For reporting on the 3520, it doesn't matter where the money is deposited. It's a gift that needs to be reported. For you though, if it is deposited in your foreign account then there are the additional FBAR and 8938 filing requirements to consider.
For the FBAR, if the gift is more than $10,000 that is deposited in the foreign account, then there is a filing requirement. Additionally if your foreign accounts, including the deposit is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year, then a 8938 needs to be reported. Those amounts double if you file married Filing jointly.
To summarize, you definitely need to fill out a 3520. The FBAR and FATCA will have reporting requirements if the funds are deposited in a foreign account and are over the reporting thresholds I mention above.
Just an FYI, if you have foreign accounts prior to this gift, you may have reporting requirements also if the accounts are at the reporting threshold amounts.
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