Sim card transfer from iPhone to Samsung galaxy s3?

I currently own an iPhone 4s with over 2 years left on contract. If I wanted to purchase to new Samsung galaxy s3, would I be able to just buy one new from the box and put my sim card from the iPhone into the new phone? Or is there something else I need to do. If this is possible is there any drawback to it? I'm currently with mts with 2+ years left on my current contract as I said.

You will need to get a new sim card.

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