The funds will still be considered foreign. What matters is, where you are located while doing the work and that the company is not the US government or one of its organizations or contractors.
If the income is under the exclusion limit, it will not be taxed (meaning income taxes). However, you would owe self employment taxes, unless you pay into the social security system of the foreign country and the US and that country have a totalization agreement. In that case you would need a certificate of coverage from that country for social security.
