In this paper, we introduce the idea of using motion estimation resources from a video codec for video denoising. This is not straightforward because the motion estimators aimed for video compression and coding, tolerate errors in the estimated motion field and hence are not directly applicable to video denoising. To solve this problem, we propose a novel motion field filtering step that refines the accuracy of the motion estimates to a degree that is required for denoising. We illustrate the use of the proposed motion estimation method within a wavelet-based video denoising scheme. The resulting video denoising method is of low-complexity and receives comparable results with respect to the latest video denoising methods.