This paper is aim to explore comparison of internet banking business models in Taiwan and Indonesia. The business model structure of (Osterwalder & Pigneur, 2010) was implemented to study the business model of internet banking. Four cases regarding internet banking would be classified into two categories, Taiwan and Indonesia to represent the characteristics of internet banking business practices. We conducted a feature function comparison for each country, then compare the business models of the internet banking within each category in order to generate the common elements and key differentiation parameters. The next outcome is the proposition about underlying factors so that internet banking of Indonesia and Taiwan can understand more each other. Finally conclusion is delivered to introduce the concept of effective internet banking and find issues that impede internet banking to develop in the current and forthcoming practices.