This work aims at the investigation of 2D, steady, laminar, viscous, incompressible boundary layer and heat transfer flow of a biomagnetic fluid over a convectively heated moving horizontal plate in the presence of a magnetic dipole. It is assumed that the fluid viscosity is the inverse linear function of temperature and the temperature at the wall varies as power law function. The governing equations involve a system of coupled PDEs (momentum and energy equations) which are converted into a system of nonlinear ODEs by utilizing similarity transformations. The transformed ODEs along with the boundary conditions are then solved numerically by adopting a finite difference algorithm. The physical effects of the governing parameters (i.e., ferrohydrodynamic interaction parameter, buoyancy force parameter, viscosity-temperature parameter, wall parameter) on the flow fields along with the skin friction and heat transfer rate are presented. Verification of this work has been done by comparing former published results and acceptable agreement is found. It has been analyzed theoretically by using suitable transformations, that the ferrohydrodynamic interaction parameter, has a great enhancement effect on biomagnetic fluid rather than that on a regular fluid. It has been discovered that the inclusion of certain intensity of magnetic field along with the consideration of the variable viscosity and temperature, has significant effects on the flow and heat transfer mechanism. These outcomes could be of interest in medical as well as bioengineering implementations, like magnetic drug delivering in blood cells, separating RBCs (Red Blood Cells), controlling the flow of blood during surgeries and treating cancer by producing magnetic hyperthermia.