If you're one of the lucky ones to get your hands on the new iPhone 5s / 5c, but unfortunate enough to have dropped it into the water, there is a way to get it working again without visiting the Apple Store.
It is important to note that to open the iPhone, you will need a 5-Point screwdriver that is called Pentalobe and measures 0.8mm. This wasn't easily available before, but can be purchased more easily now.
How To Fix a Water Damaged iPhone
However, if it is not accessible to you, try using a scalpel or another device. You need to be very careful with this, and unscrew the two screws that are present at the end of the iPhone. When you take them out, keep them in a safe place, because you can easily unscrew them.
Water Damaged iPhone
Remove iPhone Screws using a 5-point Pentalobe Screwdriver
Next, there is a suction cup required. The front frame has to be pulled to the display of the metal casing. Attach the suction cup very close to the Home button and hold the body while gradually pulling the screen.
iPhone Screen Removal with Suction Cup Tool
Again, you need to be careful in this regard because the camera connects to the loop and there can be a mistake easily. Hold the finger at the top of the plastic when the screen is removed to avoid breaking the loop.
Removing the iPhone display using a Suction Cup
Water should be first carefully removed with the cloth. BUT DON'T use a hairdryer because it can easily melt the components inside.
The better approach would be to take ordinary rice, and place the pan. Now place the smartphone in the rump but don't touch the bottom. The more rice means the more water will come out as rice can easily absorb the water.
Water damaged iPhone Repair - Drying process
Dry a water damaged iPhone
Wet iPhone repair - Drying process using a rice
Note: Dry the iPhone in 5-10 hours. If the phone does not respond - it is better to hold it in the rice longer, about a day.
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After drying, place the screws back together and that's about it. You don't need to pay extra charges as now you can fix the device on your own.