Are you overpaying your bank?Conversion rates US Dollar / Colombian Peso5 USD19635.05000 COP10 USD39270.10000 COP20 USD78540.20000 COP50 USD196350.50000 COP
If you bring $500 US, you will have around 1,400,000 COP (given costs to change money and exchange rates). You will be able to eat at middle-upper class restaurants and experience the best food in Colombia. The answer like many depends on the situation. If $500 US is spending money, then your answer is yes.
The US dollar is the only foreign currency worth trying to change in Colombia; expect dismal rates for euros, pounds sterling, Australian dollars etc. Many but not all banks change money; in major cities and in border regions there are usually several casas de cambio (currency exchanges).