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billfold vs. wallet

billfold
[bil-fohld] / ˈbɪlˌfoʊld /

noun

  1. a thin, flat, folding fold case, often of leather, for carrying paper money in the pocket and with fewer compartments than a wallet.

  2. wallet.

wallet
[wol-it, waw-lit] / ˈwɒl ɪt, ˈwɔ lɪt /

noun

  1. a flat, folding pocketbook, especially one large enough to hold paper money, credit cards, driver's license, etc., and sometimes having a compartment for coins.

  2. Chiefly British. a bag for carrying food, clothing, toilet articles, etc., during a journey; knapsack or rucksack.