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Airports will change US dollar, Euro and sterling traveller cheques - El Dorado airport in Bogota offers a reasonably competive exchange rate however most Colombian banks will only change US dollar travellers cheques. Hotels in Cartagena will change travellers cheques and foreign cash however at a less desirable rate. Credit cards are accepted in all major shops , hotels and restaurants in Cartagena and Bogota however overseas visitors will probably be asked to provide some kind of ID (such as a photocopy of their passport) to allow a credit card transaction to go through.
Most banks make a charge for your overseas ATM withdrawals, so it makes sense to withdraw the maximum amount out of an ATM. ATMs seem to vary in the maximum single withdrawal from 300,000 = $USD 140 (most common), to 400,000 (Bancolombia) and one ATM in Cartagena which provides 500.000 (~230 USD) which is on the "Plaza de la Aduana" in front of the mayor house in the Bank DAVIVIENDA. Most DAVIVIENDA's now allow up to 720.000 for withdrawal. Locals will tell you that they can make a maximum of 3 withdrawals of 400 000 pesos per day, but this seems to be in accordance with their own banks' regulations. UK banks seem to permit a maximum of only 2 of these withdrawals (eg 800 000 max per day).
Warning to UK travellers: GB Pounds are not widely accepted for exchange in banks - Money exchange offices which do accept UK sterling commonly offer very very poor exchange rates for cash (eg 3400-3500 pesos/£) rather than 4200 which your ATM will offer (effective March 2007), leaving you 20% worse off if you insist on changing cash. That said, the money exchange office in Bogota airport was offering 3990 pesos/£ as of March 2007.
A rough exchange rate is COP4430 = GBP1 or COP3070 = USD1 or COP3460 = Euro1 (March 2016)