You can link to external tables in excel so I don't see why the external table needs to be on the current PC.
inter-workbook link:
'C:\DATA\COSTS.XLS'!$A$2
if a workbook contains several sheets, then the name of the sheet has to be specified, using the same syntax as is used in Excel for an inter-workbook link:
'C:\DATA[COSTS.XLS]Sheet3'!$A$2
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