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The 3D-DWT is a mathematical tool of increasing importance. However, the huge memory requirement of the algorithms that compute it is one of the main drawbacks in practical implementations. In this paper, we introduce a frame-by-frame algorithm to calculate the 3D-DWT with low memory usage. This algorithm is general, in the sense that it can be employed with any wavelet transform and, contrary to other proposals, it gets the same results as the regular wavelet transform. In addition, there is no need to divide the input video sequence into group of frames, and it can be applied in a continuous manner, so that coding efficiency is increased and no blocking artifacts appear.