No it wont work.
The Old Bell Sim is an older version only for 2G EDGE Roaming worldwide; unable to connect to 3G networks.
Bell's new network is HSPA 3G Network so you will need a new sim.
Dont worry, it's cheap... $5
Not like Freaking Rogers that charge $40
Also if you do plan on using unlocked iPhone... you have to change your plan to a new HSPA bell plan
You simply would have to walk into a bell store when their new network is up. Change your account to the new network, and they'll give you a sim. Then plug in ur iphone and voila
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