The paper reports on development of a Boundary Element Method (BEM) based two phase dispersed flow model, that allows an accurate and efficient heat and mass transfer coupling by using a moving point source model to account for particle–fluid interaction. The two-way coupling model highlights the efficient use of the elliptic fundamental solution and the Dirac delta distribution properties to accurately evaluate the heat and mass point particle source impact on the continuous phase, solved by the Boundary Domain Integral Method (BDIM). In addition to the BDIM model of the particle–fluid heat and mass transfer interaction, the two-phase flow case under consideration is extended to the case of porous spherical particle drying with internal moving drying front, which is solved by the Boundary Element Method. As the two-phase flow is considered to be dilute, the particle–fluid momentum exchange is covered by a one-way coupling algorithm, with Lagrangian particle tracking used for determination of particle positions and velocities in the flow. Two computational cases are presented, where 1000 and 10000 particles are dried in a stream of hot air. Comparison between the obtained drying times for the cases of the one-way and the two-way heat and mass transfer coupling results shows, that the developed two-way coupling model accurately captures the effect of moisture accumulation and temperature decrease in the fluid phase, leading to realistic computations of drying rates of particles in the flow.