I can only say for certain that the Verizon Galaxy S5 is indeed unlocked for T-Mobile, Simple Mobile, Family Mobile, Ultra Mobile and Solavei. I have tested and it even showed LTE indicator, but as soon as I placed a call it switched from LTE to 3G which hints that the Verizon S5 doesn’t support T-Mobile LTE bands. An XDA-Forums member mentioned that he got LTE to work even while on call. I cannot say for certain that the Verizon S5 is factory unlocked because I haven’t tested it on AT&T network yet.
I tried a Lyca Mobile sim card on a T-Mobile Galaxy S4, and the T-Mobile S4 asked for an unlock pin which means the S4 is locked, but after waiting 5 minutes and switching to Global mode on my S5, I noticed that my Verizon S5 did pick up the Lyca network with 3 bars. I believe Verizon S5 is unlocked for the world and T-Mobile but I cannot say the same for AT&T sims. The model of the Verizon S5 I have is the G900V which I bought without a contract. I assume the people in contracts also have same model as mine.
Just remember that if you put a non-Verizon sim in your Verizon S5, make sure to wait for a while for it to pick up the network. I lost patient at first but I later inserted sim again and set the phone on table while I went on my Laptop and a while later I discovered that Lyca does work on my S5.
I will soon test an AT&T sim card that is active on the S5, this will allow me to see if Verizon S5 is unlocked for AT&T, H20, AirVoice, Redpocket or other AT&T MVNO’s.
Here is what XDA member rich8062040 said on this matter.
I can confirm the Verizon GS5 is compatible with T-Mobiles LTE network I’m using one now with LTE all you have to do is go to settings mobile network and switch to Global mode some times you’ll have to toggle LTE then back to global to get LTE to kick in.