No, an external wastegate is used for larger boost applications where an internal one won't quite do the job. They are usually a lot more adjustable, precise and larger to let the gases out quicker. A wastegate is used to bypass exhaust gases from hitting the turbine wheel, therefore stopping you blow your engine up with excessive boost.
You're probably thinking of a dump valve which is plumbed in on the compressor side of the turbo before your throttle body. When boost hits a certain level it will open up and vent pressure (when the throttle is snapped shut, ie. between gear changes).