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Apple Watch Series 3 (GPS + Cellular) models
Apple Watch Series 3 (GPS + Cellular) is not locked to any specific carrier and has a built-in eSIM that copies information from the iPhone's SIM card.
The built-in cellular features require a carrier plan for your iPhone that specifically includes support for Apple Watch, including the carrier activating the device on the plan.
Without a compatible service plan, the watch can be set up and used like a GPS-only model, skipping setting up the cellular feature.
There are three different regional versions of Apple Watch Series 3 (GPS + Cellular), each supporting different LTE and UMTS bands, as detailed here - 3 / Three is not currently listed as a supported carrier for UK:
Apple Watch - Carriers - Apple
Series 3 GPS-only models and all other Apple Watch models
Apple Watch Series 3 (GPS) and all other Apple Watch models can be used in conjunction with a compatible iPhone model and a service plan for the iPhone from any carrier.
The full range of features, including making and receiving calls, is available when Apple Watch and iPhone are connected via Bluetooth and your iPhone has access to both cellular service and the Internet (via either cellular data or Wi-Fi).
You don't necessarily need to have your iPhone on or immediately around you (within arm's reach, for example) for the devices to establish and maintain their Bluetooth connection. Normal Bluetooth range is around 33 feet / 10 meters (this will vary in practice due to wireless interference).
Whenever your watch can't connect to the iPhone via Bluetooth, it will attempt, as a fallback, to connect to a known Wi-Fi network - this being a compatible 2.4GHz Wi-Fi network (some exceptions apply) that your iPhone has connected to before whilst your Apple Watch was connected to the iPhone via Bluetooth.
When instead connected to Wi-Fi, the watch also still offers a number of features, including receiving and sending messages via iMessage. If your carrier offers Wi-Fi Calling and it is supported on your plan and enabled on your iPhone, you can also use Apple Watch to make calls and (subject to carrier support) to send and receive SMS / text messages.
If your Apple Watch is unable to connect either via Bluetooth or Wi-Fi, it again still offers some - although fewer - features.
Features that are available in each case via built-in apps are detailed here:
How to use your Apple Watch without your iPhone nearby - Apple Support
For the best performance from your iPhone and Apple Watch, including the most power-efficient communication between them, Apple recommends keeping both Bluetooth and Wi-Fi permanently enabled on your iPhone. More information:
About Bluetooth and Wi-Fi on Apple Watch - Apple Support
More information:
How to use your Apple Watch without your iPhone nearby - Apple Support