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According to a very interesting post on TechCrunch today, it is possible to unlock an AT&T iPhone 5 that is not on a contract without having to go through the usual process of filling in forms, sending a fax to AT&T, and then having to wait for approximately one week. And how do you achieve this then? Well according to TechCrunch, its as simple as restoring the iPhone 5 in iTunes. Yes, that simple, apparently! TechCrunch says that it has confirmed the process with AT&Ts tech department, and have even tried using the unlocked phone with a T-Mobile SIM, and it worked just fine. They had to cut the micro-SIM down first, using the AT&T SIM card as a guide, but found that once the SIM was inserted, the iPhone 5 was able to make calls and use data on the T-Mobile network. TechCrunch says that the iPhone 5 used in the test was one that was bought directly from an Apple Retail store, and that they cant confirm whether or not the method would work on pre-ordered iPhone 5s, or on iPhone 5s that had been purchased directly from AT&T.
Source: To Unlock A Full Price AT&T iPhone 5, Just Restore It In iTunes | TechCrunch