if you swap phones, your number will change from your old phone to your new phone, but you’ll have the old phone number when you call from your new phone.
Similarly, if you move your SIM to another phone, you’ll have the old phone number when you call from your old phone, but you’ll have the new phone number if you call from your new phone.

Well, first of all, it tells your carrier whether you have a data or voice card. If you have a voice card, your carrier will usually let you keep the data card if you give it to a friend, but if you have no voice card then you need to move on to the next page.